Northern Virginia Office Market Report
| Average Asking Rent (Price/SF) | $34.59 |
| Vacancy Rate (%) | 20.6% |
| Net Absorption (SF) | 774,574 |
Northern Virginia’s overall office market recovery was relatively steady in the first quarter. New construction deliveries were a strong influence on market fundamentals and drove significant positive net absorption, while simultaneously causing vacancy to rise. Two Reston deliveries located at 1950 and 2000 Opportunity Way added over 1.1 million square feet of new inventory to the market, with Fannie Mae occupying 793,000 square feet upon delivery. The remaining space delivered vacant, causing the vacancy rate to rise 10 basis points on the quarter. Overall quarterly net absorption measured 774,574 square feet, marking the first quarter of positive net occupancy since the fourth quarter of 2019. The overall vacancy rate measured 20.6% at the end of the first quarter, up 70 basis points from one year ago. Asking rents averaged $34.59/SF, up $0.10 from the previous quarter.
Download Northern Virginia Office Market Report 1Q22