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Regional Summaries

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Richmond, VA

Apartment
Vacancy in Richmond’s 74,665-unit apartment market posted a 3.8% rate in the first quarter of 2017, up 20 basis points from the prior quarter and unchanged over the year. The rate is recorded at 3.7% in April and May 2017. The average asking rent fell 0.2% in the first quarter to finish at $921 per month, while the effective rent fell further—by 0.7%—to $874 per month. These rates are up 2.2% and 1.9% over 12 months. Asking and effective rents rose 0.2% in April and 0.3% and 0.4%, respectively, in May. VIEW APARTMENT LISTINGS >
Industrial
Vacancy in Richmond’s 45-million-square-foot warehouse/distribution market finished 2016 at 11.8%, but it was down to 11.4% in May 2017, thanks to 181,000 square feet of positive net absorption year-to-date. The average asking and effective rents were up 0.5% in the first quarter to $4.13 psf and $3.76 psf. These rates were up 1.5% and 1.6% over the year. For the 5.8-million-square-foot Flex/R&D market, the vacancy rate is reported at 11.6% in April and 11.9% in May 2017. Asking and effective rents were up 0.4% and 0.6% during the quarter to $7.79 psf and $7.02 psf. These rates were up 1.4% and 1.6% over 12 months. Asking and effective rents both rose 0.1% in April and May. VIEW INDUSTRIAL LISTINGS >
Office
The Richmond general purpose, multi-tenant office market posted a first quarter 2017 vacancy rate of 13.3%. The rate was down 20 basis points for the quarter and down 80 over the year. The rate is recorded at 13.2% in May. Reis reports first quarter average asking and effective rents of $18.90 psf and $15.84 psf, both up 0.4% for the quarter and up 0.5% for the year. Asking and effective rents inched up 0.1% in April and 0.2% and 0.1%, respectively, in May. VIEW OFFICE LISTINGS >
Retail
After starting 2017 near the 11.0% mark, the Richmond community-neighborhood shopping center vacancy rate has dwindled down to 10.9% in April and 10.8% in May. The rate was 11.1% in the first quarter of 2016. Reis’s first quarter community-neighborhood shopping center average rents are $16.95 psf asking and $14.60 psf effective, up 0.5% and 0.6% from the prior quarter. These rates are up 1.9% and 2.1% over 12 months. Asking rents rose 0.1% in April, and asking and effective rents rose 0.2% and 0.1%, respectively, in May. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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