Norfolk Industrial MarketView Q4 2016
•The Port of Virginia, one of Norfolk’s greatest industrial drivers, broke its single month record for Twenty Foot Equivalent Units (TEUs) volume in October and had its second busiest in November
•Peet’s Coffee announced plans to develop a new 175,000 sq. ft. roasting plant at CenterPoint Intermodal.
•Norfolk industrial saw positive absorption for a third straight quarter, reaching 72,020 sq. ft. during Q4 2016.
•Norfolk’s overall industrial direct vacancy rate remained relatively unchanged over the quarter, climbing just 10 bps in Q4 2016 to 5.6%.
•Norfolk’s overall availability saw substantial tightening during Q4 2016, falling 80 bps quarter-over-quarter to 7.7%.