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Northern Virginia office vacancy rate falls to 21.7% in Q3
Third-quarter net absorption totaled 672,378 square feet, reversing first-half losses tied to buildings removed from the market.
Northern Virginia’s office market tightened in the third quarter, with vacancy declining for a sixth straight quarter to 21.7%, according to JLL data cited by Commercial Observer.
The region recorded 672,378 square feet of positive net absorption in the quarter, reversing earlier losses that were tied to buildings being removed from the market.
Commercial Observer reports that National Science Foundation’s move of about 380,000 square feet to 401 Dulany Street drove much of the gain, while total available space fell to 33.6 million square feet, the lowest level in a decade.
Leasing activity slowed to 1.3 million square feet during the quarter, with no deals larger than 100,000 square feet, and AI, technology, and defense companies committed to more than 300,000 square feet of net new space.