Richmond Industrial Figures Q3 2026

In Q3 2026, market conditions tightened modestly as occupancy and leasing volume improved and the construction pipeline continued to see strong activity. Net absorption totaled 668,000 sq. ft., driven by the commencement of several bulk leases. This robust occupancy gain pushed vacancy down 20 basis points to 5.2%, with availability declining by 80 bps to 5.9% after multiple large spaces were leased. Leasing activity reached 2.6 million sq. ft., a significant increase from the 1.0 million sq. ft. recorded a year prior in Q3 2025.

Construction deliveries increased to 369,000 sq. ft., up from 188,000 sq. ft. delivered in Q2 2026, while space under construction came to 12.2 million sq. ft. across 25 properties. The average asking rent in Q3 2026 stood at $9.02 per sq. ft., up 1.8% quarter-over-quarter from $8.86 per sq. ft. The strong construction pipeline alongside a sustained low vacancy rate has encouraged rent growth over the last four quarters, with Q3 2026 posting an increase of 11.6% year-over-year from $8.08 per sq. ft. in Q3 2025.