Richmond is Virginia's state capital with a commercial market anchored by government, financial services (Capital One, Markel), and healthcare. The Scott's Addition and Downtown submarkets are growing with tech and creative industry tenants.
By Angel Campa, Founder · Updated March 2026
Commercial Space
40M sq ft
Avg Office Rent
$22–$35/sq ft
Vacancy Rate
18%
Avg Lease Term
5–10 years
Richmond office leases are Modified Gross or NNN. Financial services campus leases are long-term. Government facilities use standard public sector structures.
Virginia Landlord–Tenant Guide
State-specific commercial lease laws, notice periods, and tenant rights for Virginia →
Richmond's market is stable and government/finance-driven. Leases are predominantly NNN or Modified Gross with standard structures. Capital One's large campus footprint influences the suburban office market.
A complete reference for commercial lease financial terms. Covers base rent, escalations, NNN vs gross, TI allowances, and percentage rent with examples.
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