Q1 2015 RICHMOND OFFICE MARKET REPORT

10% VACANCY

$26,436,050 TOTAL

BUYER ACQUISITIONS

FORECAST

575,158 SF UNDER

CONSTRUCTION

28,370 SF NET

ABSORPTION

$17.53 PSF AVERAGE

RENTAL RATES

2015 RICHMOND OFFICE Q1 MARKET REPORT

RICHMOND OFFICE MARKET REPORT

ABSORPTION

LARGEST LEASE SIGNINGS

SUBLEASE VACANCY

RENTAL RATES

ABSORPTION

VACANCY

.

RENTAL RATES

SALES

Average

Price PSF

Source: US. Bureau of Labor Statistics

2015 research.stlouisfed.org

2015 RICHMOND OFFICE Q1 MARKET REPORT

DELIVERIES AND CONSTRUCTION

SALES

2015 RICHMOND OFFICE Q1 MARKET REPORT

Q1 2015 TOP LEASES *Denotes Commonwealth Commercial transaction

Select Top Sales

Property Name Buyer Seller Class Sales Price SF PSF

East Shore Office Park

Westdale Real Estate

Investment & Mgmt.

Lexington Realty Trust. A $26,700,000 226,628 $117.81

Perimeter Center Government Properties

Income Trust

USAA Real Estate Company A $22,500,000 173,932 $129.36

Westerre I & II The Simpson Organization FarmerS Insurance Group A $22,000,000 163,290 $134.73

West Shore Westdale Real Estate

Investment & Mgmt.

Highwoods Properties B $20,850,000 163,281 $127.69

Westgate I FVD REAL ESTATE CORP. Lingerfelt Development

Company

A $17,500,000 91,752 $190.73

Property Name Tenant Name Class Submarket Lease SF SunTrust Center * LeClair Ryan A CBD 49,954

SunTrust Center* General Services

Administration for the US

Attorney’s Office

A CBD 29,333

One James Center Dixon Hughes Goodman A CBD 20,886

Stony Point IV Movement Mortgage A Stony Point/

Huguenot

18,51

5211 W. Broad St Lumber Liquidators

Services LLC

B West End 17,799

Westerre III Business Suites West End A Innsbrook 13,107

Moorefield Commons I Delta Airport Consultants,

Inc.

B Midlothian Corridor 12,436

2015 RICHMOND OFFICE Q1 MARKET REPORT

The information and details contained herein have

been obtained from third-party sources believed to be

reliable; however, Commonwealth Commercial has not

independently verified its accuracy. Commonwealth

Commercial makes no representations, guarantees, or

express or implied warranties of any kind regarding the

accuracy or completeness of the information and

details provided herein, including but not limited to the

implied warranty of suitability and fitness for a

particular purpose.

Interested parties should perform their own due

diligence regarding the accuracy of the information. The

information provided herein, including any sale or lease

terms, is being provided subject to errors, omissions,

changes of price or conditions, prior sale or lease, and

withdrawal without notice. Third-party data sources:

CoStar Group, Inc., Moody’s Economy.com,

Nielsen/Claritas, Real Capital Analytics, U.S. Bureau of

Economic Analysis, U.S. Bureau of Labor Statistics, U.S.

Census Bureau, U.S. Department of Commerce.

The Commonwealth Commercial Office Market Report

compiles relevant market data by using a third-party

database for the proprietary analysis of specific office

properties above 10,000 SF in the Richmond

Metropolitan Area.