Richmond and Norfolk Retail Market Trends

In the face of economic headwinds, grocery anchored retail centers remain a cornerstone of the retail market. According to CBRE Research national availability rates for open-air neighborhood, community and strip centers reached a record low of 6.7% as of Q2 2023. In the region, which typically lags behind national trends availability rates for these property types dropped to 6.8% in Richmond while only dropping to 10.2% in Norfolk. Overall, the Richmond retail market remains very strong with only 5.2% availability while Norfolk has only 6.7% availability.