2022 Office Space Rent & Sales
- $21.04 2022 Avg. Asking Rent
- 13.04% 2022 Office Vacancy Rate
- $266.2M2022 Total Office Sales
- $236.64Avg. Sale Price/SF
Richmond office price per square foot in 2022 was $21.04 on average. The local office market recorded an average vacancy rate of 13.04% across all asset classes combined. The 13 transactions that closed here throughout 2022 amounted to a total sale volume of $266.2M. Richmond office space commanded an average sale price per square foot of $236.64.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Richmond Class A & A+ Office Space$27.64
- Richmond Class B Office Space$20.24
- Richmond Class C Office Space$17.00
- Virginia Class A & A+ Office Space$38.01
- Virginia Class B Office Space$27.47
- Virginia Class C Office Space$19.02
Richmond, VA Office Asking Rents by Class
Average office rent in Richmond rested at $21.04 per square foot in 2022. 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 $27.64 per square foot. Across all submarkets, class B office space recorded an average asking rent of $20.24 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.00 per square foot, on average. Comparably, statewide Virginia average office rents by class in 2022 were: $38.01 per square foot for class A office space; $27.47 per square foot for class B office space; $19.02 per square foot for class C office space.
2022 Office Vacancy Rates in Richmond
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Southside | $27.89 | 10.74% |
Far West End | $24.00 | 25.96% |
Innsbrook | $22.52 | 12.40% |
West End | $22.23 | 11.34% |
Midlothian Corridor | $18.48 | 15.52% |
Near West End | $17.64 | 10.35% |
Richmond CBD | $17.00 | 10.79% |
Richmond Office Sale Price per SF
- $236.642022 Avg. Price per SF
- -2.12%Y-o-Y Avg. PpSF Change
- $266.2M2022 Office Sales Volume
- 132022 Number of Transactions
Richmond, VA Sale Price per SF Trend
- Richmond Avg. Sale Price per SF in 2022$236.64
- Virginia Avg. Sale Price per SF in 2022$189.12
2022 Office Sales Volume
- Richmond, VA Total Office Sales Volume in 2022 $266.2M
- Richmond, VA Total Number of Office Sales Closed in 2022 13
Largest Richmond Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
Gateway Plaza | 800 East Canal Street | 7/6/2022 | $150,000,000 |
901 Semmes Avenue | 901 Semmes Avenue | 4/29/2022 | $20,000,000 |
Arrington Building, The | 1802 Bayberry Court | 1/12/2022 | $19,110,450 |
Glen Forest Office Park - The Hillcrest Building | 1801 Bayberry Court | 1/12/2022 | $11,624,830 |
Meridian Building | 1800 Bayberry Court | 1/12/2022 | $11,624,830 |
Coworking Spaces in Virginia
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2022 Office Construction in Richmond, VA
Office building | Address | SF | Completed |
---|---|---|---|
629 E Main St | 629 E Main St, 23219 | 9,763 | 2022 |
111 Hull St | 111 Hull St, 23224 | 3,000 | 2020 |
400 Hull St | 400 Hull St, 23224 | 85,272 | 2019 |
The Spur | 1519 Summit Avenue, 23230 | 44,720 | 2019 |
1011 Johnston Willis Drive | 1011 Johnston Willis Drive, 23235 | 50,500 | 2018 |
Gateway Plaza | 800 East Canal Street, 23219 | 323,800 | 2015 |
Davenport Building | 1401 East Cary Street, 23219 | 26,700 | 2013 |
508 Libbie Ave | 508 Libbie Ave, 23226 | 1,200 | 2012 |
International Shopping Center | 3507 West Cary Street, 23221 | 88,852 | 2011 |
20-22 E. Broad Street | 20-22 E. Broad Street, 23223 | 1,441 | 2011 |
Worth noting among recent office completions on the Richmond market is 629 E Main St, which is currently the largest new office development in the city, at 9,763 square feet.
See reports for other markets
- Alexandria Office Rent Price
- Arlington Office Rent Price
- Virginia Beach Office Rent Price
- Reston Office Rent Price
- Fairfax Office Rent Price
- Mc Lean Office Rent Price
- Herndon Office Rent Price
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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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.