Richmond Industrial Market Summary, Q3 2016
- Warehouse vacancy fell to 4.5% while Flex vacancy ticked up slightly to 9.3%
- Availability rates rose across the board as a number of large blocks became available for sublease
- Richmond’s average warehouse asking rent rose to $3.55 per sq. ft., a 9.7% increase from Q3 2015, while the average asking flex rent remained relatively unchanged at $8.13 per sq. ft.
- Overall Richmond posted 355,676 sq. ft. of positive net absorption in Q3 2016, driving up the YTD net absorption to 1.8 million sq. ft.
Richmond Office Market Summary, Q3 2016
- Vacancy rate ticked up slightly to 12.4% in Q3 2016
- Asking rental rate subsequently fell to $19.31 per sq. ft. as CBD rents continued to tumble
- Richmond posted 124,884 sq. ft. of negative net absorption in Q3 2016 as Capital One vacated 135,000 sq. ft.
- Office using employment rose to 231,000 jobs, a 3.9% growth over the same period last year