The office vacancy rate in the Richmond VA market area increased to 11.7% at the end of the second quarter 2011. The vacancy rate was 11.6% at the end of the first quarter 2011, 11.9% at the end of the fourth quarter 2010, and 12.1% at the end of the third quarter 2010.
Class-A projects reported a vacancy rate of 13.6% at the end of the second quarter 2011, 14.0% at the end of the first quarter 2011, 14.7% at the end of the fourth quarter 2010, and 14.8% at the end of the third quarter 2010.
Class-B projects reported a vacancy rate of 12.3% at the end of the second quarter 2011, 11.7% at the end of the first quarter 2011, 11.8% at the end of the fourth quarter 2010, and 11.8% at the end of the third quarter 2010.
Class-C projects reported a vacancy rate of 7.8% at the end of the second quarter 2011, 7.7% at the end of first quarter 2011, 7.9% at the end of the fourth quarter 2010, and 8.5% at the end of the third quarter 2010.
The overall vacancy rate in Richmond VA's central business district at the end of the second quarter 2011 increased to 10.8%. The vacancy rate was 10.6% at the end of the first quarter 2011, 10.9% at the end of the fourth quarter 2010, and 11.8% at the end of the third quarter 2010.
The vacancy rate in the suburban markets increased to 12.1% in the second quarter 2011. The vacancy rate was 12.0% at the end of the first quarter 2011, 12.3% at the end of the fourth quarter 2010, and 12.2% at the end of the third quarter 2010.
The information in this news report is based on information that appears in CoStar’s Second Quarter 2011 Office Market Report available to CoStar subscribers. To learn more about quarterly Office Market Reports and other benefits available to CoStar subscribers, please call 1-877-694-2177.