Richmond Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $35.32 2021 Avg. Asking Rent
  • 15.79% 2021 Office Vacancy Rate
  • $439.2M2021 Total Office Sales
  • $241.76Avg. Sale Price/SF

Richmond office price per square foot in 2021 was $35.32 on average. The local office market recorded an average vacancy rate of 15.79% across all asset classes combined. The 20 transactions that closed here throughout 2021 amounted to a total sale volume of $439.2M. Richmond office space commanded an average sale price per square foot of $241.76.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Richmond Class A & A+ Office Space$23.71
  • Richmond Class B Office Space$49.14
  • Richmond Class C Office Space$15.11
  • Virginia Class A & A+ Office Space$38.50
  • Virginia Class B Office Space$28.05
  • Virginia Class C Office Space$21.39

Richmond, VA Office Asking Rents by Class

Average office rent in Richmond rested at $35.32 per square foot in 2021. 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 $23.71 per square foot. Across all submarkets, class B office space recorded an average asking rent of $49.14 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.11 per square foot, on average. Comparably, statewide Virginia average office rents by class in 2021 were: $38.50 per square foot for class A office space; $28.05 per square foot for class B office space; $21.39 per square foot for class C office space.

2021 Office Vacancy Rates in Richmond

Submarket Asking Rents Vacancy Rates
Richmond CBD $22.14 16.83%
West End $20.97 18.69%
Near West End $20.64 8.84%
Midlothian Corridor $17.96 21.63%
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 15.79% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Richmond was 8.84% in the Near West End submarket, while the highest office vacancy in the market was 21.63%, recorded in Midlothian Corridor.

Office Spaces for Rent in Virginia

Richmond Office Sale Price per SF

  • $241.762021 Avg. Price per SF
  • $439.2M2021 Office Sales Volume
  • 202021 Number of Transactions

Richmond, VA Sale Price per SF Trend

  • Richmond Avg. Sale Price per SF in 2021$241.76
  • Virginia Avg. Sale Price per SF in 2021$243.94
The sale price for office space in Richmond averaged $241.76 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide Virginia average office sale price during the same time period was $243.94 per square foot.

2021 Office Sales Volume

  • Richmond, VA Total Office Sales Volume in 2021 $439.2M
  • Richmond, VA Total Number of Office Sales Closed in 2021 20
A total of 20 deals closed on the Richmond office market in 2021, adding up to a yearly sales volume of $439.2M. Notably, the largest transaction on the market saw 501 South 5th Street change hands for $130,000,000 on 1/25/2021.

Largest Richmond Office Sales in 2021

Property name Address Date Price
501 South 5th Street 501 South 5th Street 1/25/2021 $130,000,000
Riverside on the James - Troutman Sanders Building 1001 Haxall Point 4/8/2021 $77,000,000
Virginia Urology Headquarters 9101 Stony Point Pkwy 9/21/2021 $52,150,000
Brookfield Commons 6600 West Broad Street 6/11/2021 $32,500,000
Edgeworth Building, The 2100 East Cary Street 3/2/2021 $29,500,000
Data provided by Commercial Edge

Coworking Spaces in Virginia

2021 Office Construction in Richmond, VA

  • Richmond, VA Total SF completed in 2021 713,446

During 2021, 713,446 square feet of new office space were delivered across the market. At the close of 2021, the Richmond office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 713,446 square feet of office space.

Largest Office Properties Recently Completed in Richmond
Office building Address SF Completed
3200 West Broad Street 3200 West Broad Street, 23230 20,000 2022
2500 Nine Mile Rd 2500 Nine Mile Rd, 23223 9,798 2019
Davenport Building 1401 East Cary Street, 23219 26,700 2013
6900 Forest Avenue 6900 Forest Avenue, 23230 0 2012
Reynolds Crossing - 6641 West Broad Street 6641 West Broad Street, 23230 200,000 2008
Willow Lawn Plaza 5001 West Broad Street, 23230 50,395 2008
VA Bio+Tech Park - Bio+Tech Eight 737 North 5th Street, 23219 270,000 2007
The Parks at Stony Point - Stony Point IV 8720 Stony Point Pkwy, 23235 109,082 2006
Corrugated Box Building 201 West 7th Street, 23224 40,000 2005
St. Mary's Hospital MOB Northwest 1501 Maple Avenue, 23226 0 2005

Worth noting among recent office completions on the Richmond market is 3200 West Broad Street, which is currently the largest new office development in the city, at 20,000 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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. 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.