Henrico Office Rent Price & Sales Report

Highlights

  • The average rent for office space in Henrico is $25.74 per square foot, 0.54% lower compared to the previous year.
  • The average sale price for office space in Henrico is $118.07 per square foot, marking an increase of 52.90% compared to 2024.
  • The market’s vacancy rate stands at 13.10%, lower than the state average of Virginia, which is 16.76%.

2025 Office Space Rent & Sales

  • $25.74 2025 Avg. Asking Rent
  • -0.54% Y-o-Y Avg. Asking Rent Change
  • 13.10% 2025 Office Vacancy Rate
  • $57.1M2025 Total Office Sales
  • $118.07Avg. Sale Price/SF

What is the average asking rent price for office space in Henrico?

Average asking rents for office space here stand at $25.74 per square foot. The local office market recorded an average vacancy rate of 13.10% in 2025, unchanged from 13.10% in 2024.

Office transactions in the local market in 2025 totaled a sales volume of $57.1M across 4 sales. These transactions commanded an average sale price per square foot of $118.07.

Henrico, VA Office Asking Rents by Class

What is the average office rent per square foot by property class in Henrico?

  • Avg. Asking Rent Class A & A+$27.46
  • Avg. Asking Rent Class B$22.95

What is the average office rent per square foot by property class in VA?

  • Avg. Asking Rent Class A & A+$35.10
  • Avg. Asking Rent Class B$27.59
  • Avg. Asking Rent Class C$19.12

For comparison, the average rent for Class A and A+ office space in Virginia was $35.10 per square foot. The state-wide average for Class B space was $27.59 per square foot, and Class C office spaces averaged $19.12 per square foot.

Henrico, VA Office Indicators by Submarket

In 2025, the submarket with the lowest office vacancy rate in Henrico was Lakeside at 2.93%. Meanwhile, the highest office vacancy rate in the market was 16.66%, recorded in West End.
Submarket Asking Rents Vacancy Rates
Far West End $29.12 15.13%
Lakeside $23.00 2.93%
Innsbrook $22.53 14.48%
West End $22.28 16.66%
Data provided by Yardi Research

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2025 Office Sales Volume

  • $118.072025 Avg. Price per SF
  • $57.1M2025 Office Sales Volume
  • 42025 Number of Transactions

What is the average sale price per square foot for office space in Henrico?

Average sale prices for office space in this market recorded a +52.90% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $118.07 per square foot. For comparison, the statewide Virginia average during the same time period stood at $148.92 per square foot, while the national average was $182.48 per square foot.

Henrico, VA Sale Price per SF Trend

  • Henrico Avg. Sale Price per SF in 2025$118.07
  • Virginia Avg. Sale Price per SF in 2025$148.92

What was the total office sales volume in Henrico in 2025?

The local office market recorded 4 deals in 2025, adding up to a yearly sales volume of $57.1M.

  • Henrico, VA Total Office Sales Volume in 2025 $57.1M
  • Henrico, VA Total Number of Office Sales Closed in 2025 4
Data provided by Yardi Research

What are the largest recent office completions in Henrico?

The largest recent office completion here is Westgate I at 93,000 square feet, completed in 2001. The next largest completions are Westgate I and Westerre II.

Office building Address SF Completed
Mayland Medical Center 3450 Mayland Court, 23233 32,376 2011
2151 Old Brick Road 2151 Old Brick Road, 23060 76,400 2009
Westerre IV 3901 Westerre Pkwy, 23233 78,120 2008
Rocketts Landing 210 Rocketts Way, 23231 4,304 2008
Gaskins Professional Office Park 2500 Gaskins Road, 23238 52,395 2007
Three Paragon Place 6806 Paragon Place, 23230 74,480 2006
9900 & 9930 Independence Park Drive 9930 Independence Park Drive, 23233 45,645 2006
Westgate I 100 Westgate Pkwy, 23233 93,000 2001
Westgate I 100 Westgate Pkwy, 23233 91,752 2001
Westerre II 3957 Westerre Pkwy, 23233 84,734 1998
Data provided by Yardi Research

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Disclaimer

All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.

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.