Richmond, VA · Q3 2026
Richmond retail market
3.4% vacancy across 79.3M SF; asking rents averaging $19.57 NNN.
- Vacancy
- 3.4%
- Asking rent
- $19.57
- per SF, NNN
- Net absorption
- −43K SF
- Q3 2026
- Under construction
- 379K SF
What moved this quarter
- Vacancy is 3.4%, down 10 bps from Q2 and up 30 bps from a year ago, and has stayed at or below 4.0% since mid-2021.
- Leasing topped 1.3 million SF year to date; year-to-date net absorption passed 240,000 SF (Q3 alone was −42,795 SF).
- Only 379,000 SF is under construction, and 74.3% of it is preleased.
- Quoted rents continue to climb, and much new and second-generation space is unpriced. Grocery growth continues: Kroger (120,000 SF, Telegraph Commons in Hanover), Publix (50,000 SF, Shoppes at Old Hundred), and a Nordstrom Rack at Westpark Shopping Center (fall 2027).
- Sales topped $340 million year to date, including Chesterfield Towne Center Plaza, which sold to Ross Realty Investors for $11.5 million less than a year after JRE Partners bought it.
Source: Cushman & Wakefield | Thalhimer, Richmond Retail 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 | 3.4% | $19.57/SF NNN |
No other firm published a comparable Richmond figure this quarter.
Vacancy by submarket
Hover or tap a bar for size and location
Metro 3.4%
Hopewell
12.4%
Midlothian E/Hull St
6.8%
Regency
5.7%
Midlothian Village
5.6%
Laburnum/Route 360
5.5%
Midlothian West
4.9%
Downtown
4.1%
Far West End South
4.0%
Dinwiddie
3.7%
Mechanicsville
3.4%
Near West End
3.4%
Willow Lawn
3.3%
Colonial Heights
3.1%
Petersburg
3.0%
I-95 Ashland/NW
2.9%
Louisa County
2.8%
East End
2.7%
Staples Mill/Parham
2.4%
South Chesterfield
2.2%
Swift Creek
2.2%
Prince George
2.1%
Goochland
1.8%
Broad St Corridor
1.6%
Powhatan
1.4%
Short Pump
1.2%
Jeff Davis Corridor
0.8%
I-95 Chamberlayne/NE
0.5%
Far West End North
0.0%
New Kent County
0.0%
Average asking rent by submarket
NNN, $/SF/yr · submarkets with a reported rent
Metro $19.57
New Kent County
$34.00
Short Pump
$34.00
Midlothian Village
$33.44
Willow Lawn
$30.06
Swift Creek
$29.77
Near West End
$27.98
Staples Mill/Parham
$27.89
Regency
$27.88
Broad St Corridor
$24.98
Powhatan
$22.18
Downtown
$20.36
Midlothian West
$20.19
Colonial Heights
$19.49
Goochland
$19.45
I-95 Chamberlayne/NE
$19.28
Jeff Davis Corridor
$18.21
East End
$18.05
Prince George
$18.00
South Chesterfield
$17.36
I-95 Ashland/NW
$17.00
Mechanicsville
$15.34
Laburnum/Route 360
$15.10
Midlothian E/Hull St
$14.69
Petersburg
$14.45
Far West End South
$14.00
Hopewell
$13.51
Louisa County
$8.70
All submarkets
| Submarket | Inventory (SF) | Vacancy | Net absorption Q3 2026 | Under constr. (SF) | Asking rent (NNN) |
|---|---|---|---|---|---|
| Broad St CorridorW. Broad St between Short Pump and Parham, Henrico | 4,729,243 | 1.6% | 43,648 | 20,400 | $24.98 |
| Colonial HeightsColonial Heights | 3,427,855 | 3.1% | −12,946 | — | $19.49 |
| DinwiddieDinwiddie County | 564,342 | 3.7% | 0 | 3,000 | — |
| DowntownDowntown Richmond | 2,237,189 | 4.1% | −17,593 | — | $20.36 |
| East EndEastern Richmond and Henrico, airport area | 4,142,379 | 2.7% | 9,205 | — | $18.05 |
| Far West End NorthPouncey Tract and Nuckols Rd, north of I-64 | 316,257 | 0.0% | 3,528 | — | — |
| Far West End SouthGayton Rd and Patterson Ave, western Henrico | 1,291,816 | 4.0% | 6,874 | — | $14.00 |
| GoochlandGoochland County | 574,589 | 1.8% | −3,138 | — | $19.45 |
| HopewellHopewell | 1,296,971 | 12.4% | −14,313 | — | $13.51 |
| I-95 Ashland/NWAshland and I-95 north, Hanover | 2,341,127 | 2.9% | 3,398 | — | $17.00 |
| I-95 Chamberlayne/NEChamberlayne Ave and Brook Rd, northern Henrico | 1,288,363 | 0.5% | 7,563 | 80,400 | $19.28 |
| Jeff Davis CorridorJefferson Davis Hwy (US 1), south Richmond and Chesterfield | 2,982,284 | 0.8% | 12,358 | 2,808 | $18.21 |
| Laburnum/Route 360Laburnum Ave and Mechanicsville Tpk, eastern Henrico | 2,892,895 | 5.5% | −72,609 | — | $15.10 |
| Louisa CountyLouisa County | 1,021,189 | 2.8% | 1,438 | 7,000 | $8.70 |
| MechanicsvilleMechanicsville, Hanover | 3,129,254 | 3.4% | 6,194 | 10,000 | $15.34 |
| Midlothian E/Hull StMidlothian Tpk east and Hull St Rd, inner Chesterfield/south Richmond | 6,588,612 | 6.8% | −31,305 | — | $14.69 |
| Midlothian VillageMidlothian Village and Route 288 at US 60 | 2,023,151 | 5.6% | 1,872 | 25,110 | $33.44 |
| Midlothian WestMidlothian Tpk between Chippenham and Route 288 | 6,887,166 | 4.9% | 48,885 | 92,507 | $20.19 |
| Near West EndCarytown, the Fan, Libbie/Grove, Scott's Addition | 3,593,951 | 3.4% | 2,011 | 10,000 | $27.98 |
| New Kent CountyNew Kent County | 628,365 | 0.0% | 1,250 | — | $34.00 |
| PetersburgPetersburg | 2,939,690 | 3.0% | 28,160 | — | $14.45 |
| PowhatanPowhatan County | 863,416 | 1.4% | 8,550 | — | $22.18 |
| Prince GeorgePrince George County | 1,276,672 | 2.1% | −3,570 | — | $18.00 |
| RegencyParham and Quioccasin Rd, Regency area, Henrico | 2,078,311 | 5.7% | −14,312 | — | $27.88 |
| Short PumpW. Broad St at I-64/I-295, Short Pump | 4,587,248 | 1.2% | −14,102 | 6,500 | $34.00 |
| South ChesterfieldChester, Route 10, Iron Bridge Rd | 4,035,205 | 2.2% | −8,024 | 9,600 | $17.36 |
| Staples Mill/ParhamStaples Mill Rd and Parham Rd north, Henrico | 4,299,716 | 2.4% | −9,491 | 33,617 | $27.89 |
| Swift CreekHull St Rd west: Route 288, Brandermill, Harbour Pointe | 4,142,072 | 2.2% | 6,358 | 20,200 | $29.77 |
| Willow LawnBroad St at Willow Lawn Dr, city line | 3,126,229 | 3.3% | −32,684 | 58,313 | $30.06 |
| Richmond total | 79,305,557 | 3.4% | −42,795 | 379,455 | $19.57 |
Asking rents reflect available space — mostly small-shop — not what anchors pay. Source: Cushman & Wakefield | Thalhimer, Richmond Retail MarketBeat Q3 2026. Submarket boundaries are the research firm’s.