Richmond Office Building Sales — Price Per SF Analysis (2016–2026)
Richmond Office Building Sales — Price Per SF Analysis (2016–2026)
This report analyzes nine office building transactions in Richmond between July 2016 and January 2026, representing $303.7 million in total transaction volume. The Richmond office market spans two distinct pricing tiers: the City Centre and Shellbridge Way corridors, where quality buildings and owner-user demand have supported pricing of $294–$803/SF; and suburban business park locations on Horseshoe Way, Forge Place, and Jacombs Road, where larger-format investment product has traded at $308–$373/SF. Data compiled by David Taylor, Senior Vice President at Colliers International in Vancouver, and tracked on Vancouver Market.
Key Market Observations
Churchill Centre at $803/SF (May 2019) is the dataset’s highest per-SF result and the City Centre premium benchmark. The 31,133 SF building at 8171 Cook Road sold for $25,000,000 — reflecting the premium commanded by quality office product in Richmond’s City Centre node, where proximity to Aberdeen SkyTrain and the Oval district supports stronger buyer demand and higher per-SF pricing than suburban business park locations. At $803/SF, Churchill Centre stands 75% above the dataset average excluding the Airport Executive Park outlier.
Airport Executive Park at $208M ($294/SF) is the largest transaction in the dataset but reflects institutional portfolio pricing, not a comparable for individual buildings. The January 2019 sale of the 707,483 SF portfolio at 10100 Shellbridge Way — one of Metro Vancouver’s largest office transactions — is a distinct buyer and seller event that distorts the aggregate statistics. Excluding this transaction, the dataset average rises to $558/SF, which better reflects the pricing reality for individual office buildings in Richmond.
8971 Beckwith Road has traded twice — at $698/SF in July 2019 and $729/SF in January 2026 — a 4.4% increase over six and a half years. While modest in percentage terms, this repeat sale is the dataset’s only direct evidence of individual building appreciation through a full rate cycle. The stability of pricing at this small-format (4,300–5,460 SF) owner-user level is notable given the broader market disruption of 2022–2024.
Larger-format Richmond office buildings have traded in a narrow $308–$489/SF band. Three investment-scale transactions — 4600 Jacombs Road ($308/SF, January 2025), 12148 Horseshoe Way ($356/SF, January 2020), and 11920 Forge Place ($373/SF, December 2021) — cluster in the $308–$373/SF range, while 8120 Granville Avenue ($489/SF, February 2018) achieved a higher result reflecting its closer proximity to Richmond City Centre. The Jacombs Road result at $308/SF is the most current investment-grade benchmark for suburban Richmond office.
Small-format Richmond office commands a substantial premium over larger buildings. The four transactions under 10,000 SF in the dataset — 7520 River Road ($711/SF), 8971 Beckwith Road ($698–$729/SF), and Churchill Centre on a per-unit owner-user basis — have all achieved $700–$803/SF. This 2–2.5x premium over investment-grade larger buildings reflects owner-user demand for smaller suites, where the buyer pool is broader and income yield is less central to the underwriting.
Transactions by Submarket
| Submarket | Transactions | $/SF Range | Total Volume |
|---|---|---|---|
| City Centre / Cook Road | 1 | $803 | $25,000,000 |
| Airport / Shellbridge Way | 1 | $294 (portfolio) | $208,000,000 |
| Beckwith Road | 2 | $698 – $729 | $6,980,000 |
| River Road | 1 | $711 | $4,168,000 |
| Granville Avenue | 1 | $489 | $8,150,000 |
| Horseshoe Way | 1 | $356 | $9,169,000 |
| Forge Place | 1 | $373 | $18,200,000 |
| Jacombs Road | 1 | $308 | $24,056,000 |
Frequently Asked Questions
What is the average price per square foot for a Richmond office building?
Based on nine transactions from 2016 to 2026, the average price per square foot for a Richmond office building is $529 including all transactions, or $558 excluding the Airport Executive Park portfolio sale — which is a better representation of individual building pricing. The range is significant: small-format owner-user buildings under 10,000 SF have achieved $698–$803/SF, while larger investment-grade buildings have traded at $308–$489/SF. The most current benchmark for an individual building is 8971 Beckwith Road at $729/SF (January 2026).
What is the difference in pricing between Richmond City Centre office and suburban business parks?
The gap is substantial. Churchill Centre in Richmond City Centre achieved $803/SF (May 2019), while suburban business park buildings on Horseshoe Way, Forge Place, and Jacombs Road have traded at $308–$373/SF — a discount of approximately 50–60% relative to City Centre pricing. This differential reflects SkyTrain proximity, tenant quality, building age and amenity level, and the depth of the owner-user buyer pool, which is considerably stronger in the City Centre area.
What was the largest Richmond office sale?
The largest transaction by dollar volume is Airport Executive Park at 10100 Shellbridge Way, which sold in January 2019 for $208,000,000 ($294/SF, 707,483 SF) — one of the largest office transactions in Metro Vancouver history. This is an institutional portfolio sale and is not representative of individual building pricing in Richmond. Excluding this transaction, the largest sale is Churchill Centre at $25,000,000 ($803/SF, May 2019), followed by 4600 Jacombs Road at $24,056,000 ($308/SF, January 2025).
How has Richmond office pricing changed since 2016?
The dataset is too small to draw definitive trend conclusions, but the repeat sale of 8971 Beckwith Road provides direct evidence: the same building sold at $698/SF in July 2019 and $729/SF in January 2026, a 4.4% increase over 6.5 years. The most recent investment-grade transaction — 4600 Jacombs Road at $308/SF in January 2025 — suggests that larger suburban Richmond office remains priced consistent with pre-peak levels and has not benefited from the same appreciation trajectory seen in owner-user small-format product.
Is now a good time to sell an office building in Richmond?
The January 2026 sale of 8971 Beckwith Road at $729/SF confirms that owner-user demand for small-format Richmond office remains active at current pricing. For larger investment-grade product, the January 2025 Jacombs Road transaction at $308/SF represents the most current benchmark. David Taylor at Colliers International offers confidential consultations on current market value. Contact david.taylor@colliers.com or 604-761-7044.
For Richmond Office Building Owners
If you own an office building in Richmond and would like to understand its current market value, David Taylor welcomes confidential inquiries from property owners at any stage of the decision-making process.
david.taylor@colliers.com |
604-761-7044 | Vancouver, BC
Interactive Chart & Full Transaction Table
The scatter chart and complete nine-transaction table are below. Bubble size scales with sale price (Airport Executive Park capped for readability). Hover for property details.