Norfolk Office MarketView Q1 2017
•Downtown Norfolk’s direct vacancy fell to 13.5% in Q1 2017 following almost 19,000 sq. ft. of net absorption.
•CBD availability fell 200 bps quarter over quarter to 15.6% in Q1 2017.
•Mythics to relocate and expand headquarters to Virginia Beach Town Center. The firm will invest $7.5 million and create 30 jobs.
•Norfolk’s overall vacancy rate rose from 14.2% in Q4 2016 to 14.7% in Q1 2017.
•Net absorption reached 100,000 negative sq. ft. during Q1 2017 mostly due to vacancies in the Pembroke submarket