Henrico Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $17.88 2021 Avg. Asking Rent
  • 0.11% Y-o-Y Avg. Asking Rent Change
  • 13.43% 2021 Office Vacancy Rate
  • $227.7M2021 Total Office Sales
  • $282.55Avg. Sale Price/SF

Henrico office price per square foot in 2021 was $17.88 on average. This marked a +0.11% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.43% across all asset classes combined. The 3 transactions that closed here throughout 2021 amounted to a total sale volume of $227.7M. Henrico office space commanded an average sale price per square foot of $282.55.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Henrico Class A & A+ Office Space$25.25
  • Henrico Class B Office Space$16.03
  • Virginia Class A & A+ Office Space$38.50
  • Virginia Class B Office Space$28.05
  • Virginia Class C Office Space$21.39

Henrico, VA Office Asking Rents by Class

2021 Office Vacancy Rates in Henrico

Submarket Asking Rents Vacancy Rates
West End $15.79 15.80%
Lakeside $15.15 4.22%
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 Henrico market was 13.43% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Henrico was 4.22% in the Lakeside submarket, while the highest office vacancy in the market was 15.80%, recorded in West End.

Office Spaces for Rent in Virginia

Henrico Office Sale Price per SF

  • $282.552021 Avg. Price per SF
  • $227.7M2021 Office Sales Volume
  • 32021 Number of Transactions

Henrico, VA Sale Price per SF Trend

  • Henrico Avg. Sale Price per SF in 2021$282.55
  • Virginia Avg. Sale Price per SF in 2021$243.94
The sale price for office space in Henrico averaged $282.55 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

  • Henrico, VA Total Office Sales Volume in 2021 $227.7M
  • Henrico, VA Total Number of Office Sales Closed in 2021 3
A total of 3 deals closed on the Henrico office market in 2021, adding up to a yearly sales volume of $227.7M. Notably, the largest transaction on the market saw 8011 Villa Park Drive change hands for $207,768,500 on 3/12/2021.

Largest Henrico Office Sales in 2021

Property name Address Date Price
8011 Villa Park Drive 8011 Villa Park Drive 3/12/2021 $207,768,500
GreenGate - MOB 1 3400 Haydenpark Lane 1/5/2021 $17,952,000
Tuckahoe Building 8921 Three Chopt Road 9/20/2021 $1,950,000
Data provided by Commercial Edge

Coworking Spaces in Virginia

2021 Office Construction in Henrico, VA

  • Henrico, VA Total SF completed in 2021 134,374

During 2021, 134,374 square feet of new office space were delivered across the market. At the close of 2021, the Henrico office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 134,374 square feet of office space.

Largest Office Properties Recently Completed in Henrico
Office building Address SF Completed
2590 Gaskins Road 2590 Gaskins Road, 23238 2,300 2022
Westerre Conference Center 3831 Westerre Pkwy, 23233 25,116 2011
Westerre IV 3901 Westerre Pkwy, 23233 78,120 2008
Westerre Commons 3701 Westerre Pkwy, 23233 85,531 2007
Westerre III 3900 Westerre Pkwy, 23233 76,128 2006
Three Paragon Place 6806 Paragon Place, 23230 74,480 2006
Independence Park 9930 Independence Park Drive, 23233 0 2006
Westgate II 200 Westgate Pkwy, 23233 63,000 2001
Westgate I 100 Westgate Parkway, 23233 0 2001
Westerre II 3957 Westerre Pkwy, 23233 84,734 1998

Worth noting among recent office completions on the Henrico market is 2590 Gaskins Road, which is currently the largest new office development in the city, at 2,300 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 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 CommercialEdge can guarantee that the information provided is complete.