Downtown Indicators

Norfolk, Virginia is a city of almost 247,000 residents living in more than 100 unique and diverse neighborhoods. With stable governmental leadership and a committed private sector, Norfolk is the cultural, educational, business and medical center of Hampton Roads. It hosts the region's international airport, is home to the world’s largest naval base and is also one of the busiest international ports on the East Coast.

Downtown Norfolk is at the heart of the region commonly referred to as Hampton Roads. From anywhere in the region, one is never more than 35 minutes away from Downtown’s array of business, arts and entertainment. With easy interstate access from all points, Downtown serves as the region's premier destination for shopping, dining, arts & entertainment, and is undisputedly the region’s center of commerce. Downtown Norfolk is a great place to do business.

Population and Demographics

Downtown Norfolk

Office:

  • Has 3.6 million square feet of competitively priced office space, all within quick access to parking, restaurants and retail.
  • A downtown workforce of approximately 30,000 employees.
  • Convenient access to government agencies and courts.
  • Average vacancy rate: 19.9%.

Property Valuation:

  • The total assessed value of real estate has risen from $853 million in FY2009 to $961 million in FY2013.

Residential:

  • Downtown is home to approximately 4,500 residents. (Source: US Census Track 49)
  • There are over 4,400 housing units downtown and over 400 more projected or under construction.

Norfolk:

  • 246,392 population ( 2013 Weldon Cooper Center (UVA) provisional estimate) (Source: Weldon Cooper Center for Public Service at the University of Virginia)

Educational Attainment:

  • Percent of population 25 years and older who are high school graduates - 86.3% (Source: Norfolk.gov/EconomicDevelopment)
  • Percent of population 25 years and older who have earned a Bachelor’s Degree - 26.1%
  • Percent of population 25 years and older who have earned a Graduate Degree - 9.7%

Income:

  • The median household income for the City of Norfolk in 2013 was $44,030 (Source: 2013 American Community Survey 1-Year Estimates, U.S. Census Bureau)
  • The median household income for the region in 2013 was $56,161. (Source: 2013 American Community Survey 1-Year Estimates, U.S. Census Bureau)

Hampton Roads Region:

  • 1.68 million population (2013 Weldon Cooper Center (UVA) provisional estimate)

Surveys:

A goal of the Downtown Norfolk Council is to make research-based decisions whenever possible. Through bi-annual consumer and worker surveys and through data collected annually by the Commissioner of the Revenue, statistics and trends are tracked and the results become a valuable business tool. Trends are published each year in the annual Progress Report, a copy of which is available below.

How Downtown Works
Available Properties
Business Listings
New Arrivals