Richmond office insight - Q2 2018

Due to the lack of new supply, Richmond’s overall average rental rates climbed significantly higher quarter over quarter, by 2.3 percent, but still remained lower than its peer metros along the east coast, such as Raleigh, Memphis, Hartford, and Jacksonville, averaging $20.18 per square foot, full service. Lack of large blocks did pose challenges for users over 50,000 square feet, however. Richmond’s stock of vacant Class A and Class B blocks were limited to six options, two of which were over 100,000 square feet.

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