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United States | Richmond, VA

Report | Richmond Office Insight - Q3 2016

Summary

After several years of occupancy gains, Richmond's 2016 has seen nearly 230,000 square feet of negative net absorption year-to-date, mostly as a result of consolidations, and nearly 60 percent from a single tenant.

Over the next three years, the development pipeline will concentrate in the CBD, with a large bulk of deliveries expected at some point in 2019.

Rent growth during Q3 was dominated by the suburban submarkets, specifically Innsbrook and Stony Point/Huguenot, which both featured low availability rates and portfolio ownership with aggressive rate hike strategies.​

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