Hampton Roads’ industrial construction pipeline is below its recent historical averages, but the regional market did not clearly stabilize in Q2 2026: vacancy rose and net absorption turned sharply negative. A later improvement in Norfolk offers a more positive signal for that submarket, not proof of a region-wide rebound.
Is Hampton Roads industrial construction slowing?
Yes. Newmark reported about 2.1 million square feet of industrial space under construction across Hampton Roads at the end of Q2 2026. That was below its five-year average of 3.9 million square feet and ten-year average of 2.9 million square feet. The pipeline is smaller than those benchmarks, but construction has not stopped.
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The slowdown also needs a project-level qualification. Colliers reported 1.45 million square feet of development activity in Norfolk in Q2 2026: three build-to-suit projects and one speculative building. The Newmark figure covers the broader Hampton Roads region, while the Colliers figure is for Norfolk and describes a different local project mix. They are not directly interchangeable measures.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsNewmark’s Hampton Roads market reports provide the regional pipeline figures, while Colliers’ Q2 Norfolk report details the Norfolk development cycle.
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Did the regional market stabilize in Q2 2026?
Not on the regional measures Newmark reported. Hampton Roads industrial net absorption was more than 765,000 square feet negative in Q2, and vacancy rose to 8.3%. In Q1, net absorption had been more than 1.0 million square feet positive, while vacancy tightened by 90 basis points to 7.1%. The reversal makes a blanket claim of regional stabilization too strong.
A large move-out shaped the Q2 result
Newmark attributed much of the negative Q2 absorption to Keurig Dr Pepper vacating almost 350,000 square feet at 25400 Old Mill Road in Windsor. That sizeable departure weighed on the quarterly total; by itself, it does not establish a broad retreat by industrial tenants across the region.
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Newmark’s reports put the quarter-by-quarter figures in context: Q1 2026 and Q2 2026. Absorption measures the net change in occupied space, while vacancy measures the share of inventory that is unoccupied; one large space can materially affect both readings.
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What does Norfolk’s Q3 report add?
CBRE’s Q3 2026 report showed improving conditions in Norfolk: vacancy fell 50 basis points to 7.7%, availability fell 100 basis points, and net absorption was positive at 605,000 square feet. CBRE also reported a 1.1% quarter-over-quarter increase in asking rent.
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This is a later-quarter signal for Norfolk, not a Q3 result for all of Hampton Roads. It should not be combined with Newmark’s regional Q2 figures as if the reports describe the same geography, period, and methodology. CBRE’s Norfolk Q3 figures identify the market and quarter covered.
Why could vacancy remain sensitive despite a smaller pipeline?
New construction is only part of the supply picture. Newmark reported that Hampton Roads received 5.2 million square feet of industrial deliveries in 2025, while net absorption for the year was approximately 1.6 million square feet. Year-end vacancy was 7.7%. The imbalance helps explain why a below-average construction pipeline does not immediately remove pressure from existing space: previously delivered buildings still need to be leased.
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At year-end 2025, Newmark reported asking rent of $10.30 per square foot and 1.7 million square feet under construction. Its Q4 2025 report also put the construction pipeline below its five-year average of 4.3 million square feet and ten-year average of 3.1 million square feet.
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What happened to asking rents?
Newmark’s Q2 2026 Hampton Roads report listed average asking rent at $9.17 per square foot, down 2.3% both year over year and quarter over quarter. The firm said rents had been relatively flat after unusually strong growth from 2021 through 2023. Asking rent is a quoted rate, not necessarily the rent a tenant ultimately pays after concessions or other lease terms; it should also be kept separate from CBRE’s Norfolk Q3 figure, which reports a different quarter and geography.
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How to read the market signals
The evidence points to a slower regional construction pipeline alongside uneven demand and a mixed leasing picture. For a useful comparison, keep the reporting geography and quarter consistent, and distinguish vacancy from availability, absorption from leasing activity, and asking rent from effective rent. Newmark’s Hampton Roads series, Colliers’ Norfolk Q2 report, and CBRE’s Norfolk Q3 report are distinct views—not a single continuous regional dataset.
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