Third-quarter rates show no change in Hampton Roads
Overall industrial and office vacancy rates in Hampton Roads showed no change in the third quarter compared with the same period in 2015.
Cushman & Wakefield | Thalhimer reported that the industrial vacancy rate was 6.5 percent the office rate was 11.3 percent, the same figures seen in the third quarter of 2015.
Net absorption of industrial space was 29,000 square feet in the third quarter, down from 579,000 square feet 12 months before.
Net absorption for office space also was 29,000 square feet in the third quarter, down from 262,000 square feet in the third quarter of 2015.
The report noted that while regional unemployment recently stood at a relatively low rate, 4.4 percent, Hampton Roads has not fully recovered from the Great Recession in which it lost 30,000 jobs.
Looking at the industrial market, the report said Hampton Roads is expected to finish strong in the fourth quarter. A number of significant transactions rolled out in the third quarter are expected to be consummated during the final three months of the year.