Northern Virginia Market Report Q4 2019
Strong occupancy expansion in the fourth quarter drove Northern Virginia’s year-end net absorption to a ten-year high of 1.5 million SF. Tenant growth is expected to continue in early 2020 as Amazon moves into its first two buildings (1770 Crystal Drive and 1800 S Bell Street) and, presumably, begins actively attracting new contracts, competitors, and technology entrepreneurs to the market. Total Northern Virginia absorption was recorded at 290,330 SF, which marks the fifth consecutive quarter of positive net absorption in Northern Virginia. Vacancy has been trending down across all building classes, with total vacancy reaching 17.7% in Q4.