Highlights
- The average rent for office space in Richmond is $22.03 per square foot, 3.04% lower compared to the previous year.
- The average sale price for office space in Richmond is $243.44 per square foot, marking an increase of 157.29% compared to 2024.
- The market’s vacancy rate stands at 16.65%, lower than the state average of Virginia, which is 16.76%.
- 750,000 square feet is currently under construction.
2025 Office Space Rent & Sales
- $22.03 2025 Avg. Asking Rent
- -3.04% Y-o-Y Avg. Asking Rent Change
- 16.65% 2025 Office Vacancy Rate
- $343.9M2025 Total Office Sales
- $243.44Avg. Sale Price/SF
What is the average asking rent price for office space in Richmond?
Average asking rents for office space here stand at $22.03 per square foot. The local office market recorded an average vacancy rate of 16.65% in 2025, unchanged from 16.65% in 2024.
Office transactions in the local market in 2025 totaled a sales volume of $343.9M across 15 sales. These transactions commanded an average sale price per square foot of $243.44.
Richmond, VA Office Asking Rents by Class
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.
Richmond, VA Office Indicators by Submarket
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Fan District | $32.57 | 11.42% |
| Far West End | $29.12 | 15.13% |
| Southside | $24.36 | 24.82% |
| Midlothian Corridor | $23.51 | 15.87% |
| Lakeside | $23.00 | 2.93% |
| Innsbrook | $22.53 | 14.48% |
| West End | $22.28 | 16.66% |
| Outlying Chesterfield County | $21.95 | 21.23% |
| Richmond CBD | $16.94 | 18.48% |
| Chamberlayne | $12.60 | 36.67% |
2025 Office Sales Volume
- $243.442025 Avg. Price per SF
- $343.9M2025 Office Sales Volume
- 152025 Number of Transactions
What is the average sale price per square foot for office space in Richmond?
Average sale prices for office space in this market recorded a +157.29% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $243.44 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.
Richmond, VA Sale Price per SF Trend
- Richmond Avg. Sale Price per SF in 2025$243.44
- Virginia Avg. Sale Price per SF in 2025$148.92
What was the total office sales volume in Richmond in 2025?
The local office market recorded 15 deals in 2025, adding up to a yearly sales volume of $343.9M.
- Richmond, VA Total Office Sales Volume in 2025 $343.9M
- Richmond, VA Total Number of Office Sales Closed in 2025 15
What were the largest office building sales in Richmond in 2025?
The market’s largest transaction last year was the sale of Gateway Plaza for $92,776,740 on 1/3/2025. The next-highest sale was the transaction involving Bon Secours Heart Institute, which traded for $41,000,000. The third-largest transaction was the sale of Parks at Stony Point - Stony Point IV, The for $16,000,000.
| Property name | Address | Date | Price |
|---|---|---|---|
| Gateway Plaza | 800 East Canal Street | 1/3/2025 | $92,776,740 |
| Bon Secours Heart Institute | 7001 Forest Avenue | 10/21/2025 | $41,000,000 |
| Parks at Stony Point - Stony Point IV, The | 8720 Stony Point Pkwy | 9/2/2025 | $16,000,000 |
| Richmond Business & Medical Center | 2000 Bremo Road | 10/17/2025 | $15,300,000 |
| Lumber Liquidators Headquarters | 4901 Bakers Mill Lane | 8/12/2025 | $13,750,000 |
2025 Office Construction in Richmond, VA
- Richmond, VA Total SF completed in 2025 460,519
- Richmond, VA Total SF under construction in 2026 750,000
How much office space was built in Richmond in 2025?
Looking forward, development activity in 2026 is estimated to add 750,000 square feet of office space to the market in total.
What are the largest recent office completions in Richmond?
The largest recent office completion here is Gateway Plaza at 323,800 square feet, completed in 2015. The next largest completions are 801 E. Main St and The Penny.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 801 E. Main St | 801 E. Main St, 23219 | 299,285 | 2026 |
| Soda Flats | 2820-2828 West Broad Street, 23230 | 60,782 | 2024 |
| Direct Mail Solutions | 2001 Dabney Road, 23230 | 3,500 | 2024 |
| DEQ Bldg | 629 E Main St, 23219 | 9,763 | 2022 |
| 7012 Marlowe Rd | 7012 Marlowe Rd, 23225 | 3,500 | 2022 |
| The Penny | 2 West Marshall Street, 23220 | 121,239 | 2019 |
| The Current | 400 Hull St, 23224 | 85,272 | 2019 |
| The Symbol | 3200 Rockbridge Street, 23230 | 60,000 | 2017 |
| Gateway Plaza | 800 East Canal Street, 23219 | 323,800 | 2015 |
| Reynolds Crossing - 6627 West Broad Street | 6627 West Broad Street, 23230 | 37,658 | 2015 |
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
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.