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Regional Summaries

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Richmond, VA

Apartment
Vacancy in Richmond’s 74,176-unit apartment market posted a 3.5% rate in the fourth quarter of 2016, up 10 basis points from the prior quarter and down 90 basis points over the year. The rate is recorded at 3.6% in January and February 2017. The average asking rent rose 0.9% in the fourth quarter to finish at $924 per month, as did the effective rent to $877 per month. These rates are up 3.3% and 2.6% over 12 months. January 2017 shows 0.3% gains for both categories, which then fell 0.1% and 0.2% in February. VIEW APARTMENT LISTINGS >
Industrial
Vacancy in Richmond’s 45-million-square-foot warehouse/distribution market was down 50 basis points in the fourth quarter of 2016 to 11.7%. The average asking and effective rents were up 0.2% and 0.3% in the fourth quarter to $4.11 psf and $3.74 psf. These rates were up 2.0% and 2.2% over the year. Asking rents rose 0.2% in February 2017, and effective rents rose 0.3% in January. For the 5.8-million-square-foot Flex/R&D market, vacancy finished the fourth quarter at 12.8%, down 30 basis points for the quarter and down 20 over the year. The rate was 12.5% in January 2017 and 11.9% in February. Asking and effective rents were up 0.3% and 0.1% during the quarter to $7.76 psf and $6.98 psf. These rates were up 1.6% and 1.7% over 12 months. VIEW INDUSTRIAL LISTINGS >
Office
The Richmond general purpose, multi-tenant office market posted a fourth quarter 2016 vacancy rate of 13.6%. The rate was up 10 basis points for the quarter and down 20 over the year. The rate is recorded at 13.6% in January 2017 and 13.4% in February. Reis reports fourth quarter average asking and effective rents of $18.83 psf and $15.78 psf, unchanged and down 0.1% for the quarter, and up 0.4% and 0.3% for the year. VIEW OFFICE LISTINGS >
Retail
Quarterly data for Richmond’s 14.6-million-square-foot community-neighborhood shopping center market give a fourth quarter 2016 vacancy rate of 11.0%. This rate is up 30 basis points over the quarter and down 90 over 12 months. January and February 2017 data give a 10.5% rate. Reis’s fourth quarter community-neighborhood shopping center average rents are $16.86 psf asking and $14.51 psf effective, both up 0.6% from the prior quarter. These rates are up 2.3% and 2.4% over 12 months. Rents have not been strong here, posting gains of 1.4% in 2015. The gains recorded for 2016 are, in fact, the highest since 2005, making this a standout year. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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