- Rents showed positive movement during Q1 2022, increasing $0.25 and ending the quarter at $21.00. This provides much-needed
optimism in the office market after rents stayed relatively flat during 2021
- Available sublet space is being leased up throughout the market, after seeing an increase due to the pandemic. Lawson Operating Company occupied almost 20,000 square feet of sublet space at 150 West Main Street in Downtown Norfolk, taking the space from T Parker Host in March. Sublet space has decreased by 13% during the quarter, from 265,000 square feet at the end of 2021, to 231,000 to end Q1 2022
- There were 13 large leases of 10,000 square feet and up signed during Q1 2022. Ten of the leases signed were renewals, while only three were new leases.