Richmond Market Report
Richmond commercial real estate market report — 29,098,300 SF tracked across 90 buildings, 132 sale comparables, 443 lease comparables and 94 loans with 34 maturing before 2029.
Fundamentals by property type
| Property type | Buildings | Inventory SF | Vacancy | Avg asking rent | Rent YoY | Avg cap rate | Avg $/SF |
|---|---|---|---|---|---|---|---|
| Industrial | 12 | 9,952,200 | 13.3% | $10.23 | 1.3% | 5.41% | $404 |
| Office | 34 | 9,436,200 | 29.1% | $24.23 | 3.1% | 6.97% | $439 |
| Multi-Family | 23 | 8,017,900 | 6.0% | $22.35 | -0.7% | 5.51% | $246 |
| Retail | 8 | 764,600 | 13.4% | $38.15 | 2.9% | 6.61% | $244 |
| Flex | 6 | 725,400 | 5.0% | $16.67 | 3.2% | 7.57% | $342 |
| Medical | 1 | 25,200 | 15.5% | $27.41 | 3.7% | 5.82% | $207 |
Recent sale comparables
| Date | Property | Type | Price | $/SF | Cap | Buyer |
|---|---|---|---|---|---|---|
| 2026-06-16 | 389 Hull St | Industrial | $98.7M | $113.98 | 8.69% | Oakridge Development |
| 2026-06-16 | 1117 Staples Mill Rd | Industrial | $207.11M | $188.12 | 8.75% | Zenith Real Estate |
| 2026-05-15 | 3461 W Broad St | Multi-Family | $150.64M | $377.17 | 6.05% | Everline Real Estate |
| 2026-04-27 | 305 W Broad St | Office | $98.02M | $293.22 | 5.60% | Silverline Holdings |
| 2026-04-24 | 3259 Cox Rd | Office | $106.16M | $361.96 | 7.66% | Silverline Holdings |
| 2026-03-30 | 3151 Midlothian Tpke | Multi-Family | $99.84M | $221.81 | 6.10% | Hill Country Capital |
| 2026-03-20 | 110 Midlothian Tpke | Multi-Family | $15.03M | $221.33 | 8.93% | Kestrel Investment Group |
| 2026-02-24 | 346 W Broad St | Industrial | $47.19M | $51.62 | 6.23% | Lone Star Property Trust |
| 2026-02-08 | 2903 Mechanicsville Tpke | Multi-Family | $122.62M | $394.27 | 8.45% | Redwood Property Trust |
| 2026-01-26 | 3184 W Main St | Multi-Family | $51.7M | $185.59 | 4.94% | Oakridge Development |
| 2025-12-31 | 1417 E Cary St | Office | $98.56M | $324.22 | 4.85% | Passaic Valley Holdings |
| 2025-12-16 | 2903 W Broad St | Office | $31.1M | $127.84 | 4.64% | Permian Basin Properties |
Debt and rollover exposure
94 loans totalling $3.94B are tracked against Richmond assets. 34 of them, representing $1.33B, mature before January 2029. Separately, 269 tracked leases covering 4,520,450 SF expire in the same window.
Weighted average coupon on tracked Richmond debt is 5.80% with average loan-to-value of 59.2%. See how to read a maturity schedule for the refinancing-gap method.
90 commercial properties are tracked in Richmond, representing 29,098,300 SF of rentable building area, of which 4,712,000 SF is currently marketed as available.
Asking rents average $25.07 per square foot per year, the median marketed suite is 20,000 SF, and listings have been on market a median of 425 days.
The stock splits 34 Class A, 35 Class B, 21 Class C, with construction dates from 1906 to 2024 (median 1971).
The most concentrated submarkets are Chesterfield (14), Scott's Addition (11), Midlothian (10), Shockoe Slip (10), Richmond CBD (9).
Methodology
Fundamentals are computed from RealStarGlobal's tracked inventory for Richmond and re-cut on each build (2026-08-26). Sale and lease comparables are the tracked transaction set for assets in this market; loan records derive from recorded mortgages and tracked lender reporting. Property-level inventory in this demonstration dataset is RealStarGlobal sample data — live market activity, deal flow and news come from the Acquirepad CRE intelligence feed. Registry and GIS provenance per jurisdiction is set out in the data sourcing plan. Definitions follow the conventions described in why providers disagree about submarkets.