Northern Virginia

The Northern Virginia office market consists of 1,527 buildings, over 25,000 square feet, totaling approximately 188.0 million square feet of rentable space. The largest private sector lease signed during the fourth quarter was a 196,000-square-foot new lease by Volkswagen at Reston Gateway B – 12034 Sunset Hills Road. The largest lease signed by the GSA, and the third largest of the quarter in Northern Virginia, was a 70,000-square-foot relet by the GSA -Department of Defense at One Jefferson Park – 8111 Gatehouse Road. Building sales totaled $381,000,000 during the fourth quarter, with the largest transaction being the sale of Fairview Park – 3150 Fairview Park Drive in the Merrifield submarket. Northern Virginia lost 67,400 jobs from October 2019 – October 2020, representing 4.3% decline YOY. As of October 2020, the unemployment rate for Northern Virginia increased from the previous year to 4.7%. Inside the Beltway, there were 51 buildings marketing 50,000 square feet or greater of contiguous space available, while Outside the Beltway, there were 79 buildings marketing 50,000 square feet or greater of contiguous space available.

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