Richmond Office Figures Q4 2025

The Richmond office market experienced a sixth consecutive quarter of positive net absorption, recording an occupancy gain of 152,000 sq. ft. Notable move-ins include Costar occupying an additional 22,970 sq. ft. at Riverfront Plaza in Richmond’s downtown. The real estate information and analytics company has been leasing swing space in the office tower while construction continues on its nearby corporate campus at 401 S 5th Street. Also taking occupancy this quarter was CSC Leasing Company, which moved into 33,431 sq. ft. at 6641 W Broad Street in the Glenside/Broad Street submarket.

As a result, total vacancy fell by 50 basis points (bps), reaching 10.7% for the quarter. Simultaneously, the average asking rate increased slightly to $21.64 per sq. ft. per annum on a full-service basis.

Leasing activity remained active, with 60 tenants signing leases totaling 347,000 sq. ft. Of these transactions, ten were over 10,000 sq. ft. and 77% were relocations.