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 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 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 region’s center of commerce.

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

Population and Demographics

Downtown:

Office:
• Has 3.2 million square feet of competitively priced Class A and Class B office space, averaging $18.42 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 $684 million in FY2006.

Residential:
• Downtown is home to approximately 3700 residents.*
• There are nearly 2500 housing units downtown and close to 1000 more projected or under construction.
*Source:  US Census Track 49

Norfolk:

• 237,835 population ( 2004 Census Bureau estimate)*
*Source: U.S. Census Bureau 2000 and U.S. Census Bureau Annual Population Estimates

Educational Attainment:
• Percent of population 25 years and older who are high school graduates - 78.4%
• Percent of population 25 years and older who have earned a Bachelor’s Degree or higher - 19.6%

Income:
• The median household income for the City of Norfolk in 2000 was $31,815
Source: www.norfolk.gov/planning

Cost of Living:
The Norfolk Metro Cost of Living’s Composite Index rating is 90.1, more affordable than Charlotte, Savannah, Orlando, Charleston or Baltimore

Hampton Roads Region:

• 1.64 million population (2004 Census Bureau estimate)*

Income:
• The median household income for the region in 2000 was $42,472.

Office:

• Average office vacancy rate 7.89%
• Average office rents for Class A and B space is $16.35 per square foot.

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 "Growth Report", a copy of which is on line. For a printed version of the Growth Report or for more detailed survey results, email DNC@DowntownNorfolk.org.

2007 Downtown Norfolk Growth Report
2005 Downtown Workers Survey
2006 Downtown Usage and Perception Assessment Summary
2006 Downtown Sales & Revenue Report

*Source: Commissioner of the Revenue