Norfolk Office Fundamentals Remain Healthy to Begin 2020
Norfolk’s vacancy rate remained stable during Q1 2020, ending the quarter at 10.5% after the market saw 6,355 square feet of negative net absorption during the quarter. This vacancy rate is 12 bps (basis points) higher quarter-over-quarter, however 44 bps lower year-over-year. The vacancy rate has shown healthy tightening since it reached a peak of 18.3% in 2011.
Average asking rents decreased slightly in Q1 2020, ending the quarter at $20.00, a decrease of $0.10 quarter-over-quarter, however an increase of $0.38 year-over-year.