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Norfolk Retail Q4 Marketview

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Multiple Large Deliveries Highlight Strong Activity Within Norfolk Retail Market in 2019

The Norfolk retail market experienced 174,836 square feet of negative net absorption throughout Q4 2019, which raised the vacancy rate 50 bps (basis points) to 6.4%.  All of the negative net absorption occurred on the Peninsula, which ended the quarter with 219,181 square feet of negative net absorption, while the Southside experienced 44,345 square feet of positive net absorption during Q4 2019.

Throughout 2019, the Norfolk market experienced 189,699 square feet of positive net absorption, with the Southside experiencing 495,490 square feet of positive absorption while the Peninsula experienced 305,791 square feet of negative absorption.  Much of the positive absorption on the Southside was due to the deliveries of the IKEA and Wegmans in April.

Average asking rents (NNN) ended Q4 2019 at $13.78 across all retail product types, which is an increase of $0.02 quarter-over-quarter.


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Norfolk Retail Q4 Marketview

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Related Experts

Chris Read

Senior Vice President

Norfolk - Main

Chris Read specializes in the sale and leasing of retail property for Colliers | Virginia.  As the Southeast Retail co-team leader, he has extensive recent and long-term experience generating positive results to owners, developers and tenants in the retail sector for over 25 years.

On behalf of national and regional clients, Chris has achieved success on a multitude of assignments including shopping center leasing, site selection, new retail developments, land subdivisions and parcel sales, tenant-mix strategies,  big box leasing, redevelopment projects, portfolio leasing/sales, tenant representation, complex contract negotiations, investment sales and surplus property dispositions.  This knowledge base presents a thorough understanding of special requirements to furnish a personalized approach to individual client needs. 

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Ned Brooks

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Norfolk - Main

Ned Brooks joined the Retail Leasing and Sales Team of Hampton Roads in 1999. He develops and implements marketing strategies for shopping centers, property owners, buyers, and tenants by providing in-depth market analysis, site selection, lease and sales negotiation services. Ned was called on by Navy Federal Credit Union, the world’s largest credit union chain, for a major branch expansion in Hampton Roads and beyond. To date, he has completed over 30 branch locations. More recently, he was selected by Aldi US to assist with their grocery store expansion in the region. There are currently 15 completed transactions and more pending. In his over 30-year involvement in commercial real estate, he has exclusively represented over 50 centers in the Hampton Roads marketplace and served dozens of retailers in both Virginia and North Carolina. His assignments range from box disposition and general sales of land and buildings, to tenant representation and shopping center leasing.

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Tyler Brooks

Senior Vice President

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Tyler Brooks joined the team in December 2011 as a Retail Leasing and Sales Associate. Tyler’s prior career included marketing-oriented assignments in San Diego, Las Vegas, and Florence, Italy. As part of the Retail Leasing and Sales team, he provides services to developers, landlords, tenants and property owners by using different marketing strategies to service his clients. As a retail specialist, Tyler will serve his clients with detailed knowledge of the Hampton Roads area. 

In 2015, Tyler and two other associates won the leasing business of Greenbrier Marketcenter, thepremier shopping center in Chesapeake, VA. In 2016, Tyler and another associate leased a 350,000SF center in Newport News from 25% occupied to 95% in less than a year. They also back filled a50,000 SF Kroger (which was vacant for eight years). Tyler and team, in 2019 leased over 18 spaces in a Virginia Beach shopping center (Lynnhaven North) in three months that had been vacant for years. 

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Kevin OKeefe

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Kevin O'Keefe specializes in both tenant and landlord representation, as well as investment and end user sales for Colliers Virginia.   With 19 years experiences, Kevin has the ability to provide clients with market knowledge, including the latest market inventory, rental rates and general market conditions in Hampton Roads.

Kevin is currently responsible for leasing over one million square feet of shopping center properties in the Hampton Roads region, as well as performing market analysis, site selection, and contract negotiation for various local, regional and national retailers. 

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Natalie Hucke

Senior Vice President

Norfolk - Main

Natalie Hucke is a member of the retail brokerage group at Colliers Virginia. With 19 years of experience, she specializes in both tenant and landlord representation, as well as investment and end user sales. She provides clients with market knowledge, including the latest market inventory, rental rates and general market conditions in the Hampton Roads area.

Natalie is currently responsible for leasing over one million square feet of shopping center properties in Hampton Roads, as well as performing market analysis, site selection, and contract negotiation for various local, regional and national retailers.

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