Northern Virginia

The Northern Virginia office market consists of 1,524 buildings over 25,000 square feet, totaling approximately 188.2 million square feet of rentable space. The largest private sector lease signed during the third quarter was a 210,190-square-foot renewal by Zeta Associates at WillowWood 3 & 4 – 10302-10304 Eaton Place. The largest lease signed by the GSA and the top largest lease of the quarter in Northern Virginia was a 326,057-square-foot renewal by the GSA – Environmental Protection Agency at National Landing Center 1 – 2777 Crystal Drive.

Building sales volume totaled $922,748,495 during the third quarter 2021. The largest transaction was the 13-property purchase by Brookfield Asset Management for $476,150,000 spread across various Northern Virginia Submarkets. The Northern Virginia region gained 53,242 jobs from August 2020 – August 2021, representing 4.5% increase YOY. The Leisure and Hospitality sector has continued to grow with an increase of 19,500 jobs.

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