• Due to near 0% vacancy, this is possibly the most landlord-friendly market in the history of the region. Although the market itself is historically landlord-friendly, landlords still have to compete for tenants often as they will look at other Mid-Atlantic markets to find available space that suit their needs if necessary.
• There are currently nine properties under construction in the Norfolk market totaling over 5.5 million square feet, the most space concurrently under construction in the past decade. Out of the 5.5 million square feet under construction, however, only 450,000 square feet of the space is speculative product, highlighting the vital need for speculative development in the market to satiate user demand.