Richmond Industrial Figures Q2 2026

The industrial market experienced strengthening fundamentals during Q2 2026 as construction and leasing remained active. Net absorption began to trend positively reaching a net gain of 136,000 sq. ft. for the overall market. Vacancy remained at 5.5% for the quarter. During the same period, availability saw an increase of 60 basis points (bps) to 6.7%, due to new completions and tenants giving back space in the market.

The construction pipeline expanded to 12.6 million sq. ft. during the second quarter, keeping future supply elevated. This volume is up from roughly 11.4 million sq. ft. in the prior quarter. Only one property delivered during Q2 2026, Building 4 at Airport Logistics Center, which added 187,500 sq. ft. of vacant-available space to the market. Construction deliveries for the first half of 2026 reached 1.5 million sq. ft., a stark increase compared to 379,000 sq. ft. recorded during the first half of 2025. This influx of newly-delivered, high-quality product has influenced the pricing dynamics within the market, with the average asking rate rising by 2.4% quarter-over-quarter to reach $8.86 per sq. ft. by the end of Q2.