September 14, 2022
How Town Center of Virginia Beach Maintains an Outstanding 99% Office Space Occupancy Rate
One of the most successful mixed-use projects belonging to our portfolio is undoubtedly Town Center of Virginia Beach. This property is an ongoing project that continues to shine with its ability to perform at an outstanding rate even in the toughest of times.
In spite of the negative impacts of the COVID-19 pandemic, Town Center of Virginia Beach and its office spaces have come out on top. Rising above national trends, the community currently maintains a 99% occupancy rate across close to 1 million square feet of leased office space.
There are five office towers that reside within Town Center including the Armada Hoffler Tower, One Columbus Center, Two Columbus Center, 4525 Main Street, and 249 Central Avenue.
“Town Center meets the bill today as a successful mixed-use project,” said Michael Divaris, President and CEO of Divaris Real Estate, who is the leasing agent for Town Center. “The office tenants recognize the opportunity to recruit top talent and are seeing higher employee retention rates with the included amenities and the ability to live, work, and play in the same environment.”
While there were predictions of a trend in minimizing the amount of commercial real estate spaces post-pandemic, most businesses still deem it necessary to have office space to utilize. In Town Center of Virginia Beach, we have found that many of our office tenants have adapted to a hybrid workplace structure, but the desire for in-person interactions is still very prevalent. Being in an atmosphere where individuals can collaboratively share their ideas, brainstorm, and communicate is a large part of what builds company culture.
Some new office tenants that have come to Town Center include Garden State Bulb, Movement Mortgage, and Trader Interactive. These tenants join Armada Hoffler, Clark Nexsen, Divaris Real Estate, Lincoln Financial Advisors, Mass Mutual, Mythics Inc, Morgan Stanley, Proctor & Gamble, Troutman Sanders, Truist, Williams Mullen, and the list could go on.
Owned by Armada Hoffler, Town Center of Virginia Beach is a mixed-use community in the Central Business District of Virginia Beach. The center includes over 800,000 square feet of office space, 500,000 square feet of retail space, and 750 luxury residential units. This multi-phase development project is a public-private partnership between the City of Virginia Beach and Armada Hoffler.
This property will continue to grow and be an asset to the local community.
To learn more about how the Town Center of Virginia Beach has changed over the last 20 years, check out this blog post.
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