Norfolk Office Figures Q2 2026

Market fundamentals strengthened during the second quarter, posting 86,000 sq. ft. of positive net absorption after four consecutive quarters of occupancy loss. The gains from the quarter pushed vacancy down 20 basis points (bps) to 10.7% for the overall market with an availability rate of 11.2%.

Pricing remained consistent through the second quarter and only edged up slightly to $22.06 per sq. ft., a 0.2% quarter-over-quarter increase. Although demand picked up over the course of Q2, the market pricing dynamics remain tailored to a tenant-favorable market environment. The construction pipeline is unchanged from the prior quarter, with no new projects breaking ground or delivering.