Richmond Office Market Report
By PropZone Research · Data through Q1 2025 · Aggregated from CBRE U S Cap Rate Sur, Cushman & Wakefield
Quarterly office market indicators for Richmond, aggregated by PropZone from CBRE U S Cap Rate Sur, Cushman & Wakefield. As of Q1 2025, average asking rent was $33.43/SF with a 31.4% vacancy rate.
Projected current office pricing — Richmond
low confidenceProjected asking rent
$33.43/SF/yr
Estimated sale value
$121–$157/SF
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2025 CBRE U S Cap Rate Sur data (cap rate 9.5%, asking rent held flat). Assumes ~69% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2025 | $33.43/SF | 31.4% | — | — | CBRE U S Cap Rate Sur |
| Q1 2025 | $33.43/SF | 31.4% | 0K SF | — | Cushman & Wakefield |
| Q4 2020 | — | 15.3% | 0K SF | — | Cushman & Wakefield |
Frequently asked questions
- What is the average asking rent for office space in Richmond?
- As of Q1 2025, the average asking rent for office space in Richmond was $33.43/SF, per CBRE U S Cap Rate Sur.
- What is the office vacancy rate in Richmond?
- The office vacancy rate in Richmond was 31.4% as of Q1 2025 (CBRE U S Cap Rate Sur).
- Where does PropZone's Richmond market data come from?
- This report aggregates quarterly office market data for Richmond from CBRE U S Cap Rate Sur, Cushman & Wakefield.
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