Richmond Industrial Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from Cushman & Wakefield, Newmark, Rangecommercial, CBRE US Cap Rate Surve
Quarterly industrial market indicators for Richmond, aggregated by PropZone from Cushman & Wakefield, Newmark, Rangecommercial, CBRE US Cap Rate Surve. As of Q1 2026, average asking rent was $21.49/SF with a 0.9% vacancy rate.
Projected current industrial pricing — Richmond
low confidenceModeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 Newmark data (cap rate 5.5%, asking rent trend-adjusted to today). Assumes ~96% occupancy and a 72–88% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | $21.49/SF | 0.9% | 66K SF | — | Cushman & Wakefield |
| Q1 2026 | $8.09/SF | 4.4% | -70K SF | — | Newmark |
| Q4 2025 | $9.38/SF | 5.1% | 800K SF | 8.0M SF | Newmark |
| Q4 2025 | — | 5.3% | 0K SF | — | Rangecommercial |
| Q4 2025 | $9.38/SF | 5.2% | — | — | CBRE US Cap Rate Surve |
| Q3 2025 | $9.41/SF | 5.3% | 1.3M SF | 8.0M SF | Newmark |
| Q2 2025 | $9.38/SF | 5.1% | 1.3M SF | 8.0M SF | Newmark |
| Q1 2025 | $9.52/SF | 5.0% | 800K SF | 5.0M SF | Newmark |
| Q4 2024 | $9.39/SF | 4.6% | 2.4M SF | 5.0M SF | Newmark |
| Q3 2024 | $9.18/SF | 4.4% | 500K SF | 5.0M SF | Newmark |
| Q2 2024 | $9.26/SF | 4.5% | -900K SF | 5.0M SF | Newmark |
| Q1 2024 | $8.88/SF | — | — | 6.0M SF | Newmark |
| Q4 2023 | $8.59/SF | — | 9.0M SF | 3.0M SF | Newmark |
How the brokerage sources compare
For Q1 2026, the brokerages PropZone aggregates for Richmond industrial did not fully agree. On vacancy, the sources span 3.5 points — from 0.9% (Cushman & Wakefield) to 4.4% (Newmark). Asking-rent estimates differ by $13.40/SF — from $8.09 to $21.49. PropZone reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Newmark | 4.4% | $8.09/SF | — |
| Cushman & Wakefield | 0.9% | $21.49/SF | — |
Per-brokerage figures for Q1 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for industrial space in Richmond?
- As of Q1 2026, the average asking rent for industrial space in Richmond was $21.49/SF, per Cushman & Wakefield.
- What is the industrial vacancy rate in Richmond?
- The industrial vacancy rate in Richmond was 0.9% as of Q1 2026 (Cushman & Wakefield).
- Where does PropZone's Richmond market data come from?
- This report aggregates quarterly industrial market data for Richmond from Cushman & Wakefield, Newmark, Rangecommercial, CBRE US Cap Rate Surve.
- How much do brokerage estimates differ for industrial space in Richmond?
- For Q1 2026, the brokerage sources PropZone aggregates for Richmond did not fully agree. On vacancy, the sources span 3.5 points — from 0.9% (Cushman & Wakefield) to 4.4% (Newmark). Asking-rent estimates differ by $13.40/SF — from $8.09 to $21.49. PropZone reconciles these into a single consensus median rather than relying on any one brokerage.