Despite some major deals across town, the vacancy rate for Richmond area office properties isn’t changing much.
CoStar recently released stats for the second quarter that show office vacancy increasing slightly in both the Central Business District and in the suburban markets.
The overall rate for the entire Richmond area was 11.7 percent, up slightly from the first quarter, when it was 11.6 percent.
Vacancy in the CBD was 10.8 percent in the second quarter compared with 10.6 percent in the first quarter, and the suburban markets had a rate of 12.1 percent compared with 12 percent in the first quarter.
Many major deals have been announced but haven’t taken effect, such as General Electric and Capital One taking space in Innsbrook. Big moves of existing users, including Snag-A-Job and Mondial, won’t impact vacancy much. Other big deals that have taken place have also mostly been moves, such as the law firm of Williams Mullen moving into its new building downtown.
Read more at CoStar.com
Despite some major deals across town, the vacancy rate for Richmond area office properties isn’t changing much.
CoStar recently released stats for the second quarter that show office vacancy increasing slightly in both the Central Business District and in the suburban markets.
The overall rate for the entire Richmond area was 11.7 percent, up slightly from the first quarter, when it was 11.6 percent.
Vacancy in the CBD was 10.8 percent in the second quarter compared with 10.6 percent in the first quarter, and the suburban markets had a rate of 12.1 percent compared with 12 percent in the first quarter.
Many major deals have been announced but haven’t taken effect, such as General Electric and Capital One taking space in Innsbrook. Big moves of existing users, including Snag-A-Job and Mondial, won’t impact vacancy much. Other big deals that have taken place have also mostly been moves, such as the law firm of Williams Mullen moving into its new building downtown.
Read more at CoStar.com
Fortunately we have our local brokerage firms that indicate decreasing vacancy in 2011:
Thalhimer: 11.1% (Q1) to 10.9% (Q2)
Grubb & Ellis: 18.4% (Q1) to 18.1% (Q2)
CBRE: 17.9% (Q1) to 17.2% (Q2)