Norfolk Office Figures Q3 2026

Q3 2026 marked a period of relative stability for the Norfolk office market, with slight vacancy movement but clearer evidence of tightening availability and steadily firming pricing. Vacancy edged up to 10.8%, an increase of 10 basis points from the prior quarter. Net absorption shifted slightly negative this quarter, recording 44,000 sq. ft. of occupancy loss that was driven by several available spaces becoming vacant. The minimal occupancy change seen this quarter shows the market returning to an equilibrium where move-ins and move-outs are closely balanced.

The average asking rate was flat quarter-over-quarter at $22.05 per sq. ft., even as net absorption alternated between positive and negative readings. The development pipeline remains limited at 75,000 sq. ft. under construction, with no new deliveries since Q1 2024. Changes in occupied space rather than new completions drove shifts in vacancy and availability.