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Regional Summaries

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Suburban Virginia

Apartment
The 184,379-unit Northern Virginia apartment market recorded a fourth quarter 2016 vacancy rate of 5.0%. Since 5.0% or lower is generally considered to be a full market, Northern Virginia finds itself in a strong position as 2016 ends and 2017 begins. There was little change in January 2017. Average asking and effective rents both decreased 0.3% in the fourth quarter of 2016, according to Reis. The average asking rent was $1,735 per month and the effective rent $1,688 per month. These rates were up 2.7% and 2.8% for the year. Rents were up 0.4% in January.
Industrial
Reis’s 32.1-million-square-foot Northern Virginia warehouse/distribution market saw weak rent gains in 2016, while occupancy remained stable in the fourth quarter of 2016. For warehouse/distribution space, Reis reports fourth quarter vacancy at 5.6%, down 10 basis points over the quarter and down 20 basis points year-over-year. January data show no change. Warehouse/distribution and Flex/R&D rents edged up in 2016, with better gains in the second half of the year. Reis reports average asking and effective rents of $8.82 psf and $8.30 psf for warehouse/distribution space, up 0.3% and 0.4% for the quarter, and up 1.0% and 1.1% over 12 months. January 2017 data show 0.1% gains for both categories. The 23.1-million-square-foot Flex/R&D segment saw vacancy decrease and limited rent gains in 2016. Reis reports an 11.9% vacancy rate for Flex/R&D space in the fourth quarter of 2016, down 50 basis points from the prior quarter and down the same amount over 12 months. January data show no change. For Flex/R&D space, Reis reports average asking and effective rents of $12.16 psf and $11.10 psf, up 0.5% over the quarter, and up 0.9% and 1.0% for the year, respectively. January 2017 data show gains of 0.1% asking and 0.2% effective.
Office
Northern Virginia’s vacancy rate for general purpose, multi-tenant office space finished the fourth quarter of 2016 at 18.3%, down 40 basis points from the prior quarter but down 50 basis points over 12 months. January 2017 data show no change. Reis reports fourth quarter 2016 average asking and effective rents of $33.05 psf and $27.58 psf for office space in Northern Virginia. Asking and effective rents rose 0.2% and 0.3% during the quarter and 1.1% and 1.2% year-over-year, respectively. January 2017 data recorded no change.
Retail
The Northern Virginia community-neighborhood shopping center market had weak rent growth and net absorption in 2016, but the fourth quarter was the strongest of the year. The Northern Virginia community-neighborhood shopping center market posted a 5.2% vacancy rate in the fourth quarter of 2016, down 10 basis points over the quarter and unchanged year-over-year. The rate was 5.2% in January 2017. Reis reports fourth quarter average asking and effective rents of $29.59 psf and $26.30 psf for community-neighborhood shopping center space in Northern Virginia. These rents are up 0.7% and 0.8% for the quarter and up 0.9% and 1.0%, respectively, over the year.

Source: Data provided by Reis, inc.

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