Northern Virginia Market Report Q1 2019
Tysons posted the largest occupancy gain of any Northern Virginia submarket with 278,695 SF of positive absorption thanks in large part to the delivery of the first office building at The Boro. The 438,000 SF office tower developed by The Meridian Group delivered 77% leased to KPMG, Tegna, and Hogan Lovells, among others. Further down the Silver Line, the construction boom kicked off in earnest as Boston Properties broke ground on the nearly 1M SF Reston Gateway project that will be almost completely leased to Fannie Mae. There is now 1.3M SF of office projects under construction in Reston, second only to Downtown Bethesda for the most active development pipeline of any suburban Washington, DC submarket. Lastly, Herndon posted a solid quarter of positive absorption, registering 140,359 SF.