Glen Allen Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $21.07 2021 Avg. Asking Rent
  • -0.30% Y-o-Y Avg. Asking Rent Change
  • 17.12% 2021 Office Vacancy Rate
  • $42.1M2021 Total Office Sales
  • $157.83Avg. Sale Price/SF

Glen Allen office price per square foot in 2021 was $21.07 on average. This marked a -0.30% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.12% across all asset classes combined. The 4 transactions that closed here throughout 2021 amounted to a total sale volume of $42.1M. Glen Allen office space commanded an average sale price per square foot of $157.83.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Glen Allen Class A & A+ Office Space$22.94
  • Glen Allen Class B Office Space$20.26
  • Virginia Class A & A+ Office Space$38.50
  • Virginia Class B Office Space$28.05
  • Virginia Class C Office Space$21.39

Glen Allen, VA Office Asking Rents by Class

Office Spaces for Rent in Virginia

Glen Allen Office Sale Price per SF

  • $157.832021 Avg. Price per SF
  • 45.81%Y-o-Y Avg. PpSF Change
  • $42.1M2021 Office Sales Volume
  • 42021 Number of Transactions

Glen Allen, VA Sale Price per SF Trend

  • Glen Allen Avg. Sale Price per SF in 2021$157.83
  • Virginia Avg. Sale Price per SF in 2021$243.94
Glen Allen office space cost in 2021 marked a +45.81% change compared to the previous year. The sale price for office space in Glen Allen averaged $157.83 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide Virginia average office sale price during the same time period was $243.94 per square foot.

2021 Office Sales Volume

  • Glen Allen, VA Total Office Sales Volume in 2021 $42.1M
  • Glen Allen, VA Total Number of Office Sales Closed in 2021 4
A total of 4 deals closed on the Glen Allen office market in 2021, adding up to a yearly sales volume of $42.1M. Notably, the largest transaction on the market saw Charter One Building change hands for $15,235,800 on 6/21/2021.

Largest Glen Allen Office Sales in 2021

Property name Address Date Price
Charter One Building 10561 Telegraph Road 6/21/2021 $15,235,800
Innsbrook Corporate Center - Hamilton Beach/Proctor-Silex 4421 Waterfront Drive 12/30/2021 $12,465,990
Innsbrook Corporate Center - Waterfront Plaza 4401 Waterfront Drive 12/30/2021 $8,334,011
One Colonial Place 10571 Telegraph Road 12/29/2021 $6,100,000
Data provided by Commercial Edge

Coworking Spaces in Virginia

Largest Office Properties Recently Completed in Glen Allen
Office building Address SF Completed
Innsbrook Corporate Center - North Shore Commons II 4991 Lake Brook Drive, 23060 96,069 2006
Innsbrook Corporate Center - Highwoods Three 4840 Cox Road, 23060 115,848 2005
CrossRidge Professional Park 10150 Staples Mill Road, 23060 25,950 2005
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
Concourse Commons 11520 Nuckols Rd, 23059 0 2001
East Shore III 140 East Shore Drive, 23059 77,538 2000
East Shore I 100 East Shore Drive, 23059 68,118 2000
Innsbrook Corporate Center - Highwoods Plaza 4470 Cox Road, 23060 58,709 2000
9830 Mayland Dr 9830 Mayland Dr, 23233 27,000 2000

Worth noting among recent office completions on the Glen Allen market is Innsbrook Corporate Center - North Shore Commons II, which is currently the largest new office development in the city, at 96,069 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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. 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.