Newport News, Virginia, is a prime location for retail businesses, with a strong economy driven by the military, shipbuilding, and aerospace industries. With a population of around 180,000, the city offers a diverse customer base and a range of amenities, including Newport News/Williamsburg International Airport, Norfolk International Airport, and Richmond International Airport. The city's infrastructure is well-developed, with major highways, a bridge-tunnel, freight and passenger railroad service, and local transit bus and intercity bus service. Additionally, Newport News is home to several major corporations, including Newport News Shipbuilding, CSX Transportation, and Ferguson Enterprises. The city's many attractions, such as the Mariners' Museum and the Virginia Living Museum, make it an attractive destination for tourists and locals alike.
With 38 retail spaces for lease, Newport News offers a range of options for businesses looking to establish a presence in the city. From small boutiques to large retail centers, there are opportunities to suit a variety of needs and budgets. Nearby, restaurants, medical offices, and office spaces are also available for lease, offering a range of options for businesses looking to locate in the area. With average annual rents of $19 USD per square foot, and spaces ranging in size from 130 to 17,500 square feet, Newport News is an attractive option for businesses looking to establish a presence in the Hampton Roads region. Overall, the city's strong economy, diverse customer base, and range of amenities make it an ideal location for retail businesses.
What is the average cost per square foot for retail space in Newport News?
For retail space in Newport News, the average annual rent per square foot is $19 USD, making it an attractive option for businesses looking to establish a presence in this city with a strong military and shipbuilding industry presence, and a population of around 170,000.
How do anchor tenants affect surrounding retail space leases?
Anchor tenants, such as department stores or grocery stores, have a significant impact on surrounding retail space leases in Newport News, as they attract a high volume of foot traffic and create a hub of activity, making the surrounding retail spaces more desirable and increasing their leasing potential, with an average annual rent per square foot of $19 USD and average size of 3,091 square feet, and with 38 available listings of retail space for lease in the area.
