Glen Allen Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $21.83 2024 Avg. Asking Rent
  • -3.58% Y-o-Y Avg. Asking Rent Change
  • 14.72% 2024 Office Vacancy Rate
  • $31M2024 Total Office Sales
  • $99.22Avg. Sale Price/SF

Glen Allen office price per square foot in 2024 was $21.83 on average. This marked a -3.58% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.72% across all asset classes combined. The 3 transactions that closed here throughout 2024 amounted to a total sale volume of $31M. Glen Allen office space commanded an average sale price per square foot of $99.22.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Glen Allen Class A & A+ Office Space$22.69
  • Glen Allen Class B Office Space$21.13
  • Virginia Class A & A+ Office Space$35.61
  • Virginia Class B Office Space$25.93
  • Virginia Class C Office Space$20.32

Glen Allen, VA Office Asking Rents by Class

2024 Office Vacancy Rates in Glen Allen

Submarket Asking Rents Vacancy Rates
Far West End $28.52 21.72%
Lakeside $24.00 4.04%
Innsbrook $22.26 14.11%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Glen Allen market was 14.72% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Glen Allen was 4.04% in the Lakeside submarket, while the highest office vacancy in the market was 21.72%, recorded in Far West End.

Office Spaces for Rent in Virginia

Coworking Spaces in Virginia

Largest Office Properties Recently Completed in Glen Allen
Office building Address SF Completed
Up to ±1,600 SF Office Space Available 5300 Hickory Park Dr, 23059 19,600 2007
Innsbrook Corporate Center - North Shore Commons II 4991 Lake Brook Drive, 23060 96,069 2006
11225 Nuckols Rd 11225 Nuckols Rd, 23059 5,000 2006
Innsbrook Corporate Center - Highwoods Three 4840 Cox Road, 23060 115,848 2005
Dental/Medical Office 11531 Nuckols Rd, 23059 9,702 2004
5340 Twin Hickory Road 5340 Twin Hickory Road, 23059 3,600 2004
10330 Staples Mill Road 10330 Staples Mill Road, 23060 36,470 2003
Innsbrook Corporate Center - North Shore Commons I 4951 Lake Brook Drive, 23060 116,231 2001
East Shore III 140 East Shore Drive, 23059 77,538 2000
East Shore I 100 East Shore Drive, 23059 68,118 2000

Worth noting among recent office completions on the Glen Allen market is Up to ±1,600 SF Office Space Available, which is currently the largest new office development in the city, at 19,600 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Glen Allen commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.