Office fundamentals remain steady.
“We’ve seen and will continue to see office space occupiers migrate to higher quality space. A large part of this migration trend is tenants rethinking how best to design and utilize their new space. We have also seen small to medium size tenants returning to the office more quickly than large tenants.”
Zach Roski | Senior Vice President
- Costar announced a 750,000 square-foot, 26-story office complex that will rank among the tallest buildings in the state and is projected to bring an additional 2,000 jobs to the Richmond area. Construction is expected to begin between Q2 and Q4 2022, with a completion in 2024.
- Capital Markets transactions closed the year strong, finishing at $900.4 million, a 40% increase quarter-over-quarter and $734.9 million increase from 2020
- Q4 posted -5,183 square-feet of net absorption, with Northwest Richmond seeing the largest decrease.