Granby Street at dusk.

Norfolk, Virginia is a city of almost 238,000 residents living in more than 100 unique and diverse neighborhoods. With stable governmental leadership and a committed private sector, it is the cultural, educational, business and medical center of Hampton Roads. It hosts the region's international airport, is home to the worlds 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 downtowns vast array of business, arts and entertainment. With easy interstate access from all points, it serves as the region's premier destination for shopping, dining, arts & entertainment and is undisputedly, the regions center of commerce.

Downtown Norfolk is without question, a great place to do business.

Population and Demographics

Downtown:

Office:
• Has 4.1 million square feet of competitively priced office space, averaging $21.21 per square foot all within quick access to parking, restaurants and retail.
• A downtown workforce of approximately 30,000 employees.
• Convenient access to government agencies and courts.

Property Valuation:
• The total assessed value of real estate has risen from $531 million in FY2000 to $853 million in FY2009.

Residential:
• Downtown is home to approximately 3,900 residents.*
• There are nearly 2,900 housing units downtown and close to 400 more projected or under construction.
*Source:  US Census Track 49

Norfolk:

• 237,764 population ( 2009 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 - 82.9%*
• Percent of population 25 years and older who have earned a Bachelor’s Degree - 25.1%
• Percent of population 25 years and older who have earned a Graduate Degree - 11.8%
*Source: Norfolk.gov/EconomicDevelopment

Income:
• The median household income for the City of Norfolk in 2008 was $40,416
Source: Norfolk.gov/EconomicDevelopment

Cost of Living:
The Norfolk Metro Cost of Living’s Composite Index rating is 112.6, more affordable than Baltimore.

Hampton Roads Region:

• 1.64 million population (2009 Weldon Cooper Center (UVA) provisional estimate)*

Income:
• The median household income for the region in 2008 was $57,122.
Source: US Census Track 49

Office:

• Average office vacancy rate 14.5%
• Average office rent is $19.11 per square foot.
Source: 2010 Hampton roads Real Estate Market Review

Surveys:

A goal of the Downtown Norfolk Council is to make "research based" decisions whenever possible. Through annual consumer surveys, bi-annual surveys of our workers 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 here.

2010 Downtown Norfolk Progress Report
2009 Downtown Norfolk Progress Report
2008 Investment in Downtown Norfolk Economic and Fiscal Impact
2008 Downtown Norfolk Progress Report
2007 Downtown Norfolk Growth Report
*Source: Commissioner of the Revenue