The Commonwealth of Virginia led top deals for the quarter with a combined 112,000 square feet of new leases, accounting for 39% of total leasing activity.
Tenant requirement volume dipped by 6% from the previous quarter to 1.7 million square feet but market demand still recorded an increase by 62% year-over-year. In the Central Business District (CBD) and Northwest Quadrant, tenant requirement volume posted the largest quarter-over-quarter increase in demand by 30% and 27%, respectively.
The regional growth and dynamics in the market are attracting additional investment from existing investors and a significant increase in new-to-market capital from across the country.
Q2 2019 Richmond Office Research & Forecast Report