Richmond, VA · Q3 2026
Richmond industrial market
4.1% vacancy across 120.6M SF, with 8.5M SF under construction.
- Vacancy
- 4.1%
- Warehouse asking rent
- $7.81
- per SF, NNN
- Net absorption
- 382K SF
- Q3 2026
- Under construction
- 8.5M SF
What moved this quarter
- Vacancy rose to 4.1%, up 30 bps from Q2 and 10 bps from a year ago, as large sublease blocks hit the market. Direct vacancy fell 70 bps to 3.1%.
- The vacated former Coca-Cola facility in Chesterfield and Mondelez facility in Henrico added almost 800,000 SF of sublease space between them.
- Leasing topped 3.6 million SF year to date, up 20% year over year; net absorption passed 2.7 million SF through Q3. Top Q3 leases: Dominion Energy Virginia (375,000 SF, Old Stage Rd) and Redhawk Global (347,760 SF, TriPoint Distribution Center).
- Overall quoted rents were flat year over year; Class A asks sit in the mid-$9s per SF, with new construction priced higher.
- 8.5 million SF is under construction, including about 3.0 million SF of data center and LEGO’s 1.7 million SF Meadowville plant (Q1 2027). 3.7 million SF of speculative space is underway with limited preleasing.
- Sales reached $574.4 million year to date, including the $175 million portfolio sale to LBA Logistics; Q3 sales slowed because of limited offerings, not lack of investor interest.
Source: Cushman & Wakefield | Thalhimer, Richmond Industrial MarketBeat Q3 2026
Other firms’ read
Firms track different inventories, so metro figures differ. Compare direction, not decimals.
| Firm | Vacancy | Rent |
|---|---|---|
| Cushman & Wakefield | ThalhimerQ3 2026 | 4.1% | $7.81/SF warehouse |
| CBREQ3 2026 | 5.2% | $9.02/SF avg asking |
Vacancy by submarket
Hover or tap a bar for size and location
Metro 4.1%
Northwest
6.5%
Southeast
4.6%
Southwest
3.2%
Northeast
2.5%
Downtown
0.0%
Warehouse/distribution asking rent by quadrant
NNN, $/SF/yr
Metro $7.81
Northwest
$11.99
Northeast
$10.84
Southeast
$7.03
Southwest
$6.21
All submarkets
| Submarket | Inventory (SF) | Vacancy | Net absorption Q3 2026 | Under constr. (SF) | Warehouse | Flex | Manufacturing |
|---|---|---|---|---|---|---|---|
| DowntownDowntown Richmond | 72,229 | 0.0% | 0 | 0 | — | — | — |
| NortheastEast of I-95, north of I-64: eastern Hanover, Mechanicsville, northeast Henrico | 16,072,933 | 2.5% | 14,209 | 1,051,600 | $10.84 | $15.00 | $9.63 |
| NorthwestNorth of the James, west of I-95: western Henrico, Hanover west, Glen Allen | 24,213,369 | 6.5% | 43,578 | 338,184 | $11.99 | $13.75 | $8.87 |
| SoutheastEast of I-95, south of I-64: airport, White Oak, Varina, Port of Richmond | 28,486,361 | 4.6% | −251,357 | 3,399,977 | $7.03 | $11.45 | — |
| SouthwestSouth of the James: Chesterfield I-95/Route 1, Route 288, Midlothian | 51,753,466 | 3.2% | 575,749 | 3,655,600 | $6.21 | $12.00 | $6.56 |
| Richmond total | 120,598,358 | 4.1% | 382,179 | 8,495,361 | $7.81 | $13.59 | $7.30 |
Rents are weighted-average NNN asking rates by use. Quadrant averages mix older and new buildings; Class A warehouse asks run in the mid-$9s. Under construction includes about 3.0 million SF of data center; C&W’s metro total is 50,000 SF above the sum of the submarket rows. Source: Cushman & Wakefield | Thalhimer, Richmond Industrial MarketBeat Q3 2026. Submarket boundaries are the research firm’s.