Northern Virginia

The Northern Virginia office market consists of 1,515 buildings over 25,000 square feet, totaling approximately 189.9 million square feet of rentable space. Northern Virginia added 55,700 net new jobs from Feb 2021-Feb 2022, representing 3.8% growth YOY. Sectors adding the most jobs were Leisure & Hospitality with 28,000, followed by Trade & Transportation with 9,700; while the Government added 7,400. The Northern Virginia market recorded 1,008,733 square feet of net absorption in the first quarter. A notable contributor to the positive net absorption was Fannie Mae moving into 636,394 square feet at recently delivered 2000 Opportunity Way. Northern Virginia totaled 2,051,221 square feet of leasing in the first quarter. The largest lease executed this quarter was a 126,636-square-foot renewal by RAND Corporation at 1200 S. Hayes Street, in Crystal City. There were seven sales transactions in Northern Virginia this quarter, totaling $565,510,000. The largest sale was 1300 Wilson Boulevard – Commonwealth Tower trading to DivcoWest from Tishman Speyer / ADIA for $245,000,000 ($675 psf).

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