Richmond, VA · Q3 2026
Richmond commercial real estate market
Data through September 30, 2026. Updated each quarter when the new reports are released.
Industrial
Q3 2026- Vacancy
- 4.1%
- Warehouse asking rent
- $7.81
- per SF, NNN
- Net absorption
- 382K SF
- Q3 2026
- Under construction
- 8.5M SF
Submarkets, charts, and takeaways
Office
Q3 2026- Vacancy
- 12.5%
- Asking rent
- $23.45
- per SF, full service · Class A $24.19
- Net absorption
- −251K SF
- Q3 2026
- Under construction
- 108K SF
Submarkets, charts, and takeaways
Retail
Q3 2026- Vacancy
- 3.4%
- Asking rent
- $19.57
- per SF, NNN
- Net absorption
- −43K SF
- Q3 2026
- Under construction
- 379K SF
Submarkets, charts, and takeaways
Multifamily
Q3 2026- Vacancy
- 8.4%
- Effective rent
- $1,565
- per unit / month · $1.76/SF
- Rent growth
- +0.6%
- year over year
- Under construction
- 5,941 units
Submarkets, charts, and takeaways
Where the research firms disagree
Each firm tracks a different inventory — different minimum building sizes, owner-occupied buildings in or out, stabilized properties only or everything — so the same market can read two points apart. The trend matters more than any one number.
| Sector | Firm | Period | Vacancy | Rent |
|---|---|---|---|---|
| Industrial | Cushman & Wakefield | Thalhimer | Q3 2026 | 4.1% | $7.81/SF warehouse |
| CBRE | Q3 2026 | 5.2% | $9.02/SF avg asking | |
| Office | Cushman & Wakefield | Thalhimer | Q3 2026 | 12.5% | $23.45/SF full service |
| CBRE | Q3 2026 | 12.3% | $22.18/SF avg asking | |
| Newmark | Q1 2026 | 12.8% | — | |
| Retail | Cushman & Wakefield | Thalhimer | Q3 2026 | 3.4% | $19.57/SF NNN |
| Multifamily | Cushman & Wakefield | Thalhimer | Q3 2026 | 8.4% | $1,565 avg effective |
| Northmarq | Q1 2026 | 7.2% | — | |
| Yardi Matrix | Apr 2026 | 5.2%94.8% occupied | $1,619 avg asking |
Latest Richmond deals
Oct 2026 · Lease · Hanover
Datamatx leases 24,755 SF at 10430 Lakeridge Pkwy
Oct 2026 · Lease · Henrico
Burlington leases 23,525 SF at Parham One
Oct 1, 2026 · Development · Richmond
Historic Housing wins RFP for city-owned Shockoe Bottom lot
Sep 2026 · Sale · Chesterfield
Bon Secours St. Francis buys 20 acres near Chippenham Crossing
What’s your property worth?
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Sources are linked on each sector page. Figures are transcribed from the published reports; see Cushman & Wakefield | Thalhimer MarketBeats for the originals.