Northern Virginia office market reports
Q4 2024
As we round off 2024, the Northern Virginia office market saw an uptick in investment sales compared to the prior two quarters but still total sale volume for the year remains well below pre-pandemic numbers. While it seems as though the tide hasn’t completely turned back in a positive manner for office space there are some highlights that could give landlords and tenants some hope looking forward. Concessions have seemed to have stabilized from their rapid rise over the past few years as well as average term length for Q4 has seen an increase to 75 months which shows that tenants are showing belief in the future climate of the overall market. Institutional investors made up 57% of the seller profile for the year, largely due to PGIM and TIAA disposing of nearly $350M in assets. This shouldn’t come as a shock as these owners have been trying to restructure their debt after trying to keep their heads above water post-pandemic.
Concessions as a percentage of overall lease value
Percentage of leases signed by tech companies
YTD sales volume
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Get in-depth office market reports and insights from commercial real estate experts in the Washington, DC Metro area. Avison Young advisors look at Northern Virginia commercial real estate activities and the latest Northern Virginia statistics to provide you expert market research on Northern Virginia's office properties.
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