Broad Street Retail Space for Lease in Richmond’s Henrico Suburbs: Rents, Submarkets and What to Check Inside I-295

If you are shopping for Broad Street retail space for lease in the Richmond area inside I-295, expect average asking rents of about $24 to $28 per SF triple-net (NNN), with vacancy between 2.1% and 4.9%. That is the range across the four submarkets Cushman & Wakefield | Thalhimer tracks along and near West Broad Street. It is well below Short Pump’s $34.00 average asking rent, and there is more space to choose from.

The closer-in stretch of West Broad runs from Willow Lawn west past Staples Mill Road to Parham Road and the Regency area near I-64. It is older and denser than Short Pump, and it is changing: apartments are replacing parking lots, shopping centers are changing hands, and a bus rapid transit extension is being designed down the middle of the road. For Short Pump itself, see our Short Pump retail space guide. This post covers the stretch east of it.

What does Broad Street retail space for lease cost in 2026?

These figures come from Cushman & Wakefield | Thalhimer’s Q2 2026 Richmond Retail MarketBeat. Rents are NNN asking rates, so taxes, insurance and common-area maintenance come on top.

The Broad St Corridor submarket has the most vacant space of the four and lost occupancy in both the second quarter (-8,127 SF) and the first half of the year. It also produced the largest lease on Cushman’s Q2 list for the whole metro: La Herradura took 18,419 SF at Merchants Walk Shopping Center. Staples Mill/Parham had 30,366 SF under construction, the most of the four. Willow Lawn and Regency had none.

How do Willow Lawn, Regency and the Parham stretch differ?

Willow Lawn

Federal Realty has rezoned the 37-acre Willow Lawn shopping center for a long-term mixed-use redevelopment. When the company filed in 2023, Richmond BizSense reported plans for more than 2,200 residential units and 500,000 SF of commercial space, built in phases over 20 to 30 years. On Willow Lawn Drive across from the center, Thalhimer Realty Partners and Crenshaw Realty are building Willow Circle, a 228-unit apartment building that was scheduled to start construction in August 2026 and finish in spring 2028. For a tenant, that means more people living within walking distance. It also means the landlord has redevelopment rights, so ask about relocation and termination clauses.

Regency

Regency, the former mall at Parham Road and I-64, is co-owned by Thalhimer Realty Partners and Rebkee. The owners are turning it into a mixed-use property focused on sports and entertainment rather than traditional shopping. The first apartment phase (320 units) was finished in 2022. Rise II (314 units) is targeted for early 2027, and the site is zoned for up to 1,250 units. The owners dropped the planned food hall. In the former food court, Grove Eye Care signed a 12-year lease for 7,500 SF, and an indoor golf concept, Tee Box, was also taking space. At $27.88, Regency has the highest average asking rent of the four submarkets, and it also has the highest vacancy.

Broad Street toward Parham and Staples Mill

Investors bought heavily here in 2026. Richmond BizSense reported three sales totaling $53.3 million. Aldi-anchored Staples Mill Square (about 96,000 SF) sold for $22.5 million. West Broad Commons at 9031 W. Broad St. (110,000 SF, fully leased) sold for $18.8 million. Cushman lists that sale at $18.7 million. Tuckernuck Commons at 9125 W. Broad St. (about 94,200 SF) sold for $12 million. New owners often raise rents at renewal or reposition a center, so if you are negotiating in a center that just sold, ask what the owner plans to do with it.

How will the Pulse extension affect Broad Street storefronts?

The GRTC Pulse bus rapid transit line currently ends at Willow Lawn, which GRTC describes as the line’s first station in Henrico County; the Staples Mill station just east of it also serves Henrico destinations. The planned western extension runs about four miles from Willow Lawn to Parham Road. According to the project’s FAQ, it adds six station areas and 13 platforms near Libbie Avenue, Horsepen Road/Falmouth Street, Forest Avenue/Dickens Road, Glenside Drive, Hungary Spring Road and Parham Road. In March 2026, Richmond BizSense reported a $65 million total cost with $22 million secured, construction starting in late 2027, and completion targeted for 2029. In April 2026, the GRTC board awarded a $5.9 million design contract.

The FAQ says right turns from the curb lanes will still be allowed, and that GRTC is still studying how the project will affect access to businesses and side streets. For a storefront, the questions are practical: will your left-turn access change, will a platform sit in front of your sign, and how long will construction disrupt your entrance?

What does Henrico zoning allow for storefronts, patios and drive-throughs?

Most Broad Street retail sits in Henrico’s B-1, B-2 or B-3 business districts. B-1 is for low-intensity neighborhood retail. B-2 is for community shopping on major roads. B-3 allows a wider commercial and automotive mix on arterials. The current zoning ordinance, last amended July 28, 2026, sets these storefront rules:

Drive-through restaurants must take access from an arterial, major collector or major access road without passing through a neighborhood. They must also provide stacking lanes, keep their driveway at least 25 feet from other driveways, and stay at least 50 feet from residential districts. Outdoor seating cannot be within 100 feet of most residential districts, and it must close by 10 p.m. within 200 feet of one. A “C” suffix, as in B-2C, means proffered conditions from an earlier rezoning apply, and these can be stricter than the base district. The permit process is covered in our Henrico provisional use permit guide. Henrico’s Planning Department has the final word on any specific address.

What should be on a Broad Street storefront checklist?

• Access: Drive to the site from both directions at your peak hour. Can customers turn left in and left out, and would the Pulse design change that?
• Visibility: Stand where your customers will be. Check whether the sign faces traffic, and whether a pylon panel is available and where it sits on the sign.
• Parking: Count usable spaces at your peak. Shared lots near Willow Lawn and Regency are losing surface parking as apartments are built on it.
• Zoning fit: Confirm the district and any proffered conditions. Check whether a patio, drive-through or late hours would need a PUP.
• Redevelopment exposure: Read relocation, demolition and termination clauses closely in centers with approved mixed-use plans.
• NNN history: Ask for two years of CAM, tax and insurance reconciliations, especially in a center that recently sold.
• Building systems: Check HVAC age, electrical service, grease interceptor (for food users) and restroom accessibility.
• Co-tenancy: In anchored centers, tie your rent to the anchor staying open.

If the Broad Street submarkets feel too loose or too dated for your concept, compare them against Short Pump’s rents and formats in our Short Pump retail guide. You can also browse current listings.

Need help comparing Broad Street storefronts?

I help tenants compare total occupancy costs across centers, spot access and zoning problems before a lease is signed, and negotiate terms around redevelopment and construction risk. If you are weighing space between Willow Lawn and Parham, get in touch with your size, use and timing, and I’m happy to talk it through.