Commercial Real Estate Market in Richmond, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
755 active listings and 11,523 off-market properties in Richmond, VA. Commercial property asks $137/SF to buy and $15.89/SF/Yr to lease. Office vacancy runs 11.8%, the loosest of the segments tracked here.
Market Trends
Richmond, VA spans 309.4 square miles in Richmond City County, Virginia. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Richmond, VA runs 11.8% in 2025, up from 5.7% in 2019.
Vacancy Rate %
Retail
Retail vacancy in Richmond, VA runs 5.7% in 2025, down from 6.9% in 2019. Down from a 2020 peak of 7.5%.
Vacancy Rate %
Industrial
Industrial vacancy in Richmond, VA runs 3.9% in 2025, up from 2.9% in 2019. Nearly 1.6x the 2021 low of 2.5%.
Vacancy Rate %
Multifamily
Multifamily space in Richmond, VA asks $238/SF to buy. Vacancy runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 73%
- Industrial 14.6%
- Commercial 5.8%
- Mixed use 3.4%
- Civic 1.2%
Largest Zones share of zoned land by district
Single Family Residential District
Single Family Residential District
Single Family Residential District
Single Family Residential District
Single Family Residential District
Richmond, VA zones 40,085 acres across 35 districts. Commercial zoning covers 5.8% of zoned land, residential 73% and industrial 14.6%. The largest single district is Single Family Residential District at 15.8%. For commercial buyers the practical constraint is that only 20.4% of land carries a commercial or industrial designation.
Single Family Residential District (R-1)
DIVISION 2. - R-1 SINGLE-FAMILY RESIDENTIAL DISTRICT Sec. 30-402.1. - Permitted principal uses. The following uses of buildings and premises shall be permitted in the R-1 district: (1) Single-family detached dwellings; (2) Libraries, museums, schools, parks and recreational facilities owned or operated by any governmental agency, and other uses required for…
Market overview
Demographics & Economy
Richmond, VA has 588,180 residents in 268,737 households. Density runs 1,901 people per square mile. Median household income here is $76,256 and median gross rent $1,422 a month.
588,180
Population
268,737
Households
2.2
Avg Household Size
36
Median Age
42%
College-Educated
90%
High-School Grad
309.4 sq mi
ZIP Area
1,901
Density / Sq Mi
$76,256
Median Household Income
$45,895
Median Earnings
$1,422
Median Rent
$320,558
Median Home Value
Tools
Lease vs Buy Breakeven
At $15.89/SF/Yr lease vs $137/SF buy → buying wins if held > 1.1 years.
At a 11.6% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| West End | — | — |
| East End | — | — |
| Churchill | — | — |
| Richmond National Battlefiel | — | — |
Commercial property in Richmond, VA asks $137/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Richmond?
Commercial property in Richmond, VA asks an average of $137 per square foot. The 8 most recent recorded sales traded at a median of $220/SF. Multifamily carries the highest asking price at $238/SF.
How much does it cost to lease commercial space in Richmond?
Asking lease rates in Richmond, VA average $15.89 per square foot per year.
What is the office vacancy rate in Richmond?
Office vacancy in Richmond, VA is 11.8% as of 2025, up from 5.7% in 2019. Retail vacancy is 5.7%, below Office vacancy.
Which property type has the lowest vacancy in Richmond?
Industrial has the lowest vacancy in Richmond, VA at 3.9%, inside a 2.5–3.9% band since 2019. For comparison: office 11.8%, retail 5.7% and multifamily 11.3% (South).
Is it cheaper to lease or buy commercial space in Richmond?
Buying beats leasing in Richmond, VA if the property is held longer than 1.1 years, comparing $15.89/SF/Yr asking rent with $137/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
What zoning applies to commercial property in Richmond?
Richmond, VA zones 40,085 acres across 35 districts, of which 5.8% is commercial and 14.6% industrial. The largest single district is Single Family Residential District at 15.8% of zoned land. Residential zoning covers 73% and open space 0%.
Where does Realmo's Richmond market data come from?
Realmo compiles Richmond, VA figures from 8 recent recorded sales, 362 active sale listings, 393 active lease listings, 11,523 tracked off-market properties, the current Richmond zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 362 active for-sale and 393 active for-lease listings in Richmond, VA. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 40,085 zoned acres across 35 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- multifamily vacancy is reported at South region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
