Northern Virginia cross-border capital returns as private buyers hold firm

What began as an institutionally-led market has transformed into one dominated almost entirely by private capital over the span of 2019 to 2026. Institutional buyers commanded nearly half the market in 2019 and 2020 (30.0% and 48.4%, respectively), but their share has eroded steadily in the years since, falling to 22.4% in 2025 and compressing further to just 15.6% in 2026 YTD.  

Private capital has been the defining story of the post-2021 market, climbing from 38.9% of acquisitions in 2020 to 60.5% in 2025. 2026 YTD private buyers remain the single largest cohort at 58.5%, confirming that locally-oriented, opportunistically-driven capital has replaced institutional money for office transaction volume.

Perhaps the most notable buyer type of 2026 YTD is the resurgence of cross-border capital, which has jumped to 25.8% and well above its prior peak of 16.6% in 2021. This reemergence suggests that offshore investors, many of whom stepped back entirely during the rate-driven repricing cycle, may now view current pricing as sufficiently attractive to re-engage. If sustained, this inflow of foreign capital could serve as an important demand catalyst and a leading indicator of broader market recovery.