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 volume totaled $381,000,000 during the fourth quarter 2020. The largest transaction was the sale of Fairview Park – 3150 Fairview Park Drive in the Merrifield submarket.
The Northern Virginia region lost 67,400 jobs from October 2019 – October 2020, representing 4.3% decline YOY. The pandemic has had an impact on multiple sectors. The mining, logging, and construction sector had the most significant increase with 2,700 new jobs, while the Leisure and Hospitality sector lost 33,400 jobs. As of October 2020, the unemployment rate for Northern Virginia increased from the previous year to 4.7%. The national unemployment rate increased to 6.9% YOY.
Inside the Beltway, there were 51 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the fourth quarter compared to 48 at the end of third quarter 2020.
Outside the Beltway, there were 79 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the fourth quarter 2020 compared to 78 from the third quarter 2020.