Norfolk Industrial Figures Q3 2026

Norfolk industrial market conditions showed early signs of stabilization in Q3 2026, following a prolonged period of elevated vacancy and availability. During the current quarter, vacancy and availability both improved, with vacancy decreasing 50 basis points (bps) to 7.7% as absorption moved back into positive territory. Availability declined 100 bps from the prior quarter, indicating modest tightening in options for tenants. Leasing momentum decelerated this quarter, reaching 863,000 sq. ft. in gross leasing volume, but an increase of active requirements out in the market demonstrates that interest is beginning to revive.

Net absorption totaled 605,000 sq. ft. for the quarter, marking a rebound after several quarters of contraction. Average asking rent edged up by 1.1% quarter-over-quarter, partially offsetting the earlier year-over-year decline.