Retail Space Rents in Norfolk, VA
Rent costs for this type of commercial space depend on a variety of factors. The foremost of these is location, which will dictate how accessible a business is and how much foot traffic it gets. Other factors, such as space type and lease structure, also come into play. On average, retail space for lease in Norfolk asks $17.37 per square foot.
Retail Space Lease Types in Norfolk, VA
The most common type of lease agreement you’ll find here is NNN, with 18 space(s) available under this type of arrangement.
The local market is also home to 2 retail space(s) offered under a Modified Gross lease agreement type, and 1 Full Service listing(s).
Most Common Type of Lease for Retail Buildings in Norfolk, VA
- NNN
18
- Modified Gross
2
- Full Service
1
Average Size of Retail Space for Lease in Norfolk, VA
The average size for this type of rental opportunity in Norfolk is more than 5,000 sqft. Currently, the local market offers 30 listing(s) within that size range.
You can also search 21 listing(s) in the 1,000 sqft to 2,500 sqft range.
It should be noted that spaces in this real estate category are generally specialized to cater to the needs of a particular business, so the average sizes of different retail space types can vary greatly.
Retail Space Types You Can Lease in Norfolk, VA
Retail space in Norfolk comes in all types, shapes, and sizes, so you have a good chance to find the right space for your business. The most common type here is listed as Restaurant and you can find 3 such space(s) available.
Restaurant spaces listed for rent here have an average size of 4,949 square feet. Retail space specialized for restaurants usually includes ample seating areas and enough room for the safe preparation of food. Restaurant spaces may be embedded in a larger mall or can be freestanding buildings.
The local market is also home to 2 space(s) listed as Power Center. The average size you can expect to find for this category is 1,720 square feet. Power centers bring together large anchor tenants as well as smaller retail spaces for other businesses that want a piece of the great foot traffic that this type of shopping center can generate.
What’s more, you can find 1 listing(s) in the Community Center category, currently available in the average size of 1,799 square feet. Community centers can incorporate grocery stores, discount department stores, large drugstores, and more. They’re meant to offer one-stop-shop convenience for residents of the surrounding area, so consider the local customer base when looking to lease a community center space.
However, besides these popular subtypes, the market has a lot to offer for entrepreneurs looking for the right space to promote their business and get their goods to customers.
Top Locations to Lease Retail Space in Norfolk, VA
In general, the most successful retail businesses are located within relatively close proximity of each other, which leads to some neighborhoods becoming famous shopping destinations. Even in the case of suburban strip malls, the simple fact that so many different products can be purchased under the same roof can encourage customers to spend more.
Downtown Norfolk is your top choice for lease opportunities, as it is currently home to the highest number of listings — 11 retail space(s).
The most popular space type here is Restaurant.
You can find 2 such listing(s) here.
Norfolk’s second most popular area is Roosevelt, where you can find 8 retail listing(s).
West Ocean View is also among the best areas to search for your next commercial space. Here you can find 5 retail space(s) available for consideration by prospective tenants.
Key Factors to Consider When Choosing a Retail Space for Lease
When you’re looking to give your business a storefront, there are a lot of decisions to be made. The first choice is, of course, location. You’ll have to decide whether your business would operate better in the heart of the city or if it is more likely to thrive in a suburban setting.
Data based on retail spaces listed for rent on CommercialSearch.com
420 Monticello Ave, Downtown Norfolk, Norfolk, VA
8401 Hampton Boulevard, Naval Station Norfolk, Norfolk, VA
Hampton Boulevard & 25th Street, Lamberts Point, Norfolk, VA
7740-7862 Tidewater Drive, Partrea, Norfolk, VA
7550 Granby Street, Suburban Acres, Norfolk, VA
1261 North Military Highway, Crown Point, Norfolk, VA
744 E 25th St, Villa Heights, Norfolk, VAProperty
St Pauls Blvd, Downtown Norfolk, Norfolk, VA
116 Granby St, Downtown Norfolk, Norfolk, VAProperty
6542 E Virginia Beach Blvd, Hollywood Homes - Maple Hall, Norfolk, VA
2610 Church Street, Villa Heights, Norfolk, VA
6200-6206 N Military Hwy, Bromley, Norfolk, VAProperty
7924-7930 Chesapeake Blvd, South Bayview, Norfolk, VAProperty
7525 Tidewater Drive, Oakdale Farms - Denby Park, Norfolk, VAProperty