“Richmond continues to see large block sublease opportunities available on the market as the emergence of the delta variant has delayed many companies targeted return to the office. Leasing activity is improving with positive net absorption for the first time in the past year, and as more companies do finally return to the office, the Richmond office market will continue to stabilize and strengthen heading into 2022.”
Megan Sullivan | Assistant Vice President
- Over 600,000 square feet of office space was leased, representing a 78% increase since the 2nd quarter.
- Total sublease space remains at near-record highs, posting 1.1 million square feet at the end of Q3. Two buildings contributing the most to this figure include the SunTrust Center (214,273 SF) and Riverfront Plaza West Tower (141,167 SF).
- Q3 posted nearly 76,000 square feet of net absorption, the first quarter to post positive net absorption since Q3 2020.
- The Richmond Public Safety building is scheduled for demolition with a proposed built to suit project to take its place. VCU Health will occupy 150,000 square feet of the 240,000 square foot building. 90,000 square feet of spec space will be available for lease.