Northern Virginia office market reports

Q1 2024

In the beginning of 2024, the Northern Virginia office market is slowly starting to achieve the sales and leasing velocity from pre-pandemic times. Buyers and sellers continue to be disconnected, but with falling valuation prices of office buildings, investors are starting to see deals that can fit their financial standards, even with the uncertain future of office utilization. For investment activity that occurred this quarter, there was another noticeable rise in owner-occupier sales, with 59% of buyer profiles deemed as user sales. High job growth in industries such as consulting, healthcare, and legal services points to a better economic outlook for the region, bringing in more companies and employees that can help spur local income. Additionally, venture capital investment has seen a large increase in volume within the region. This signals that investors are high on not just the companies they are funding but on the Northern Virginia market as a whole.
32.9 %

Percent of leases attributed to aerospace & defense tenants

Aerospace & defense companies had a high leasing volume in the first quarter of 2024. Most of these deals were renewals of previously signed leases, but it shows the importance of staying in a market with proximity to numerous government entities with which they work.

$ 391 mm

Total investment volume

Office investments in the area saw an uptick in volume compared with previous quarters. As the value of office properties continues to decline, investors are seeing more opportunities to buy buildings at a price point that can make sense for them financially.

$ 5.7 mm

Venture capital funds raised

More venture capital was raised this quarter alone in comparison to each of the last three years in Northern Virginia. Industries such as tech, hospitality and finance led the way in a massive quarter for funding.

Your source for the latest Northern Virginia office market reports

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.

Explore different topics like the latest office market pricing trends and analysis of Northern Virginia's current office real estate market conditions. Gain a better understanding of Northern Virginia’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Northern Virginia's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Northern Virginia.

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