Norfolk Industrial Q4 2018 MarketView

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Although the Norfolk Industrial Market ended 2018 with multiple large transactions, activity throughout the year was relatively light compared to other similarly-sized industrial markets, as the Norfolk Industrial Market ended 2018 with a positive 12-month net absorption of only 136,455 sq. ft.  To put this into perspective, throughout 2018 the Charleston Industrial Market saw almost 6.7 million sq. ft. of positive net absorption, the Baltimore Industrial Market saw over 4 million sq. ft. of positive net absorption, and the Savannah Industrial Market saw over 2 million sq. ft. of positive net absorption.  Much of this lack of activity in the Norfolk Industrial Market can be attributed to a combination of low vacancy and lack of development. Throughout 2018, there were only two properties totaling 50,000 sq. ft. delivered to the market.  Furthermore, the market ended 2018 with a 4.4% vacancy rate, tied for the lowest vacancy rate the market has seen in the past decade. An uptick in development is vital for the Norfolk Industrial Market’s continued growth.


Norfolk Industrial Q4 2018 MarketView

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