2023 Office Space Rent & Sales
- $22.64 2023 Avg. Asking Rent
- 0.91% Y-o-Y Avg. Asking Rent Change
- 16.13% 2023 Office Vacancy Rate
Glen Allen office price per square foot in 2023 was $22.64 on average. This marked a +0.91% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.13% 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
- Glen Allen Class A & A+ Office Space$23.22
- Glen Allen Class B Office Space$22.21
- Virginia Class A & A+ Office Space$36.28
- Virginia Class B Office Space$26.18
- Virginia Class C Office Space$32.04
Glen Allen, VA Office Asking Rents by Class
2023 Office Vacancy Rates in Glen Allen
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Lakeside | $23.00 | 3.96% |
| Far West End | $23.00 | 23.76% |
| Innsbrook | $22.84 | 15.38% |
Office Spaces for Rent in Virginia
Coworking Spaces in Virginia
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| Office building | Address | SF | Completed |
|---|---|---|---|
| Innsbrook Corporate Center - North Shore Commons II | 4991 Lake Brook Drive, 23060 | 96,069 | 2006 |
| 11225 Nuckols Rd | 11225 Nuckols Rd, 23059 | 5,000 | 2006 |
| Innsbrook Corporate Center - Highwoods Three | 4840 Cox Road, 23060 | 115,848 | 2005 |
| Hickory Corner | 5310 Twin Hickory Road, 23059 | 60,000 | 2004 |
| Dental/Medical Office | 11531 Nuckols Rd, 23059 | 9,702 | 2004 |
| Grove Park #C-D | 11547 Nuckols Road, 23059 | 3,783 | 2004 |
| 5340 Twin Hickory Road | 5340 Twin Hickory Road, 23059 | 3,600 | 2004 |
| 10330 Staples Mill Road | 10330 Staples Mill Road, 23060 | 36,470 | 2003 |
| Innsbrook Corporate Center - North Shore Commons I | 4951 Lake Brook Drive, 23060 | 116,231 | 2001 |
| One Colonial Place | 10571 Telegraph Road, 23059 | 49,588 | 2001 |
Worth noting among recent office completions on the Glen Allen market is Innsbrook Corporate Center - North Shore Commons II, which is currently the largest new office development in the city, at 96,069 square feet.
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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 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 Glen Allen 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.