Northern Virginia Office Market Report
| Average Asking Rent (Price/SF) | $33.86 |
| Vacancy Rate (%) | 19.6% |
| Net Absorption (SF) | -659,905 |
The effects of the pandemic on the Northern Virginia office market continued to be felt during the first quarter of 2021, as -659,905 square feet was absorbed. Gross leasing was weak in the first quarter; however, there was an uptick in new leases compared to the large percentage of renewals seen in the previous two quarters. Overall vacancy ended the fourth quarter at 19.6%, an increase of 70 basis points from the prior quarter and 140 basis points from one year ago. The average overall asking rent increased 0.9% from one year ago to $33.86/SF, primarily due to new supply that delivered last year without any preleases. However, effective rents remain under downward pressure as concessions are elevated.
Download Northern Virginia Office Market Report 1Q21