Northern Virginia

The Northern Virginia office market consists of 1,500 buildings over 25,000 square feet, totaling approximately 190.3 million square feet of rentable space. Northern Virginia added 29,400 net new jobs from November 2021- November 2022, representing 1.9% growth YOY. Sectors adding the most jobs were Education & Health Services with 8,900, followed by Trade, Transportation, & Utilities with 6,400; while the Government added 5,400. The unemployment rate in Northern Virginia ticked up from the previous quarter to 2.6%, but continues to outperform the current national unemployment rate of 3.7%. The Northern Virginia market recorded 44,944 square feet of net absorption in the fourth quarter. Contributing to the positive net absorption was the Institute for Defense Analyses moving into its new 370,000-square-foot headquarters at 701 E. Glebe Road. Northern Virginia totaled 3,992,047 square feet of leasing in the fourth quarter. The largest lease executed this quarter was a 1,623,490-square-foot renewal by U.S. Patent & Trademark Office at 500, 501 & 600 Dulany Street, however, USPTO will vacate 763,450 square feet at 400 and 401 Dulany in 2024. There were five sales transactions in Northern Virginia this quarter, totaling $190,050,000.

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