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Regional Summaries

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Richmond, VA

Apartment
Vacancy in Richmond’s 74,718-unit apartment market posted a 3.7% rate in the third quarter of 2017, up 10 basis points from the prior quarter and up 50 over the year. First Glance data from Reis give a fourth quarter vacancy rate of 3.8%. A market with vacancy below the 5.0% mark is generally considered full. The average asking rent rose 0.3% in the third quarter to finish at $933 per month, while the effective rent rose 0.2% to $893 per month. These rates are up 2.0% and 1.7% over 12 months. Asking and effective rents rose 0.4% in October; First Glance data show a fourth quarter asking rent of $953 per month. VIEW APARTMENT LISTINGS >
Industrial
Vacancy in Richmond’s 45-million-square-foot warehouse/distribution market finished the third quarter of 2017 at 9.9%, then tracked downward to 9.6% by November, Reis reports. The average asking and effective rents were up 1.0% and 0.8% in the third quarter to $4.18 psf and $3.81 psf. These rates were up 2.0% and 2.1% over the year. For the 5.8-million-square-foot Flex/R&D market, net absorption posted positive 28,000 square feet in the third quarter, with negative 12,000 recorded through November. No Flex/R&D space is under construction; indeed, no such space has completed here since 2013. Third quarter vacancy is 11.5%, down 50 basis points over the quarter and down 90 over the year. The November monthly rate is 11.9%. Third quarter asking and effective rents are reported at $7.87 psf and $7.09 psf, both up 0.4% for the quarter. These rates were up 1.0% and 1.1% over 12 months. Asking and effective rents posted no changes from October through November. VIEW INDUSTRIAL LISTINGS >
Office
The Richmond general purpose, multi-tenant office market posted a third quarter 2017 vacancy rate of 13.1%. The rate was down 10 basis points for the quarter and down 70 over the year. First Glance data from Reis give a fourth quarter rate of 13.1%. Reis reports third quarter average asking and effective rents of $18.95 psf and $15.89 psf, down one cent and unchanged for the quarter, respectively, and both up 0.6% for the year, respectively. First Glance data show a fourth quarter asking rent of $18.99 psf. VIEW OFFICE LISTINGS >
Retail
After posting a first quarter 2017 vacancy rate of 11.0%, Richmond’s community-neighborhood shopping center vacancy dipped in the second quarter and swung upward in the third quarter. The 12.2% rate was up 150 basis points over the quarter and up 120 over the year. First Glance data give a fourth quarter rate of 12.6%. Reis’s third quarter community-neighborhood shopping center average rents are $17.19 psf asking and $14.79 psf effective, up 0.1% and unchanged from the prior quarter. These rates are up 2.1% over 12 months. First Glance data from Reis give a fourth quarter asking rent of $17.28 psf. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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