Southeast Industrial Labor Report_Q1 2024
HAMPTON ROADS, VA
ABSORPTION, NEW SUPPLY, & VACANCY RATES
7
4%
6
MSF
3%
5
4
2%
3
ABSORPTION, NEW SUPPLY & VACANCY RATES
2
1%
Overall Net Absorption Construction Completions Overall Vacancy Rate
1
0
0%
2018
2019
2020
2021
2022
2023
DEMOGRAPHICS
Population
2,011,967
Projected Population Change (5-Year)
2.3%
Working Age Population (Ages 18-64)
1,245,456
• Market activity was solid through the first half of 2023 with pent-up demand and limited availability for spaces under 75,000 sf. Leasing slowed during the second half of the year, although smaller transactions remained steady, as rising interest rates coupled with an 11% reduction in TEU volume from the port caused tenant activity for larger spaces to cool. The industrial market has grown substantially in recent years in tandem with the metro’s explosive population growth. • The port remains one of the primary demand drivers for the region’s industrial market. Defense contractors kept the region more active for smaller in-fill requirements than other markets, and to a lesser degree, the food and beverage industry helped drive demand.
Labor Force
1,018,373
Median Household Income
$68,282
Educational Attainment: % of Total Pop. Age 25+ with High School to Associates Degree
49.5%
Target Blue Collar Demographic Volume
173,737
Target Blue Collar Demographic Concentration
0.7
MATERIAL MOVING OCCUPATIONS
PRODUCTION OCCUPATIONS
INDUSTRIAL LABOR
2024 Employment Volume
27,433
52,086
• Wages for industrial workers in Hampton Roads are on par with the U.S. average despite a lower concentration of target blue collar demographics.
Worker Concentration
0.9
0.9
Projected 5-Year Employment Growth
2.7%
0.4%
Average Wages
$21.14
$22.00
Source: Cushman & Wakefield Research, Economic Research Institute, Experian
Wage Index
99
100
Demographics include Norfolk-Portsmouth-Newport News DMA
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Cushman & Wakefield | Southeast Industrial Labor Report
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