Richmond Office MarketBeat Q1 2026

Richmond's office market in Q1 2026 showed overall vacancy declining to 11.5% (down 90 basis points year-over-year) with year-to-date net absorption of 119.7K square feet and asking rent at $23.35 per square foot, supported by sustained regional job growth including major expansions from Solstice Advanced Materials ($220 million) and Eaton ($50 million) that added over 300 jobs collectively. CBD Class A lease rates jumped 18.1% year-over-year as vacancy in that segment dropped 320 basis points, while speculative construction remained limited at 93,000 square feet of medical office underway, with redevelopment activity heating up including the Midtown 64 former Genworth campus project bringing over 200,000 square feet of modern office space online.