Richmond Office Figures Q3 2026

In Q3 2026, the office market showed softer occupancy alongside stable pricing and moderating supply. After two years of improvement from Q4 2023 through Q4 2025, occupancy started to contract in 2026, and net absorption reached negative 281,000 sq. ft. during the third quarter. Vacancy increased by 70 basis points to 12.3%, compared to 11.6% the prior quarter. Much of this occupancy loss can be attributed to new listings that came on the market after Costar Group vacated existing leased spaces to move into their newly finished office campus in downtown Richmond.

Despite weaker occupancy, the availability rate edged down slightly by 10 basis points to 14.3%, indicating that available space remained competitive even as vacancy increased. Asking rents continued to move gradually higher, bolstered by the high price point of bulk Class A CBD availabilities and upcoming construction. The average rate increased 2.9% year-over-year to $22.18 per sq. ft. in Q3 2026 which suggests that pricing remained resilient even as market fundamentals shifted.