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Retail 21Q3 Research and Forecast

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Key Takeaways

Market fundamentals suggest optimism going forward, as rents and vacancies showed positive movement during Q3 2021.  This is highlighted by the market experiencing 147,499 square feet of positive net absorption over the past 12 months, including 90,410 square feet of positive net absorption during Q3 2021. The positive net absorption during Q3 2021 tightened the vacancy to 6.5%, a decrease of 20 basis points (bps) quarter-over-quarter and 30 bps year-over-year.

Average asking rents (NNN) ended Q3 2021 at $14.13 per square foot for all product types, which is an increase of 5% quarter-over-quarter.  Asking rents are much higher than the decade-average of $12.57 per square foot and have now surpassed pre-pandemic highs.

Although there are no properties currently under construction in the market, there are 16 proposed properties in the pipeline totaling over 1.3 million square feet. This includes The Railyard at Lambert’s Point, which is expected to break ground in December and deliver in the fall of 2022.  Upon delivery, the project will bring 100,000 square feet of mixed-use space to the Downtown Norfolk submarket.


Q3 Retail photo

Retail 21Q3 Research and Forecast

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