Leasing activity and vacancies saw increases
"Richmond’s office market has begun to stabilize after a year of unprecedented disruption caused by the COVID-19 pandemic. The historically strong market fundamentals in place prior to COVID-19 has provided Richmond a relatively soft landing compared with other markets for property owners. However, large blocks of available spaces have emerged providing opportunities for both local companies to improve their workplace and for out of market companies to move to Richmond. We anticipate Richmond to be a beneficiary of the trend of companies moving away from major metropolitan markets in favor of cities with higher quality of life for their employees, strong labor markets and business friendly environments like Richmond. ”
Malcolm Randolph, SIOR | Senior Vice President
Key Takeaways:
- Leasing volume in Q2 2021 was 34% higher than activity reported in Q1 2021
- Q2 2021 posted -85,000 square feet of negative net absorption
- 67% of leases executed in Q2 were renewals