Henrico Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $23.01 2023 Avg. Asking Rent
  • -3.14% Y-o-Y Avg. Asking Rent Change
  • 9.36% 2023 Office Vacancy Rate
  • $40.1M2023 Total Office Sales
  • $122.73Avg. Sale Price/SF

Henrico office price per square foot in 2023 was $23.01 on average. This marked a -3.14% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 9.36% across all asset classes combined. The 5 transactions that closed here throughout 2023 amounted to a total sale volume of $40.1M. Henrico office space commanded an average sale price per square foot of $122.73.

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

  • Virginia Class A & A+ Office Space$36.28
  • Virginia Class B Office Space$26.18
  • Virginia Class C Office Space$32.04

Henrico, VA Office Asking Rents by Class

2023 Office Vacancy Rates in Henrico

Submarket Asking Rents Vacancy Rates
Far West End $23.00 23.76%
Lakeside $23.00 3.96%
Innsbrook $22.84 15.38%
West End $20.79 16.00%
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 Henrico market was 9.36% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Henrico was 3.96% in the Lakeside submarket, while the highest office vacancy in the market was 23.76%, recorded in Far West End.

Office Spaces for Rent in Virginia

Henrico Office Sale Price per SF

  • $122.732023 Avg. Price per SF
  • -27.96%Y-o-Y Avg. PpSF Change
  • $40.1M2023 Office Sales Volume
  • 52023 Number of Transactions

Henrico, VA Sale Price per SF Trend

  • Henrico Avg. Sale Price per SF in 2023$122.73
  • Virginia Avg. Sale Price per SF in 2023$147.91
Henrico office space cost in 2023 marked a -27.96% change compared to the previous year. The sale price for office space in Henrico averaged $122.73 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Virginia average office sale price during the same time period was $147.91 per square foot.

2023 Office Sales Volume

  • Henrico, VA Total Office Sales Volume in 2023 $40.1M
  • Henrico, VA Total Number of Office Sales Closed in 2023 5
A total of 5 deals closed on the Henrico office market in 2023, adding up to a yearly sales volume of $40.1M. Notably, the largest transaction on the market saw Wistar Center change hands for $7,250,000 on 4/27/2023.
Data provided by Commercial Edge

Coworking Spaces in Virginia

2023 Office Construction in Henrico, VA

Largest Office Properties Recently Completed in Henrico
Office building Address SF Completed
Bon Secours - Short Pump Medical Plaza 12320 West Broad Street, 23233 50,000 2018
White Oak Village - 4571 South Laburnum Avenue 4571 South Laburnum Avenue, 23231 134,374 2009
Westerre IV 3901 Westerre Pkwy, 23233 78,120 2008
Westerre Commons 3701 Westerre Pkwy, 23233 85,531 2007
Westerre III 3900 Westerre Pkwy, 23233 76,128 2006
Three Paragon Place 6806 Paragon Place, 23230 74,480 2006
9012 Three Chopt Rd 9012 Three Chopt Rd, 23229 4,182 2006
2404 Parham Rd 2404 Parham Rd, 23229 12,000 2004
5400 Glenside Dr 5400 Glenside Dr #B, 23228 1,554 2004
Brookstone Building 2805 North Parham Road, 23294 92,943 2003

Worth noting among recent office completions on the Henrico market is Bon Secours - Short Pump Medical Plaza, which is currently the largest new office development in the city, at 50,000 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 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 Henrico 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.