Richmond Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $29.58 2023 Avg. Asking Rent
  • 57.41% 2023 Office Vacancy Rate

Richmond office price per square foot in 2023 was $29.58 on average. The local office market recorded an average vacancy rate of 57.41% across all asset classes combined.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Texas Class A & A+ Office Space$36.17
  • Texas Class B Office Space$24.95
  • Texas Class C Office Space$31.07

Richmond, TX Office Asking Rents by Class

2023 Office Vacancy Rates in Richmond

Submarket Asking Rents Vacancy Rates
Sugar Land $29.87 25.05%
Fort Bend County $23.36 30.60%
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 57.41% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Richmond was 25.05% in the Sugar Land submarket, while the highest office vacancy in the market was 30.60%, recorded in Fort Bend County.

Office Spaces for Rent in Texas

Coworking Spaces in Texas

2023 Office Construction in Richmond, TX

  • Richmond, TX Total SF under construction in 2024 80,000
Largest Office Properties Recently Completed in Richmond
Office building Address SF Completed
Grand Park West Office Condos 21611 FM 1093, 77407 7,000 2024
Grand Park Professional Place - Building F 7103 South Peek Road, 77407 4,900 2024
7623 West Grand Pkwy South 7623 West Grand Parkway South, 77407 9,000 2022
Long Meadow Farms II 7035 West Grand Pkwy South, 77407 39,175 2015
7830 West Grand Pkwy South 7830 West Grand Pkwy South, 77406 56,992 2009
Oak Bend Doctor's Center 22001 Southwest Fwy, 77469 56,175 2009
The Shops at Bella Terra 5472 West Grand Pkwy South, 77406 304,634 2008
3333 FM 359 Rd 3333 FM 359 Rd, 77406 6,000 2000

Worth noting among recent office completions on the Richmond market is Grand Park West Office Condos, which is currently the largest new office development in the city, at 7,000 square feet.

Data provided by Commercial Edge

See reports for other markets

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.