Richmond Retail Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Cushman & Wakefield, Colliers, CBRE
Quarterly retail market indicators for Richmond, aggregated by CREhunt from Cushman & Wakefield, Colliers, CBRE. As of Q2 2026, average asking rent was $19.71/SF/yr and vacancy was 3.6%, per Cushman & Wakefield.
Projected current retail pricing — Richmond
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Richmond retail yet, so this applies the typical cap rate across comparable retail 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 Q2 2026 Cushman & Wakefield asking-rent data (benchmark cap rate 6.1%–7.2%, asking rent held flat). Assumes ~96% occupancy and a 65–82% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Cushman & Wakefield | $19.71/SF/yr | 3.6% | 162K SF | — | Cushman & Wakefield |
| Q1 2026 Cushman & Wakefield | $19.25/SF/yr | 3.4% | 133K SF | — | Cushman & Wakefield |
| Q1 2026 Colliers | — | 3.3% | 7.0M SF | — | Colliers |
| Q4 2025 CBRE | — | 4.8% | 524K SF | — | CBRE |
| Q4 2023 Cushman & Wakefield | $18.03/SF/yr | 2.9% | 343K SF | — | Cushman & Wakefield |
Retail asking rents by submarket
The newest asking rent a named brokerage's report published for each Richmond retail 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 |
|---|---|---|
| Broad St Corridor | $25.24/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Colonial Heights | $19.68/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Downtown | $22.60/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| East End | $18.25/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Far West End South | $14.00/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Goochland | $19.50/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Hopewell | $18.20/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| I-95 Ashland/NW | $13.26/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| I-95 Chamberlayne/NE | $13.53/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Jeff Davis Corridor | $18.21/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Laburnum/Route 360 | $16.61/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Louisa County | $8.70/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Mechanicsville | $15.34/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Midlothian E/Hull St | $14.79/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Midlothian Village | $28.32/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Midlothian West | $20.59/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Near West End | $27.56/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Petersburg | $14.11/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Powhatan | $22.18/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Prince George | $18.00/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Regency | $27.88/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Short Pump | $34.00/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| South Chesterfield | $17.28/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Staples Mill/Parham | $24.11/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Swift Creek | $27.81/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Willow Lawn | $24.71/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
How the brokerage sources compare
For Q1 2026, the brokerages CREhunt aggregates for Richmond retail did not fully agree. On vacancy, the sources span 0.1 points — from 3.3% (Colliers) to 3.4% (Cushman & Wakefield). CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Colliers | 3.3% | — | — |
| Cushman & Wakefield | 3.4% | $19.25/SF/yr | — |
Per-brokerage figures for Q1 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for retail space in Richmond?
- As of Q2 2026, the average asking rent for retail space in Richmond was $19.71/SF/yr, per Cushman & Wakefield.
- What is the retail vacancy rate in Richmond?
- The retail vacancy rate in Richmond was 3.6% as of Q2 2026 (Cushman & Wakefield).
- Where does CREhunt's Richmond market data come from?
- This report aggregates quarterly retail market data for Richmond from Cushman & Wakefield, Colliers, CBRE.
- How much do brokerage estimates differ for retail space in Richmond?
- For Q1 2026, the brokerage sources CREhunt aggregates for Richmond did not fully agree. On vacancy, the sources span 0.1 points — from 3.3% (Colliers) to 3.4% (Cushman & Wakefield). CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.