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RICHMOND Q4 2020

FIVE FAST FACTS

The Richmond region has REGAINED NEARLY 60% of the


initial job losses caused by COVID-19

Class A office vacancies INCREASED 90 BPS over the


past 12 months to 8.1%, while sublease space available held
relatively steady at 1.3% of total market availabilities

70.2% OF THE OVER 800,000 SF of warehouse space


built in 2020 was absorbed and nearly 1.5 MSF is currently
under construction; the Class A warehouse vacancy rate
lowered to 2.0%

The pandemic’s impact on retail has caused overall


asking rents to DECREASE 4.4% OVER THE PAST 12
MONTHS, and the vacancy rate in Short Pump increased
150 bps during that time

Suburban properties accounted for 96% OF TOTAL


OFFICE SALES ACTIVITY DURING 2020

©2021 Cushman & Wakefield | Thalhimer. All rights reserved. The information contained within is gathered from multiple sources considered
to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy.

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