The Northern Virginia office market consists of 1,528 buildings over 25,000 square feet, totaling approximately 188.4 million square feet of rentable space. The largest private sector lease signed during the second quarter was a 590,726-square-foot extension by Raytheon at 22110, 22260 and 22270 Pacific Boulevard. The largest lease signed by the GSA and the fourth largest of the quarter in Northern Virginia was a 108,296-square-foot new lease signed by the GSA Department of State The Architect Building – 1400 Wilson Boulevard.
Building sales volume totaled $380,678,000 during the second quarter 2021. The largest transaction was the sale of Dulles Executive Plaza I&II – 1350 & 13560 Dulles Technology Drive in the Reston/Herndon submarket. The Northern Virginia region gained 69,196 jobs from May 2020 – May 2021, representing 4.6% increase YOY. Inside the Beltway, there were 53 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the first quarter 2021 and at the end of the second quarter 2021. Outside the Beltway, there were 91 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the second quarter 2021 compared to 84 from the first quarter 2021.