Northern Virginia Office Market Report
Net absorption for the region totaled negative 714,000 square feet during Q3 2024, with the negative absorption spread out among many submarkets. Overall vacancy expanded to 23.1%, up 70 bps quarter-over-quarter and 230 bps year-over-year. Availability also expanded, ending Q3 2024 at 27.4%, an increase of 160 bps quarter-over-quarter and 120 bps year-over-year.Major second-quarter transactions were spread throughout the region, with Bechtel Corporation renewing in Reston, CACi renewing in Rt. 28 South, and Cvent renewing in Tysons Corner alongside Alarm.com. Furthermore, renewals were a theme of Q3 2024, with the four largest deals being lease renewals. Rents have remained relatively unchanged in 2024, ending Q3 2024 at $35.47, an increase of 0.1% since the end of 2023.After two deliveries totaling 385,000 SF during the quarter, the office construction pipeline ended Q3 2024 at one property totaling 222,000 SF.
Download Northern Virginia Office Market Report 3Q24