Northern Virginia

The Northern Virginia office market consists of 1,502 buildings over 25,000 square feet, totaling approximately 189.6 million square feet of rentable space. Northern Virginia added 27,400 net new jobs from August 2021-August 2022, representing 1.8% growth YOY. Sectors adding the most jobs were Trade & Transportation with 9,700, followed by Leisure & Hospitality with 8,000; while the Government added 3,700. The unemployment rate in Northern Virginia ticked down from the previous quarter to 2.5%. The Northern Virginia market recorded 157,824 square feet of net absorption in the third quarter. Tenants contributing to the positive net absorption included TechWish moving into 62,750 square feet at 21000 Atlantic Boulevard and INOVA/County of Loudoun moving into 55,503 square feet at 46000 Center Oak Plaza. Northern Virginia totaled 2,570,684 square feet of leasing in the third quarter. The largest lease signed this quarter was a renewal by Hilton Worldwide for 220,000 square feet at 7930 Jones Branch Dr – Park Place II. There were eleven sales transactions in Northern Virginia this quarter, totaling $476,850,000.

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