Richmond Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $23.34 2023 Avg. Asking Rent
  • 14.14% 2023 Office Vacancy Rate
  • $123.4M2023 Total Office Sales
  • $126.35Avg. Sale Price/SF

Richmond office price per square foot in 2023 was $23.34 on average. The local office market recorded an average vacancy rate of 14.14% across all asset classes combined. The 6 transactions that closed here throughout 2023 amounted to a total sale volume of $123.4M. Richmond office space commanded an average sale price per square foot of $126.35.

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

Richmond, VA Office Asking Rents by Class

2023 Office Vacancy Rates in Richmond

Submarket Asking Rents Vacancy Rates
Southside $27.93 12.10%
Far West End $23.00 23.76%
Lakeside $23.00 3.96%
Innsbrook $22.84 15.38%
Midlothian Corridor $21.19 14.00%
West End $20.79 16.00%
Richmond CBD $17.00 10.73%
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 14.14% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Richmond 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

Richmond Office Sale Price per SF

  • $126.352023 Avg. Price per SF
  • -46.61%Y-o-Y Avg. PpSF Change
  • $123.4M2023 Office Sales Volume
  • 62023 Number of Transactions

Richmond, VA Sale Price per SF Trend

  • Richmond Avg. Sale Price per SF in 2023$126.35
  • Virginia Avg. Sale Price per SF in 2023$147.91
Richmond office space cost in 2023 marked a -46.61% change compared to the previous year. The sale price for office space in Richmond averaged $126.35 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

  • Richmond, VA Total Office Sales Volume in 2023 $123.4M
  • Richmond, VA Total Number of Office Sales Closed in 2023 6
A total of 6 deals closed on the Richmond office market in 2023, adding up to a yearly sales volume of $123.4M. Notably, the largest transaction on the market saw Anthem Blue Cross Blue Shield Davis Center - South Building change hands for $66,172,500 on 8/31/2023.
Data provided by Commercial Edge

Coworking Spaces in Virginia

2023 Office Construction in Richmond, VA

Largest Office Properties Recently Completed in Richmond
Office building Address SF Completed
2001 Dabney Road 2001 Dabney Road, 23230 3,500 2024
629 E Main St 629 E Main St, 23219 9,763 2022
Jackson Square 701 North 1st Street, 23219 7,084 2020
111 Hull St 111 Hull St, 23224 3,000 2020
The Penny at Jackson Ward 2 West Marshall Street, 23220 121,239 2019
400 Hull St 400 Hull St, 23224 85,272 2019
The Spur 1519 Summit Avenue, 23230 44,720 2019
1011 Johnston Willis Drive 1011 Johnston Willis Drive, 23235 50,500 2018
Gateway Plaza 800 East Canal Street, 23219 323,800 2015
Reynolds Crossing - 6627 West Broad Street 6627 West Broad Street, 23230 37,658 2015

Worth noting among recent office completions on the Richmond market is 2001 Dabney Road, which is currently the largest new office development in the city, at 3,500 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.