Northern Virginia Market Report Q2 2019
Arlington County posted the largest occupancy gain of any county in Northern Virginia with 235,729 SF of positive absorption, which was largely due to Amazon’s leasing of four buildings in Crystal City. The tech company moved into their first space at 2345 Crystal Drive in June and are slated to take occupancy of two more buildings by the end of 2019. In Fairfax County, Comstock broke ground at 1902 Reston Metro Plaza and is expected to deliver in June 2021. Fairfax county posted the second highest net absorption of Q2 at 183,547 SF. Amazon Web Services also contributed to the county’s positive absorption with a new 268,000 SF lease at 13820 Sunrise Valley.
There are now 2.4M SF of office projects under construction across Northern Virginia. The market totaled 539,668 SF of positive absorption in Q2 which brings the mid-year 2019 total to 977,691 SF. This strong occupancy growth is a continuation on the 1.2M SF of positive absorption recorded in 2018. An improvement in fundamentals will continue as private sector tenants, particularly technology and government contractors, expand their footprints in the market.
There are now 2.4M SF of office projects under construction across Northern Virginia. The market totaled 539,668 SF of positive absorption in Q2 which brings the mid-year 2019 total to 977,691 SF. This strong occupancy growth is a continuation on the 1.2M SF of positive absorption recorded in 2018. An improvement in fundamentals will continue as private sector tenants, particularly technology and government contractors, expand their footprints in the market.