Northern Virginia

The Northern Virginia office market consists of 1,509 buildings over 25,000 square feet, totaling approximately 188.9 million square feet of rentable space. Northern Virginia added 41,200 net new jobs from May 2021-May 2022, representing 2.8% growth YOY. Sectors adding the most jobs were Leisure & Hospitality with 22,800, followed by Trade & Transportation with 8,400; while the Government added 4,600. The unemployment rate in Northern Virginia ticked up from the previous quarter to 2.6%. However, NoVa still outperforms the current national unemployment rate of 3.6%. The Northern Virginia market recorded -430,916 square feet of net absorption in the second quarter. Tenants contributing to the negative net absorption included Fannie Mae vacating 404,145 square feet at 11600 American Dream Way (consolidating into their new office space at 2000 Opportunity Way) and the American Trucking Association vacating 108,041 square feet at 950 N. Glebe Road (relocated to 80 M Street, SE in DC). Northern Virginia totaled 2,996,017 square feet of leasing in the second quarter. The largest lease signed this quarter was a 5-year renewal by the GSA -Department of Defense for 558,187 square feet at 2530 Crystal Drive – Zachary Taylor Building. There were eight sales transactions in Northern Virginia this quarter, totaling $689,516,424.

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