[Updated Oct 2020] A guide to executive suites and office space for rent in Richmond VA as well as general information that may be useful if you are thinking of renting offices in Richmond VA.
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History & Geography
As the capital of Virginia and one of America’s oldest cities, Richmond is an iconic place. The city is located at the fall line of the James River in the Piedmont region of the state. Piedmont’s landscape generally consists of low rolling hills and grassland. The Appomattox River and Chickahominy River are also in the region. Richmond started life in 1645 as Fort Charles, erected at the highest navigable point of the James River to keep unruly local tribes at bay and ensure the expansion of the profitable tobacco growing industry. Soon the fort was the region’s hub of trade and commerce, mostly involving furs and tobacco. In 1737 the grid was laid out for the city of Richmond on the orders of wealthy plantation owner William Byrd II. He named the city Richmond after its counterpart in England, located near London. Richmond was officially incorporated in 1742. Agriculture was a primary stable of the economy of Richmond, as was the burgeoning Atlantic slave trade. In 1780, as the American Revolution raged, the capital of Virginia was moved to Richmond in order to escape the British. However, the town was burned in 1781 by British troops regardless. After the war, however, the town was rebuilt and rapidly became an important industrial center, largely because of its proximity to the James River and Kanawha Canal. In 1861 Virginia voted to secede from the Union and Richmond was made the capital of the Confederacy. After the Civil War Richmond continued in its role as a manufacturing powerhouse. The city became a major railway center and tobacco processing hub and the population expanded. During the 20th century, the city continued to grow and was consolidated with the city of Manchester. In the 1960s the downtown section grew rapidly on the back of a housing boom. Today the city is the third-largest in the state of Virginia and financial and government hub.
Economy
From its earliest incarnation, Richmond has been a commercial hub. Much of this is due to its strategic location on the James River. Today the city is home to a diverse economy made up of many different sectors. Law, finance and government are three of the major bulwarks of the economy. There are many Federal, State and local governmental organizations based in the city as well as the Federal Reserve Bank of Richmond and the United States Court of Appeals for the Fourth Circuit. Recently MarketWatch named Richmond as the third best city in the US for business and the city has six Fortune 500 companies headquartered in its downtown area. Some of the larger companies with headquarters in the city include CarMax, Owens & Minor, Genworth Financial and Altria Group. Some of the country’s largest law firms are also located in the city, including Hunton & Williams, Williams Mullen and LeClairRyan. The biotech industry is one of the city’s largest growing industries and the Virginia BioTechnology Research Park, opened in 1995, is one of the most advanced in the country. Tourism is also a staple industry in Richmond, with many visitors coming for the city’s history and many conventions being held in the city annually.
Tourism & Culture
Richmond has one of the richest histories of any city in the US and is among the oldest. Monument Avenue, featuring statues of famous Confederate generals and other significant figures from the city’s past, is always a popular attraction to tourists. Many of the city’s historic sites date from the Civil War, including the house General Robert E Lee resided in as well as the ‘White House of the Confederacy’, the Davis Mansion. The Museum of the Confederacy is one of the country’s finest Civil War museums, and the Tredegar Iron Works, where many cannons and other weapons were made is also a popular site for visitors. For fans of early American history, St John’s Church, the site of Patrick Henry’s famous ‘give me liberty or give me death’ speech is also a must-see, as is the John Marshall House, home to the legendary Chief Justice of the United States. The city also has a vibrant nightlife and is home to some of the best restaurants in the region as well as an assortment of bars and clubs.
Transportation
Richmond International Airport is located in Sandston, approximately seven miles from the city itself. The airport is served by nine airlines and there are over 200 flights daily. The city itself does not have an extensive public transportation system, though the Greater Richmond Transit Company does serve some of the suburban areas of the city. Richmond has two Amtrak stations which provide service to Washington, New York and Chicago. There is also a Greyhound station in the city which serves Charlotte, Raleigh and Baltimore, as well as Philadelphia.
Office space for rent in Richmond VA
Currently, Richmond has a vacancy rate of approximately 16.3 percent. This represents an increase from one year ago but a decrease from the previous quarter. The overall rental rate currently stands at USD 18 per square foot and is not considered likely to increase in the near future. The average Class A rent, however, stands at USD 20 per square foot. Recently the FBI leased over 140,000 square feet in the city, and Capital One Bank leased over 130,000 square feet of Class A office space. Richmond’s economy suffered during the recession however is now expanding once again, however slower than was originally predicted.
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