Northern Virginia Office Market Report
|Average Asking Rent (Price/SF)|| $33.63|
|Vacancy Rate (%)|| 18.6%|
|Net Absorption (SF)||306,804|
Despite the COVID-19 pandemic, demand for office space in Northern Virginia was steady in the second quarter of 2020, as 306,804 square feet were absorbed. Leidos took possession of its new 287,000-square-foot headquarters at 1750 Presidents Street in the second quarter which helped buoy absorption. Gross leasing during this period was strong despite the accelerating coronavirus pandemic. The most significant deal of the quarter was by Microsoft, which announced it will be occupying 396,740 square feet at 11955 Freedom Drive in Reston. Overall vacancy ended the first quarter at 18.6%, an increase of 10 basis points from the prior quarter and from one year ago. Average overall asking rents increased 1.6% from one year ago to $33.63/SF.