Richmond Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, CBRE, JLL, Colliers
Quarterly office market indicators for Richmond, aggregated by CREhunt from Cushman & Wakefield, CBRE, JLL, Colliers. As of Q1 2026, average asking rent was $23.35/SF/yr and vacancy was 11.5%, per Cushman & Wakefield.
Projected current office pricing — Richmond
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Richmond office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q1 2026 multiple brokerages asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent held flat). Assumes ~89% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | — | — | 23 SF | — | Cushman & Wakefield |
| Q1 2026 Cushman & Wakefield | $23.35/SF/yr | 11.5% | — | — | Cushman & Wakefield |
| Q1 2026 CBRE | $21.85/SF/yr | 11.3% | — | — | CBRE |
| Q1 2026 JLL | $22.01/SF/yr | 15.5% | — | — | JLL |
| Q4 2025 Colliers | — | — | 10K SF | — | Colliers |
| Q1 2024 Cushman & Wakefield | $21.47/SF/yr | 15.3% | — | — | Cushman & Wakefield |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Richmond office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| I-95 N/Chamberlayne | $19.04/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Innsbrook | $22.98/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Iron Bridge Corridor | $21.80/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Lakeside | $20.11/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Manchester | $25.09/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Mechanicsville | $20.50/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Midlothian Corridor | $22.64/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Monroe Ward | $20.56/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Near West End | $30.05/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| North Broad | $26.58/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Northeast | $19.76/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Northwest | $22.59/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Parham East | $19.65/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Parham South | $18.37/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Rt 288 Corridor | $35.38/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Shockoe Bottom | $23.57/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Southeast | $18.71/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Southwest | $20.69/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Stony Point/Huguenot | $26.44/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| West Creek | $37.87/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| West End | $21.15/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
How the brokerage sources compare
For Q1 2026, the brokerages CREhunt aggregates for Richmond office did not fully agree. On vacancy, the sources span 4.2 points — from 11.3% (CBRE) to 15.5% (JLL). Asking-rent estimates differ by $1.50/SF/yr — from $21.85/SF/yr to $23.35/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Cushman & Wakefield | 11.5% | $23.35/SF/yr | — |
| CBRE | 11.3% | $21.85/SF/yr | — |
| JLL | 15.5% | $22.01/SF/yr | — |
Per-brokerage figures for Q1 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for office space in Richmond?
- As of Q1 2026, the average asking rent for office space in Richmond was $23.35/SF/yr, per Cushman & Wakefield.
- What is the office vacancy rate in Richmond?
- The office vacancy rate in Richmond was 11.5% as of Q1 2026 (Cushman & Wakefield).
- Where does CREhunt's Richmond market data come from?
- This report aggregates quarterly office market data for Richmond from Cushman & Wakefield, CBRE, JLL, Colliers.
- How much do brokerage estimates differ for office space in Richmond?
- For Q1 2026, the brokerage sources CREhunt aggregates for Richmond did not fully agree. On vacancy, the sources span 4.2 points — from 11.3% (CBRE) to 15.5% (JLL). Asking-rent estimates differ by $1.50/SF/yr — from $21.85/SF/yr to $23.35/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.