In addition to the workforce and R&D assets, the City’s wide variety of office space makes it an ideal location for a professional service company.
The City and region are also home to a large creative class, boosted by award-winning advertising agencies and a strong entrepreneurial spirit. More than 12,700 people are employed in the professional, scientific, and technical services industry. A low corporate income tax rate, affordable office space, and a well-educated workforce make Virginia Beach particularly attractive to companies looking for a headquarters or major office location. A variety of real estate options are available to support headquarters and corporate back-office operations, either in urban office towers, mid-rise buildings, or traditional suburban-style office parks.
The region is home to three Fortune 500 companies (2022 data): Dollar Tree, (rank:137), Norfolk Southern (rank: 332), and Huntington Ingalls (rank: 370).
The Virginia Beach MSA also has one of the most robust telecommunication infrastructure systems in the US to support all facets of corporate operations.
Major Professional, Scientific and Technical Service Companies in Virginia Beach
|Securitas Security Services USA, Inc.||457|
|Liberty Tax Services||400|
|PROSOFT Professional Software Engineering, Inc.||200|
Source: Virginia Beach Economic Development, 2021
The annual average salaries for the corporate, professional, and financial services sector operating in the Virginia Beach MSA is 2.5 percent below the national average. (Source: Virginia Beach Community Profile, 2020)
Key Positions - Average Annual Salaries
|POSITION||Employed*||VIRGINIA BEACH||UNITED STATES|
|Personal Financial Advisors||680||$126,460||$137,740|
|Accountants and Auditors||6,620||$75,870||$86,740|
|Human Resources Specialists||4,320||$67,680||$73,080|
|Sales Representatives, Services||4,000||$73,350||$81,230|
Source: U.S. Bureau of Labor Statistics, MSA, USA May 2022 (Latest Data); MSA Number of Employed
Over the years, Virginia Beach has become an extremely attractive place for retailers of all stripes. The City offers a multitude of shopping experiences with its 11 retail districts. Highlighted amongst these is the ever-expanding Town Center which features nearly one million square feet of mixed-use retail space, mostly occupied by higher-end retailers. Locals rack up more than $6.4 billion in retail sales each year and tourists add more than $104 million annually (Source: Virginia Beach Community Profile, 2020).