Portsmouth, Virginia: A Premier Destination for Commercial Real Estate

Introduction

Portsmouth, Virginia, offers a strategic hub for commercial real estate (CRE), with its advantageous location in the Hampton Roads region. As a mid-sized city, Portsmouth has a diverse economy supported by key industries such as defense, maritime, and healthcare. Its unique positioning as a coastal city with direct access to major transportation networks makes it an attractive destination for CRE investors and developers.

Economic and Industry Overview

Portsmouth's economy is anchored by several major industries:

• Defense and Shipbuilding: Home to the Norfolk Naval Shipyard, Portsmouth is a significant player in the defense sector, driving demand for industrial and office spaces.
• Maritime and Logistics: The city's port facilities elevate its status as a logistics powerhouse, necessitating extensive industrial and warehouse properties.
• Healthcare: With institutions like Bon Secours Maryview Medical Center, the healthcare sector stimulates demand for medical office buildings and related facilities.

Regional economic development initiatives, such as the Hampton Roads Economic Development Alliance, actively promote business growth and attract new investments in these sectors.

Strategic Location and Transportation Infrastructure

Portsmouth's transportation infrastructure provides substantial logistical advantages:

• Highways: Access to major highways like I-264 and I-64 facilitates efficient distribution channels.
• Ports: The Port of Virginia, located nearby, is one of the largest and most efficient ports on the East Coast, enhancing import-export operations.
• Airports: Norfolk International Airport offers connectivity to major business hubs.
• Rail: CSX and Norfolk Southern provide robust rail services, supporting industrial operations.

For more information, visit the Virginia Department of Transportation and the Port of Virginia.

Commercial Real Estate Inventory & Zoning

Portsmouth features diverse CRE submarkets:

• Central Business District (CBD): Known for its office spaces and retail establishments.
• Industrial Corridors: Areas like the Cavalier Industrial Park cater to manufacturing and logistics.
• Innovation Districts: Emerging areas focused on tech and creative industries.

The city offers various zoning incentives and overlays to encourage development. For zoning maps and parcel viewers, visit the City of Portsmouth Planning Department.

Major Employers and Institutions

Key employers and institutions driving CRE demand include:

• Norfolk Naval Shipyard: A major employer in the region.
• City of Portsmouth: One of the largest employers, providing numerous administrative jobs.
• Bon Secours Maryview Medical Center: A leading healthcare provider.

For more details, explore the Portsmouth Economic Development site.

Notable Commercial Developments & Projects

Significant developments in Portsmouth include:

• Victory Village: A mixed-use development featuring retail, residential, and office spaces.
• Portsmouth Innovation Park: Designed to attract tech startups and creative industries.
• Opportunity Zones: Designated areas offering tax incentives to spur investment.

For planning documents and site maps, visit the Portsmouth Planning Department.

Building Permits, Planning, and Development Tools

Access essential development tools via the following links:

• Portsmouth Building and Safety Department
• Permitting Portal
• GIS Parcel Viewer
• Planning Commission
• Development Code

Market Data & Economic Reports

Public data resources include:

• U.S. Census Bureau
• Portsmouth Open Data Portal

Brevitas utilizes AI-powered aggregation from public data and internal insights. Discover more through our Brevitas-powered dashboards.

Why Use Brevitas for Portsmouth, Virginia CRE?

Brevitas offers a comprehensive suite of tools for CRE professionals in Portsmouth:

• AI-driven CRE Discovery: Find properties with precision using AI technology.
• Real-time Market Alerts: Stay informed with instant updates.
• Smart Property Pages and Dealroom Collaboration: Streamline transactions with advanced tools.
• Exclusive Listings and Premium Exposure: Access unique opportunities and maximize visibility.

Explore auto-generated listing pages, email and landing page tools, and seamless integration with brokers and developers on Brevitas.