Henrico Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $25.88 2024 Avg. Asking Rent
  • 12.11% 2024 Office Vacancy Rate

Henrico office price per square foot in 2024 was $25.88 on average. The local office market recorded an average vacancy rate of 12.11% across all asset classes combined.

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

  • Henrico Class A & A+ Office Space$27.70
  • Henrico Class B Office Space$22.94
  • Virginia Class A & A+ Office Space$35.61
  • Virginia Class B Office Space$25.93
  • Virginia Class C Office Space$20.32

Henrico, VA Office Asking Rents by Class

2024 Office Vacancy Rates in Henrico

Submarket Asking Rents Vacancy Rates
Far West End $28.52 21.72%
Lakeside $24.00 4.04%
Innsbrook $22.26 14.11%
West End $22.08 15.98%
Data provided by Yardi Research
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 Henrico market was 12.11% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Henrico 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

2024 Office Construction in Henrico, VA

Largest Office Properties Recently Completed in Henrico
Office building Address SF Completed
Mayland Medical Center 3450 Mayland Court, 23233 32,376 2011
Westerre IV 3901 Westerre Pkwy, 23233 78,120 2008
Westerre Commons 3701 Westerre Pkwy, 23233 85,531 2007
Gaskins Professional Office Park 2500 Gaskins Road, 23238 52,395 2007
Three Paragon Place 6806 Paragon Place, 23230 74,480 2006
Westgate I 100 Westgate Pkwy, 23233 93,000 2001
Westgate I 100 Westgate Pkwy, 23233 91,752 2001
Westgate II 200 Westgate Pkwy, 23233 63,000 2001
2575 Homeview Dr 2575 Homeview Dr, 23294 4,353 1999
Westerre II 3957 Westerre Pkwy, 23233 84,734 1998

Worth noting among recent office completions on the Henrico market is Mayland Medical Center, which is currently the largest new office development in the city, at 32,376 square feet.

Data provided by Yardi Research

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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 Yardi Research Data, a market intelligence solution which offers comprehensive real market knowledge on all Henrico 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 Yardi Research Data can guarantee that the information provided is complete.