Richmond’s office market vacancy remains well below the national average, and while occupancy rates have decreased as occupiers adjust to the hybrid work schedules and focus on right-sizing, the appetite for well-located and highly-amenitized Class A space remains robust. Speculative construction has been constrained for the last decade with investor-owned deliveries topping 2.4 MSF since the start of 2014, representing a growth rate of less than 7.0% in overall inventory.

With demand for modern office on the rise, Richmond is seeing an influx of trophy office developments planned around the market, many of which will serve as the core element of mixed-use campuses, containing a mix of multifamily and commercial sections as well as entertainment components. In this edition of Thalhimer’s research spotlight, we explore the next generation of office buildings in the Richmond market and how landlords and localities alike are working to attract companies to the region.