Norfolk, Virginia, is a prime location for Retail Space, with its strategic position along the Elizabeth River and Chesapeake Bay making it a vital hub for commerce and trade. The city's rich history, diverse economy, and strong infrastructure make it an attractive location for businesses looking to establish a presence in the region. With a population of approximately 240,000, Norfolk offers a sizable customer base for retailers, and its proximity to major transportation facilities, including the Norfolk International Airport and the Port of Virginia, makes it an ideal location for businesses that rely on shipping and logistics. The city is also home to several major institutions, including Old Dominion University, Eastern Virginia Medical School, and Norfolk State University, providing a steady stream of customers and a diverse workforce. Additionally, Norfolk's vibrant arts and cultural scene, with attractions like the Virginia Arts Festival and the Virginia Symphony Orchestra, make it an attractive location for businesses that cater to tourists and locals alike.
With 56 Retail Space listings available for lease, Norfolk offers a wide range of options for businesses looking to establish a presence in the city. From small, boutique storefronts to large, anchor stores, there are opportunities for retailers of all sizes to find the perfect space. In addition to Retail Space, Norfolk is also home to a variety of other property types, including Restaurants, Medical Offices, and Office Space, making it an attractive location for businesses looking to establish a presence in the region. The average annual rent for Retail Space in Norfolk is $18 USD per square foot, with options available ranging in size from 428 square feet to 40,000 square feet. Whether you're looking to establish a new business or expand an existing one, Norfolk's diverse economy and strong infrastructure make it an attractive location for retailers.
What is the average cost per square foot for retail space in Norfolk?
The average cost per square foot for retail space in Norfolk is $18 USD per square foot, with an average size of 3,962 square feet and a maximum space size of 40,000 square feet available among the 56 listings currently on the market.
How do anchor tenants affect surrounding retail space leases?
Anchor tenants, such as department stores or grocery stores, can significantly impact surrounding retail space leases in Norfolk, where there are currently 56 available listings, by driving foot traffic and attracting customers to the area, thereby increasing the desirability and value of nearby retail spaces, which may lead to higher lease rates, with an average annual rent of $18 USD per square foot, and average space size of 3,962 square feet, and a maximum space size of 40,000 square feet.
