2023 Office Space Rent & Sales
- $23.34 2023 Avg. Asking Rent
- 14.14% 2023 Office Vacancy Rate
- $123.4M2023 Total Office Sales
- $126.35Avg. Sale Price/SF
Richmond office price per square foot in 2023 was $23.34 on average. The local office market recorded an average vacancy rate of 14.14% across all asset classes combined. The 6 transactions that closed here throughout 2023 amounted to a total sale volume of $123.4M. Richmond office space commanded an average sale price per square foot of $126.35.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Richmond Class A & A+ Office Space$27.64
- Richmond Class B Office Space$22.90
- Richmond Class C Office Space$17.00
- Virginia Class A & A+ Office Space$36.28
- Virginia Class B Office Space$26.18
- Virginia Class C Office Space$32.04
Richmond, VA Office Asking Rents by Class
Average office rent in Richmond rested at $23.34 per square foot in 2023. 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 $22.90 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 2023 were: $36.28 per square foot for class A office space; $26.18 per square foot for class B office space; $32.04 per square foot for class C office space.
2023 Office Vacancy Rates in Richmond
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Southside | $27.93 | 12.10% |
Lakeside | $23.00 | 3.96% |
Far West End | $23.00 | 23.76% |
Innsbrook | $22.84 | 15.38% |
Midlothian Corridor | $21.19 | 14.00% |
West End | $20.79 | 16.00% |
Richmond CBD | $17.00 | 10.73% |
Richmond Office Sale Price per SF
- $126.352023 Avg. Price per SF
- -46.61%Y-o-Y Avg. PpSF Change
- $123.4M2023 Office Sales Volume
- 62023 Number of Transactions
Richmond, VA Sale Price per SF Trend
- Richmond Avg. Sale Price per SF in 2023$126.35
- Virginia Avg. Sale Price per SF in 2023$147.91
2023 Office Sales Volume
- Richmond, VA Total Office Sales Volume in 2023 $123.4M
- Richmond, VA Total Number of Office Sales Closed in 2023 6
Coworking Spaces in Virginia
- New York City Coworking Space
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- Richmond Coworking Space
- Chattanooga Coworking Space
2023 Office Construction in Richmond, VA
Office building | Address | SF | Completed |
---|---|---|---|
2001 Dabney Road | 2001 Dabney Road, 23230 | 3,500 | 2024 |
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 |
Worth noting among recent office completions on the Richmond market is 2001 Dabney Road, which is currently the largest new office development in the city, at 3,500 square feet.
See reports for other markets
- Virginia Beach Office Rent Price
- Arlington Office Rent Price
- Henrico Office Rent Price
- Alexandria Office Rent Price
- Fredericksburg Office Rent Price
- Fairfax Office Rent Price
- Glen Allen Office Rent Price
- Norfolk Office Rent Price
- Chesapeake Office Rent Price
- Herndon Office Rent Price
- Chantilly Office Rent Price
- McLean Office Rent Price
- Vienna Office Rent Price
- Reston Office Rent Price
- Sterling Office Rent Price
- Tysons Office Rent Price
- Falls Church Office Rent Price
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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.