Richmond Office Figures Q2 2026

Market fundamentals started to rebound during the second quarter, with occupancy losses easing to just 8,300 sq. ft., a significant recovery from the 111,000 sq. ft. of occupancy loss recorded in the prior quarter. Overall vacancy remained at 11.4% for the quarter, and availability tightened by 50 basis points (bps) to sit at 14.3%.

Rental rates remained resilient through the lack of demand in the beginning of 2026 and continued to grow into the second quarter, reaching $21.90 per sq. ft. on average. This represents a 1.7% increase year-over-year, and 4.3% growth compared to Q2 2023. Consistent occupancy gain throughout 2025 bolstered market pricing, and steady leasing activity carried that momentum into 2026.