Virginia Beach commercial real estate presents a vibrant market with a variety of opportunities for businesses aiming to expand or establish themselves in a bustling coastal city. Located in southeastern Virginia, Virginia Beach is a center for tourism, military bases, and growing industries, which drive a strong demand for commercial properties.
For those in search of prime business locations, consider these options:
- Office Spaces – With high availability and competitive leasing rates, these spaces are suitable for businesses of all sizes.
- Retail Properties – Situated in high-traffic areas, these properties offer visibility and the potential for significant customer interaction.
- Industrial Facilities – Ideal for manufacturing and storage needs, these facilities benefit from proximity to transportation networks.
- Vacant Land – For those interested in developing and customizing their space, vacant parcels provide unique investment opportunities.
Amidst economic growth and strategic infrastructure enhancements, commercial real estate in Virginia Beach emerges as a promising venture for savvy investors. Whether your focus is on retail, office, industrial, or land, the city's evolving landscape offers substantial potential.
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Virginia Beach Commercial Real Estate Market Overview
The Virginia Beach commercial real estate market is a vibrant and evolving sector, driven by a mix of tourism, military presence, and diverse industries. This dynamic environment creates a fertile ground for investment and business expansion.
Market Trends
In recent years, Virginia Beach has seen a steady increase in commercial real estate activity. The city's strategic location along the Atlantic coast, coupled with its strong infrastructure, has attracted various businesses. Notably, the demand for retail spaces in high-traffic areas remains robust, fueled by the city's thriving tourism industry.
Moreover, Virginia Beach's office spaces are in high demand due to competitive leasing rates and availability. With an increase in remote work and flexible office arrangements, businesses are seeking versatile spaces that cater to their evolving needs.
Sales Volume
The sales volume in the Virginia Beach commercial real estate market has been notable, reflecting healthy investor interest. Properties like the 89,000 SF office space at 301 Bendix Road and the 61,986 SF industrial property on Cleveland Street demonstrate the area's appeal. Investors are drawn to these properties for their strategic locations and potential returns.
Top Industries
Virginia Beach is home to several key industries that significantly impact the real estate market:
Tourism: As a major tourist destination, Virginia Beach sees a constant influx of visitors, boosting the hospitality and retail sectors.
Military: The presence of military installations like NAS Oceana contributes to the demand for housing and commercial services.
Technology and Innovation: The city is increasingly becoming a hub for tech startups and innovation, driving demand for modern office spaces.
Healthcare: With a growing population, the healthcare industry is expanding, necessitating medical office spaces and facilities.
These industries not only sustain the local economy but also create a continuous demand for diverse commercial properties.
In summary, Virginia Beach's commercial real estate market is characterized by its adaptability and growth potential. The city's strategic location, coupled with its robust economic sectors, makes it an attractive destination for investors and businesses alike.
Types of Commercial Properties in Virginia Beach
Virginia Beach offers a diverse range of commercial properties, catering to various business needs. Whether you're looking for office buildings, retail spaces, industrial properties, or vacant land, the city has something to offer.
Office Buildings
Office buildings in Virginia Beach are in high demand, thanks to the city's strategic location and competitive leasing rates. For instance, the 301 Bendix Road property in Thalia offers a massive 89,000 SF of office space. This property is attractive for businesses seeking modern amenities and a prime location. Another example is the 283 Constitution Drive office space, which provides 2,177 SF for lease at $29.50 per square foot annually.
Retail Spaces
Retail spaces in Virginia Beach are busy, particularly in high-traffic areas. The 3421 Virginia Beach Blvd property offers a substantial 37,500 SF retail space, ideal for businesses looking to capitalize on the city's vibrant tourism industry. Smaller retail spaces, such as the 2,000 SF available at 2720-2728 North Mall Drive, are perfect for boutique shops or specialty stores.
Industrial Properties
Virginia Beach's industrial properties cater to businesses needing substantial space for operations. For example, the 5269 Cleveland Street property offers 61,986 SF of industrial space, with leasing rates at $13.00 per square foot annually. This property is suitable for manufacturing, storage, or distribution businesses seeking a strategic location with easy access to major transportation routes.
Vacant Land
For those interested in development opportunities, Virginia Beach provides several vacant land options. A prime piece of commercial vacant land is available on Virginia Beach Blvd, south of the Hilltop Commercial District. This property is zoned B-2 commercial, making it suitable for various uses, including retail, mixed-use, and office buildings. With heavy daily commercial traffic and easy access to I-264, it is a prime location for new developments.
In summary, Virginia Beach's diverse range of commercial properties ensures that businesses can find the perfect space to meet their unique needs. Whether you're looking to lease an office, open a retail store, expand industrial operations, or develop new land, Virginia Beach offers ample opportunities.
Notable Commercial Real Estate Transactions
Virginia Beach has seen several significant real estate transactions that highlight its dynamic market. These deals not only showcase the city's potential but also underscore the strategic decisions businesses make to thrive in this vibrant area.
Oceanfront Sale
Virginia Beach's oceanfront properties are always in high demand due to their prime location. Recently, a major oceanfront sale captured the attention of investors and developers alike. These properties offer unparalleled views and direct access to the busy boardwalk, making them ideal for hospitality and retail ventures. Their strategic location ensures a steady flow of tourists, providing lucrative opportunities for businesses looking to capitalize on Virginia Beach's tourism-driven economy.
Apex-Anchored Properties
Another notable transaction involves Apex-anchored properties, which are highly sought after due to their established tenant base and strategic locations. These properties provide stability and predictable income streams, making them attractive to investors. The presence of well-known anchor tenants often draws additional businesses to the area, creating a thriving commercial hub. Investors see these properties as a safe bet, as they combine the benefits of high occupancy rates with the potential for long-term appreciation.
Magnolia Chase Apartments
A significant transaction in the multifamily sector is the acquisition of the Magnolia Chase Apartments. Bonaventure, a well-known asset manager, recently added these apartments to their portfolio. Built in 1999, this 185-unit complex in Virginia Beach offers various amenities, including a pool and a 24-hour fitness center. Bonaventure's acquisition strategy involved taking over existing loans with favorable interest rates, using a creative UPREIT deal structure. This transaction highlights the importance of innovative financing solutions in today's market, allowing investors to maximize value.
These transactions illustrate the diverse opportunities in the Virginia Beach commercial real estate market. From oceanfront properties to strategic multifamily acquisitions, the city's real estate landscape continues to evolve, offering numerous possibilities for investors and businesses alike.
Next, we'll explore the current listings available for rent and sale, providing a closer look at the leasing rates and property sizes that define Virginia Beach's commercial real estate market.
Virginia Beach Commercial Real Estate for Rent and Sale
Virginia Beach offers a diverse array of commercial real estate opportunities, with a variety of listings available for both rent and sale. These properties range from office spaces and retail locations to industrial sites and vacant land, catering to a wide range of business needs.
Available Listings
In Virginia Beach, there are numerous listings available, including office spaces like the one at 301 Bendix Road, which boasts 89,000 square feet with three spaces available. For those interested in retail, the property at 3421 Virginia Beach Blvd offers a massive 37,500 square feet of space.
Industrial properties are also available, such as the site at 5269 Cleveland Street, offering 61,986 square feet with four spaces ready for lease. Additionally, there are opportunities for vacant land, like the 1537 Dam Neck Rd, where potential buyers are encouraged to contact the agent for more details.
Leasing Rates
Leasing rates in Virginia Beach vary by property type and location. For example, office spaces at 283 Constitution Drive are available for $29.50 per square foot per year. In contrast, more affordable options like the office spaces at 509 Viking Drive are listed at $12.25 per square foot per year.
Retail spaces also differ in cost, with some prime locations demanding higher rates due to their strategic placement and high traffic. It's essential for businesses to consider both their budget and location needs when evaluating these options.
Property Sizes
Property sizes in Virginia Beach vary significantly, accommodating different business requirements. Office spaces, like the one at 1413 Laskin Rd, offer up to 20,000 square feet, suitable for larger companies. On the smaller end, retail locations such as those at 2720-2728 North Mall Drive provide 2,000 square feet, ideal for boutique shops or small businesses.
Industrial properties like the one at 5269 Cleveland Street offer larger spaces, up to 17,382 square feet, catering to businesses with extensive operational needs.
Virginia Beach's commercial real estate market is rich with opportunities, offering a variety of listings suited to different business types and budgets. Whether you're looking to lease or buy, the city provides ample choices to support your business goals.
Next, we'll address some frequently asked questions about the Virginia Beach commercial real estate market, providing insights into the top real estate companies and how the job market influences commercial property trends.
Frequently Asked Questions about Virginia Beach Commercial Real Estate
What are the top real estate companies in Virginia Beach?
When it comes to Virginia Beach commercial real estate, having the right partner can make all the difference. Brexton Commercial is a standout in the area, known for its expertise and personalized service. With a deep understanding of the local market, Brexton is well-equipped to help clients steer the complexities of buying, selling, or leasing properties. Their commitment to building long-term relationships and delivering successful outcomes makes them a top choice for businesses looking to establish or expand their presence in Virginia Beach.
How is the job market affecting commercial real estate in Virginia Beach?
The job market plays a crucial role in shaping the commercial real estate landscape in Virginia Beach. As the city continues to grow and attract new businesses, there is an increasing demand for office spaces, retail locations, and industrial sites. The presence of the military, tourism, and a booming tech sector contribute to a robust job market, which in turn drives the need for more commercial properties. This dynamic creates opportunities for investors and businesses to capitalize on the city's economic growth by securing prime real estate locations.
What are the current leasing rates for office spaces in Virginia Beach?
Leasing rates for office spaces in Virginia Beach vary depending on several factors like location, property size, and amenities. For instance, premium office spaces, such as those at 283 Constitution Drive, are listed at $29.50 per square foot per year. On the other hand, more budget-friendly options like the office spaces at 509 Viking Drive offer rates as low as $12.25 per square foot per year. Businesses should carefully evaluate their space requirements and budget constraints when considering leasing options to ensure they find the best fit for their needs.
Virginia Beach's commercial real estate market is vibrant and full of potential, influenced by a strong job market and a variety of property options. Whether you're a small business or a large corporation, understanding these FAQs can help you make informed decisions in this thriving market.
Conclusion
In Virginia Beach commercial real estate, Brexton Commercial stands out as a trusted partner for businesses and investors. Our boutique firm is dedicated to offering personalized services that cater to the unique needs of each client. We believe that a hands-on approach is key to achieving success in real estate transactions.
Our expertise extends across exclusive brokerage representation, consulting, and investment advisory services. This comprehensive suite of services allows us to guide our clients through every step of the real estate process, whether you're buying, selling, or leasing.
At Brexton, we pride ourselves on building long-term relationships based on trust and mutual respect. Our deep understanding of the Virginia Beach market enables us to provide custom advice and strategies that align with your investment goals.
By choosing Brexton Commercial, you gain access to a network of opportunities and insights that can help you steer the complexities of the commercial real estate landscape. Our commitment to your success is unwavering, and we work tirelessly to ensure that your real estate investments yield the best possible returns.
Whether you're looking to expand your business presence or diversify your portfolio, we're here to help you make informed decisions and achieve your real estate ambitions. Thank you for considering Brexton Commercial as your partner in navigating the dynamic world of Virginia Beach commercial real estate.
