Richmond saw a decade-high volume of construction, including renovation comprising more than 43% of total construction. 

The urban market, energized by the Scott's Addition submarket with Richmond's strongest fundamentals over the year, saw vacancy tighten for the seventh-consecutive quarter and construction amount to 9.9% of its base inventory (while the suburban market saw 2.3%).

Following a strong performance over 12 months, predictably-subdued fourth-quarter performance was amplified as Richmond's burgeoning supply, with average rent locked at its record-high, showed signs of outpacing demand.