Richmond Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $22.73 2024 Avg. Asking Rent
  • -2.87% Y-o-Y Avg. Asking Rent Change
  • 18.39% 2024 Office Vacancy Rate
  • $62.7M2024 Total Office Sales
  • $93.55Avg. Sale Price/SF

Richmond office price per square foot in 2024 was $22.73 on average. This marked a -2.87% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 18.39% across all asset classes combined. The 6 transactions that closed here throughout 2024 amounted to a total sale volume of $62.7M. Richmond office space commanded an average sale price per square foot of $93.55.

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

  • Richmond Class A & A+ Office Space$23.51
  • Richmond Class B Office Space$21.74
  • Richmond Class C Office Space$17.50
  • Virginia Class A & A+ Office Space$35.61
  • Virginia Class B Office Space$25.93
  • Virginia Class C Office Space$20.32

Richmond, VA Office Asking Rents by Class

Average office rent in Richmond rested at $22.73 per square foot in 2024. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Richmond averaged $23.51 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.74 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.50 per square foot, on average. Comparably, statewide Virginia average office rents by class in 2024 were: $35.61 per square foot for class A office space; $25.93 per square foot for class B office space; $20.32 per square foot for class C office space.

2024 Office Vacancy Rates in Richmond

Submarket Asking Rents Vacancy Rates
Far West End $28.52 21.72%
Southside $25.76 10.49%
Lakeside $24.00 4.04%
Near West End $23.11 9.32%
Midlothian Corridor $22.93 18.11%
Innsbrook $22.26 14.11%
Richmond CBD $22.18 19.16%
West End $22.08 15.98%
Outlying Chesterfield County $17.02 19.96%
Chamberlayne $13.69 61.61%
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 Richmond market was 18.39% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Richmond was 4.04% in the Lakeside submarket, while the highest office vacancy in the market was 61.61%, recorded in Chamberlayne.

Office Spaces for Rent in Virginia

Richmond Office Sale Price per SF

  • $93.552024 Avg. Price per SF
  • -38.43%Y-o-Y Avg. PpSF Change
  • $62.7M2024 Office Sales Volume
  • 62024 Number of Transactions

Richmond, VA Sale Price per SF Trend

  • Richmond Avg. Sale Price per SF in 2024$93.55
  • Virginia Avg. Sale Price per SF in 2024$170.19
Richmond office space cost in 2024 marked a -38.43% change compared to the previous year. The sale price for office space in Richmond averaged $93.55 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Virginia average office sale price during the same time period was $170.19 per square foot.

2024 Office Sales Volume

  • Richmond, VA Total Office Sales Volume in 2024 $62.7M
  • Richmond, VA Total Number of Office Sales Closed in 2024 6
A total of 6 deals closed on the Richmond office market in 2024, adding up to a yearly sales volume of $62.7M. Notably, the largest transaction on the market saw Eighth & Main Building change hands for $19,250,000 on 12/10/2024.
Data provided by Commercial Edge

Coworking Spaces in Virginia

2024 Office Construction in Richmond, VA

  • Richmond, VA Total SF completed in 2024 53,217
  • Richmond, VA Total SF under construction in 2025 297,519

During 2024, 53,217 square feet of new office space were delivered across the market. At the close of 2024, the Richmond office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 53,217 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 297,519 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Richmond
Office building Address SF Completed
The Sauer Center - 2230 West Broad Street 2230 West Broad Street, 23220 53,217 2024
2001 Dabney Road 2001 Dabney Road, 23230 3,500 2024
629 E Main St 629 E Main St, 23219 9,763 2022
7012 Marlowe Rd 7012 Marlowe Rd, 23225 3,500 2022
Jackson Square 701 North 1st Street, 23219 7,084 2020
111 Hull St 111 Hull St, 23224 3,000 2020
The Current 400 Hull St, 23224 85,272 2019
1011 Johnston Willis Drive 1011 Johnston Willis Drive, 23235 50,500 2018
Gateway Plaza 800 East Canal Street, 23219 323,800 2015
Reynolds Crossing - 6627 West Broad Street 6627 West Broad Street, 23230 37,658 2015

Worth noting among recent office completions on the Richmond market is The Sauer Center - 2230 West Broad Street, which is currently the largest new office development in the city, at 53,217 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 Richmond 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.