For Sale
Norfolk, VA
Commercial Real Estate Market Trends & Data
$189
Avg asking sale price
$25
Avg asking lease rate
9,465 SF
Avg unit lease size
34,135 SF
Avg building size for sale
7.62%
Average cap rate
Norfolk's Demographic Profile
Norfolk has 90,025 households and a median income of $60,283, providing context for rent absorption and tenant demand across retail and multifamily assets. A -2% five-year population trend is a key signal for evaluating long-term demand in this market.
| Key Demographic Metric | Value |
|---|---|
| Population | 229,699 |
| # Households | 90,025 |
| Median age | 34 |
| Median household income | $60,283 |
| Avg household size | 2.0 |
| Renter-occupied housing units | 51,968 |
| 5-year population change | -2% |
{{marketTabHeadings[activeMarketTab]}} Market Metrics Near Norfolk, VA
↻ Updated Monthly{{marketTabDescriptions[activeMarketTab]}}
| Nearby Office Markets | Avg Cost/SF | Typical Size | Cap Max |
|---|---|---|---|
| Norfolk | $183 | 16,244 SF | 11.84% |
| Portsmouth | $177 | 11,573 SF | 8.40% |
| Nearby Industrial Markets | Avg Cost/SF | Typical Size | Cap Max |
|---|---|---|---|
| Norfolk | $146 | 22,239 SF | 11.84% |
| Langley AFB | $150 | 22,334 SF | 25.00% |
| Hampton | $150 | 22,334 SF | 25.00% |
| Chesapeake | $178 | 15,793 SF | 15.40% |
| Nearby Retail Markets | Avg Cost/SF | Typical Size |
|---|---|---|
| Norfolk | $286 | 45,796 SF |
| Portsmouth | $308 | 6,489 SF |
| Fort Monroe | $100 | 8,500 SF |
| Hampton | $238 | 12,190 SF |
| Langley AFB | $238 | 12,190 SF |
| Nearby Multifamily Markets | Avg Cost/SF | Typical Size | Cap Max |
|---|---|---|---|
| Norfolk | $187 | 38,345 SF | 9.70% |
| Portsmouth | $194 | 28,316 SF | 9.70% |
| Chesapeake | $240 | 68,004 SF | 6.95% |
Commercial Properties For Sale in Norfolk
The listings below reflect how current market pricing and building scale translate into active opportunities available today.
For Sale
Average Price For Sale
↻ Updated MonthlyAverage Price For Lease
↻ Updated MonthlyNumber of Listings
↻ Updated MonthlyCap Rate
↻ Updated MonthlyHow Investors Evaluate Commercial Real Estate Markets
Nearby Commercial Markets
Comparing nearby markets helps investors see whether Norfolk pricing and building scale sit above, below, or in line with surrounding areas.
| Commercial Markets | Avg Cost/SF | Average Size |
|---|---|---|
| Norfolk | $189 | 34,135 SF |
| Portsmouth | $214 | 19,620 SF |
| Fort Monroe | $100 | 35,359 SF |
| Langley AFB | $185 | 18,645 SF |
| Hampton | $185 | 18,645 SF |
Multifamily Properties For Sale in Norfolk
Regional Demographic Comparison
This comparison places Norfolk alongside nearby cities to show how population size, household counts, and income levels differ across the region. Viewing these markets side by side helps investors understand whether local demand and income characteristics are concentrated in Norfolk or distributed across surrounding areas.
| City | Population | # Households | Age | Median Household Income | Avg Household Size | Renter Occupied Housing Units | Five Yr Pop Growth % |
|---|---|---|---|---|---|---|---|
| Norfolk | 229,699 | 90,025 | 34 | $60,283 | 2 | 51,968 | -2% |
| Portsmouth | 96,645 | 39,070 | 37 | $55,489 | 2 | 17,994 | -1% |
| Fort Monroe | 744 | 433 | 55 | $107,307 | 2 | 433 | 11% |
| Langley AFB | 143,726 | 59,744 | 36 | $59,459 | 2 | 28,517 | 2% |
| Hampton | 143,726 | 59,744 | 36 | $59,459 | 2 | 28,517 | 2% |
Disclaimer: The figures on this page reflect LoopNet's active commercial listings in Norfolk, VA and update as inventory changes. Averages can shift between periods or vary across property types depending on the mix of listings available at a given time, so individual metrics may not reflect broader market trends. These figures are best used as directional benchmarks for early market evaluation. For comprehensive commercial real estate data and analytics, subscribe to CoStar.
FAQs About Commercial Investing in Norfolk
View All Commercial Real Estate For Sale in Norfolk
Is Norfolk a good market for a first-time commercial real estate investor?
Norfolk offers commercial properties across a wide range of sizes and price points. By reviewing the market data and benchmarks on this page, first-time investors can better understand what a typical commercial property looks like before committing capital and narrowing in on specific listings.
How can this market data help me decide whether to buy commercial property for my business in Norfolk?
The pricing and size metrics on this page help business owners compare the cost of ownership against leasing in Norfolk. Typical building sizes and asking prices provide a starting point for evaluating space needs, budget fit, and long term occupancy costs before engaging lenders or brokers.
What should conservative investors focus on when evaluating commercial properties in Norfolk?
Conservative investors often prioritize manageable deal sizes, stable pricing ranges, and cap rate benchmarks shown for Norfolk. These metrics help assess whether current market conditions support steady income potential without relying on aggressive assumptions.
How does Norfolk compare to nearby commercial real estate markets?
Nearby market comparisons highlight differences in pricing, building scale, and cap rate ranges relative to Norfolk. Reviewing these side by side helps experienced investors identify relative value, pricing premiums, or alternative markets that may better align with return targets.
How can this page support early-stage deal screening for Norfolk acquisitions?
This page provides high-level benchmarks for pricing, deal size, and observed cap rates in Norfolk, which are useful for initial market filtering. Institutional and data-driven investors often use these signals to prioritize listings that meet size, pricing, and return thresholds before deeper underwriting.
Nearby Market Trends
