Intelligence

Regional Summaries

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Suburban Virginia

Apartment
The 179,444-unit Northern Virginia apartment market registered a fourth quarter 2015 vacancy rate of 4.7%, up 20 basis points from the prior quarter and up the same amount over 12 months. January data give a rate of 4.8%. Average asking and effective rents increased by 0.2% in the fourth quarter of 2015, according to Reis. The average asking rent was $1,682 per month, and the effective rent $1,641 per month. These rates are both up 2.4% for the year. January data show 0.4% and 0.5% asking and effective rent gains.
Industrial
Reis’s 32.0-million-square-foot Northern Virginia warehouse/distribution market saw rent gains continue in the fourth quarter of 2015, while vacancy fell slightly. Net absorption was positive. For warehouse/distribution space, Reis reports fourth quarter vacancy at 5.8%, down 10 basis points for the quarter and down the same amount year-over-year. January data show no change. Reis’s data for warehouse/distribution and Flex/R&D space show rent gains for both sectors in the fourth quarter of 2015, sharing similar annual gains. Reis reports average asking and effective rents of $8.73 psf and $8.21 psf for warehouse/distribution space, up 0.5% and 0.6% for the quarter, and up 1.2% and 1.4% over 12 months. January data show a 0.1% gain in asking rents. The 23.0-million-square-foot Flex/R&D segment saw vacancy fall, and rents continued to improve. Net absorption posted another positive quarter and was positive for all of 2015. Reis reports a 12.4% vacancy rate for Flex/R&D space in the fourth quarter of 2015, down 20 basis points from the prior quarter and down 60 basis points over 12 months. January data from Reis show no change. For Flex/R&D space, Reis reports average asking and effective rents of $12.05 psf and $10.99 psf, both up 0.7% over the quarter, and up 1.2% and 1.4% for the year. January data show a one-cent gain for asking rents.
Office
Northern Virginia’s 138.5-million-square-foot general purpose, multi-tenant office market vacancy rate finished the fourth quarter of 2015 at 18.2%, unchanged from the prior quarter and up 70 basis points over 12 months. January data show a decrease of 10 basis points. Reis reports fourth quarter 2015 average asking and effective rents of $32.69 psf and $27.25 psf for office space in Northern Virginia. Asking and effective rents rose 0.2% and 0.3% during the quarter and 0.7% and 0.9% for the year, respectively.
Retail
The Northern Virginia community-neighborhood shopping center market posted a 5.2% vacancy rate in the fourth quarter of 2015, down 30 basis points from the prior quarter. Vacancy was 5.6% one year earlier. The rate was 5.1% in January. Reis reports fourth quarter 2015 average asking and effective rents of $29.34 psf and $26.04 psf for community-neighborhood shopping center space in Northern Virginia. These rents are up 1.1% and 1.2% each for the quarter and up 3.4% and 3.5%, respectively, over the year. January data show a 0.1% loss in asking rents and flat effective rents.

Source: Data provided by Reis, inc.

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