Q3 2016 Market Summaries: Industrial & Office

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

 

Source: http://www.cbre.us/o/richmond/Pages/market-reports.aspx

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