Northern Virginia Office Market Report
| Average Asking Rent (Price/SF) | $34.49 |
| Vacancy Rate (%) | 20.6% |
| Net Absorption (SF) | -384,270 |
Northern Virginia’s office market growth continues to be stifled by COVID-19 and the emergence of new variants. Quarterly net absorption registered negative 384,270 square feet, which brought Northern Virginia’s year-to-date absorption total to negative 3,335,370 square feet. While negative, demand during the fourth quarter was stronger than the previous quarter, suggesting stronger recovery in net occupancy in 2022. The overall vacancy rate was 20.6% at the end of the fourth quarter, up 20 basis points from the prior quarter and up 100 basis points from one year ago. The overall asking rent averaged $34.49 per square foot, an increase of 1.8% over the past 12 months.
Download Northern Virginia Office Market Report 4Q21