Future Cities

Emerging Industrial Markets: Richmond & Norfolk, Virginia

April 20, 2023

Richmond’s and Norfolk's quick rise as key industrial hubs is due to infrastructure improvements in and around the Port of Virginia, a deep labor pool, the region’s affordability and site availability. Richmond and Norfolk are attractive options for distributors because they are within a 48-hour drive of 75% of the U.S. population.
Bradley FlickingerCBRE Senior Managing Director


More than 3.4 million people—24% aged 18 to 34—live within 50 miles of Richmond and Norfolk. Occupiers can reach 40.4 million consumers within 250 miles—more than Chicago (37.5 million), Atlanta (29.5 million), and Los Angeles (28.4 million).

Figure 1: Richmond & Norfolk Combined Population Analysis

Source: CBRE Location Intelligence.

The cities’ combined local warehouse labor force of 34,442 is expected to grow by 13% by 2032, according to CBRE Labor Analytics. The average salary for a non-supervisory warehouse worker is $16.83 per hour, roughly equal to the national average of $16.90.

Figure 2: Richmond & Norfolk Combined Warehouse & Storage Labor Fundamentals

Source: CBRE Labor Analytics.

Emerging Industrial Markets

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