Q1 2020 Northern Virginia
Northern Virginia’s office market continued to show signs of tightening in the first quarter of 2020. Although this continues an 18-month streak of occupancy expansion, the rapid development of the coronavirus (COVID-19) in March dramatically changed the region’s economic and real estate future. Impacts of the pandemic on the region’s economy and real estate markets are uncertain; however, it will undoubtedly cause momentum to decelerate in the near term. Given mandated social distancing measures, business closures, and suspensions of large gatherings, business activity will grind to a halt in Q2. Although COVID-19 will likely be the most important economic event of 2020, this report will primarily focus on the market activities of Q1 predating the onset of COVID-19.