Northern Virginia Office Market Report
Northern Virginia’s office market posted 234,883 SF of positive net absorption during the first quarter of 2026, as tenants continued to occupy space from prior leasing activity. Vacancy declined to 20.8%, down 20 basis points year-over-year. Leasing activity moderated during the first quarter following a strong fourth quarter of 2025, with demand driven by select, requirement-based transactions rather than broad-based expansion. In Northern Virginia, rents averaged $37.85/SF during the first quarter of 2026, reflecting 0.8% growth since year-end. Rent growth has moderated but remains supported by limited new supply and continued tenant preference for higher-quality space. The market’s development pipeline remains historically low, with only two properties totaling 89,750 SF under construction as of the first quarter of 2026.
Download Northern Virginia Office Market Report 1Q26