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Richmond Office Market Sees Strong Q4 Gains in 2024

Market Overview

The Richmond office market closed 2024 on a high note, posting 217,000 sq. ft. of occupancy gain in the fourth quarter alone. This surge propelled the annual total to 344,000 sq. ft. of positive net absorption, making 2024 the first year since 2021 to achieve positive absorption and the largest net gain in occupancy since 2017.

This impressive turnaround signals renewed confidence in Richmond’s commercial real estate sector after several years of sluggish performance.

Key Moves Driving the Market

Several significant occupancies contributed to the positive absorption figures:

  • Richmond National Insurance spearheaded the growth with its relocation and expansion, occupying 47,000 sq. ft. of Class A office space in the Westmark Building at Innsbrook.
  • The Virginia Department of Workforce Development and Advancement moved into 26,000 sq. ft. at Holland Tower.
  • The Virginia Cannabis Control Authority established a new presence by leasing 15,000 sq. ft. at Deep Run III.
  • The Virginia Department of General Services secured 10,000 sq. ft. of space at Fairfax Tower.
  • Owens & Minor, an engineering firm, transitioned from its former headquarters at 9120 Lockwood Boulevard to 35,000 sq. ft. of leased space in Highwoods One at Innsbrook.

These high-profile transactions demonstrate the demand for modern, high-quality office spaces and reflect growing confidence in the region’s economic prospects.

Vacancy Rates and Rent Trends

The robust leasing activity in Q4 helped to reduce the overall vacancy rate by 60 basis points (bps) quarter-over-quarter, settling at 12.3%. Compared to the previous year, vacancy rates have dropped by 40 bps, marking the first year-end decline in vacancy since 2017.

This positive trend has empowered landlords to increase average asking rents, which now stand at $21.66 per sq. ft. on a full-service gross basis. The uptick in rents is a direct result of higher demand and limited supply of Class A office spaces.

Outlook for 2025

The Richmond office market’s Q4 performance sets a promising stage for 2025. With several key government agencies and large private-sector tenants committing to long-term leases, demand for high-quality office spaces is expected to remain strong. Additionally, declining vacancy rates and rising rental prices indicate a healthy market trajectory.

If the current momentum continues, Richmond could see further positive absorption and rent growth throughout the upcoming year.


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