Richmond Industrial Figures Q4 2025

The Richmond industrial market recorded 209,000 sq. ft. of occupancy loss during the fourth quarter. Vacancy rates increased by 20 basis points (bps) to 4.4% and overall asking rates decreased slightly to $8.08 per sq. ft. per annum on a triple-net basis. New availabilities include 56,160 sq. ft. at 2320 Deepwater Terminal Road, which was listed for lease after the building sold in October 2025. Ashby’s Brake & Truck Repair was the previous owner-user at this property.

Only two buildings delivered this quarter, Crescent Business Center Buildings VI and VII. Building VI added 72,000 sq. ft. of available space to the market, and Building VII was 100% preleased.

Tenants signed 38 leases totaling 3.5 million sq. ft. during the quarter. Of these, 68% were relocations and six were over 100,000 sq. ft. in size. The bulk of this gross leasing activity can be attributed to two renewals by a major e-commerce tenant that took place at 1901 Meadowville Technology Parkway and 5000 Commerce Way, both for 1.0 million sq. ft.