Hampton Roads Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, JLL
Quarterly office market indicators for Hampton Roads, aggregated by CREhunt from Cushman & Wakefield, JLL. As of Q2 2026, average asking rent was $23.33/SF/yr and vacancy was 10.5%, per Cushman & Wakefield.
Projected current office pricing — Hampton Roads
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Hampton Roads office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q2 2026 Cushman & Wakefield asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent trend-adjusted to today). Assumes ~90% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | $23.33/SF/yr | 10.5% | 141K SF | — | Cushman & Wakefield |
| Q1 2026 JLL | $21.85/SF/yr | 16.5% | 70K SF | — | JLL |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Hampton Roads office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Chesapeake | $22.60/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Hampton | $17.94/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Harborview/Western Branch | $23.72/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Newport News | $23.19/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Norfolk | $25.20/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Portsmouth | $19.81/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Suffolk | $17.77/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Virginia Beach | $24.11/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Williamsburg | $23.03/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| York | $22.34/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
Frequently asked questions
- What is the average asking rent for office space in Hampton Roads?
- As of Q2 2026, the average asking rent for office space in Hampton Roads was $23.33/SF/yr, per Cushman & Wakefield.
- What is the office vacancy rate in Hampton Roads?
- The office vacancy rate in Hampton Roads was 10.5% as of Q2 2026 (Cushman & Wakefield).
- Where does CREhunt's Hampton Roads market data come from?
- This report aggregates quarterly office market data for Hampton Roads from Cushman & Wakefield, JLL.