Suffolk, Virginia, with its rich history and diverse economy, is an ideal location for businesses looking to establish a strong presence in the Hampton Roads metropolitan area. With a population of around 90,000, Suffolk offers a unique blend of residential areas, agricultural lands, and waterfront properties along the Nansemond and James rivers. The city's infrastructure, including the Louise Obici Memorial Hospital, the Monitor-Merrimac Memorial Bridge-Tunnel, and the Suffolk Transit local bus service, makes it an attractive location for businesses seeking to lease retail space. Additionally, Suffolk's proximity to major transportation facilities, such as U.S. Highways 17, 13, 58, 258, and 460, as well as Interstate 664, provides easy access to other major cities and regions in the Hampton Roads area. The presence of major corporations like Unilever, Lipton Tea, and Lockheed Martin further solidifies Suffolk's reputation as a hub for industrial, manufacturing, distribution, retail, and hospitality businesses.
With 13 retail spaces for lease available, Suffolk offers a range of options for businesses looking to establish a presence in the city. The average annual rent per square foot for retail space in Suffolk is $22 USD, with sizes ranging from 1,020 square feet to 15,260 square feet. In addition to retail space, Suffolk also offers a variety of other property types, including restaurants, medical offices, and office spaces. Restaurants can thrive in Suffolk's vibrant downtown area, while medical offices can take advantage of the city's proximity to the Louise Obici Memorial Hospital. Office spaces, meanwhile, can benefit from the city's strong transportation infrastructure and access to major highways. With its diverse economy and range of property types, Suffolk is an ideal location for businesses looking to establish a strong presence in the Hampton Roads metropolitan area.
What is the average cost per square foot for retail space in Suffolk?
According to current listings, the average annual rent per square foot for retail space in Suffolk is $22 USD per square foot, with an average space size of 3,725 square feet and a maximum space size of 15,260 square feet, offering a range of options for businesses looking to establish a presence in this city with a strong industrial, manufacturing, and retail sector.
How do anchor tenants affect surrounding retail space leases?
In Suffolk, where there are 13 available listings of retail space, anchor tenants have a significant impact on surrounding retail space leases, as they draw in foot traffic and create a hub of activity, making it more attractive for smaller retailers to lease space nearby, and often driving up demand and rental rates, with average annual rent per square foot at $22 USD and average space size at 3,725 square feet, with a maximum space size of 15,260 square feet.
