Northern Virginia Office Market Report
Northern Virginia’s net absorption totaled negative 759,433 square feet during the first quarter. The office construction pipeline has remained at 1.0 million square feet for the past six quarters, with no new deliveries or groundbreakings since the third quarter of 2022. Overall office vacancy increased to 22.1%, up 40 basis points over the quarter and 100 basis points from 12 months ago. Rent growth has continued throughout the current cycle, albeit at a decelerating rate. Average asking rents increased 0.6% over the past 12 months but declined slightly from the fourth quarter of 2023.
Download Northern Virginia Office Market Report 1Q24