Richmond Office Market Report 1Q26

The Richmond Office Market Overview for 1Q26 analyzes the Richmond metropolitan area's office sector, finding that the market experienced 89,000 SF of negative net absorption during the first quarter, ending with a 12.8% vacancy rate while rents increased 2.9% year-over-year to $23.52/SF. Major transactions included the sale of the Cox Road Portfolio (300,364 SF) and the Stony Point Portfolio (357,251 SF), while the region's economy remained strong with a 3.6% unemployment rate significantly below the national 4.4% average and office-using employment at 188,100 employees, 4.4% above pre-pandemic levels.