Richmond, VA · Q3 2026
Richmond office market
12.5% vacancy across 36.4M SF; asking rents averaging $23.45 full service.
- 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
What moved this quarter
- Vacancy rose to 12.5%, up 110 bps from Q2 and 60 bps from a year ago, largely because CoStar Group vacated sublease space downtown after moving into its new 750,000 SF tower.
- CBD vacancy rose 190 bps to 18.6%. Q3 net absorption was −251,005 SF, the first negative quarter after four straight gains.
- Leasing topped 1.2 million SF year to date but moderated in Q3 after a strong first half; suburban product carried most Q3 deals, and Innsbrook leads year-to-date leasing and renewals.
- Asking rents are up 2.2% year over year and almost 9.0% since the start of 2024. Suburban Class A rose 2.6%; CBD Class A was flat.
- Speculative construction is limited to two medical office projects in Chesterfield (93,000 SF). Midtown 64, the former Genworth campus, is adding 130,000+ SF of renovated space.
- Q3 sales topped $110 million (over $332 million year to date), led by Highwoods’ six-building Innsbrook portfolio sold to Seminole Trail Properties for $53 million ($109/SF).
Source: Cushman & Wakefield | Thalhimer, Richmond Office 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 | 12.5% | $23.45/SF full service |
| CBREQ3 2026 | 12.3% | $22.18/SF avg asking |
| NewmarkQ1 2026 | 12.8% | — |
Vacancy by submarket
Hover or tap a bar for size and location
Metro 12.5%
Far West End
22.5%
Manchester
21.6%
CBD
18.6%
Glenside/Broad St
16.9%
Shockoe Bottom
15.6%
Innsbrook
14.1%
Midlothian Corridor
12.2%
West End
12.1%
I-95 N/Ashland
11.8%
Iron Bridge Corridor
11.8%
Monroe Ward
11.5%
North Broad
10.1%
Parham South
9.5%
Parham East
6.7%
Rt 288 Corridor
6.4%
Stony Point/Huguenot
6.3%
Mechanicsville
6.1%
West Creek
4.1%
Hull Street Corridor
3.6%
Near West End
2.9%
Lakeside
2.7%
East End
2.6%
I-95 N/Chamberlayne
0.0%
Northside
0.0%
Average asking rent by submarket
Full service, $/SF/yr · submarkets with a reported rent
Metro $23.45
Rt 288 Corridor
$40.52
West Creek
$39.26
Near West End
$30.78
Stony Point/Huguenot
$28.26
Manchester
$24.80
North Broad
$24.00
Shockoe Bottom
$23.94
Far West End
$23.80
Midlothian Corridor
$23.15
Innsbrook
$22.97
Mechanicsville
$22.97
Iron Bridge Corridor
$22.51
West End
$22.39
Monroe Ward
$20.53
Glenside/Broad St
$20.41
Hull Street Corridor
$20.34
Lakeside
$20.09
Parham East
$19.67
Parham South
$19.28
I-95 N/Chamberlayne
$18.88
I-95 N/Ashland
$15.17
All submarkets
| Submarket | Inventory (SF) | Vacancy | Net absorption Q3 2026 | Under constr. (SF) | Rent, all classes | Rent, Class A |
|---|---|---|---|---|---|---|
| CBDDowntown Richmond financial district | 5,557,479 | 18.6% | −113,724 | — | — | — |
| East EndChurch Hill, eastern Richmond and Henrico | 557,416 | 2.6% | 0 | — | — | — |
| Far West EndWestern Henrico near Short Pump and Gayton | 691,207 | 22.5% | −42,933 | — | $23.80 | — |
| Glenside/Broad StW. Broad St and Glenside Dr, Henrico | 3,988,639 | 16.9% | 24,993 | — | $20.41 | — |
| Hull Street CorridorHull St Rd (US 360), Chesterfield | 839,340 | 3.6% | 0 | — | $20.34 | — |
| I-95 N/AshlandAshland and I-95 north, Hanover | 329,396 | 11.8% | 389 | — | $15.17 | — |
| I-95 N/ChamberlayneChamberlayne Ave and I-95 north, Henrico | 158,061 | 0.0% | 2,500 | — | $18.88 | — |
| InnsbrookInnsbrook office park, Glen Allen | 6,004,539 | 14.1% | 20,945 | — | $22.97 | $24.40 |
| Iron Bridge CorridorIron Bridge Rd (Route 10), Chesterfield | 922,827 | 11.8% | 5,761 | — | $22.51 | $21.00 |
| LakesideLakeside Ave, Henrico | 211,595 | 2.7% | 142 | — | $20.09 | — |
| ManchesterManchester, south bank of the James | 647,463 | 21.6% | −117,448 | — | $24.80 | $24.92 |
| MechanicsvilleMechanicsville, Hanover | 854,557 | 6.1% | 7,924 | — | $22.97 | — |
| Midlothian CorridorMidlothian Tpk (US 60), Chesterfield | 3,374,314 | 12.2% | 13,256 | — | $23.15 | $22.88 |
| Monroe WardMonroe Ward, downtown Richmond | 955,483 | 11.5% | −542 | — | $20.53 | $23.50 |
| Near West EndFan, Museum District, Scott's Addition, Libbie/Grove | 1,174,381 | 2.9% | 6,864 | — | $30.78 | — |
| North BroadBroad St, downtown Richmond | 1,271,428 | 10.1% | 60,647 | — | $24.00 | — |
| NorthsideNorthside Richmond | 123,005 | 0.0% | 0 | — | — | — |
| Parham EastParham Rd east of I-64, Henrico | 2,130,957 | 6.7% | −70,762 | — | $19.67 | $19.95 |
| Parham SouthParham Rd south of Broad St, Henrico | 679,956 | 9.5% | −17,021 | — | $19.28 | $20.00 |
| Rt 288 CorridorRoute 288 and Watkins Centre, Chesterfield/Powhatan | 957,372 | 6.4% | 6,280 | 93,000 | $40.52 | $41.73 |
| Shockoe BottomShockoe Bottom, downtown Richmond | 616,158 | 15.6% | 7,710 | — | $23.94 | — |
| Stony Point/HuguenotStony Point and Huguenot Rd | 1,102,984 | 6.3% | 16,062 | — | $28.26 | $24.50 |
| West CreekWest Creek, Goochland | 788,027 | 4.1% | 1,364 | — | $39.26 | — |
| West EndWest End of Henrico inside I-64 | 2,421,423 | 12.1% | −63,412 | 15,000 | $22.39 | — |
| Richmond total | 36,358,007 | 12.5% | −251,005 | 108,000 | $23.45 | $24.19 |
Rents are full-service asking rates. Below-market sublease listings pull some Class A averages under the all-class figure. Source: Cushman & Wakefield | Thalhimer, Richmond Office MarketBeat Q3 2026. Submarket boundaries are the research firm’s.