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Regional Summaries

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Suburban Virginia

Apartment
The 185,185-unit Northern Virginia apartment market recorded a first quarter 2017 vacancy rate of 5.2%. Since 5.0% or lower is generally considered to be a full market, Northern Virginia finds itself in a strong position in mid-2017. Average asking and effective rents increased 1.0% and 0.8% in the first quarter of 2017, according to Reis. The average asking rent was $1,752 per month, and the effective rent was $1,698 per month. These rates were up 3.3% and 3.2% for the year.
Industrial
Reis’s 32.1-million-square-foot Northern Virginia warehouse/distribution market saw rents pick up slightly while occupancy dipped in the first quarter of 2017. For warehouse/distribution space, Reis reports first quarter 2017 vacancy at 5.8%, up 20 basis points over the quarter and unchanged year-over-year. April data show no change; occupancy is also fairly steady in this market segment. For warehouse/distribution space, Reis reports asking and effective rents of $8.86 psf and $8.34 psf in the first quarter, both up 0.5% for the quarter and up 1.4% and 1.6% for the year. April data show no change. The 23.4-million-square-foot Flex/R&D segment saw vacancy fall and limited rent gains. Reis reports an 11.6% vacancy rate for Flex/R&D space in the first quarter of 2017, down 30 basis points from the prior quarter and down 80 over 12 months. April data show no change. Reis reports average asking and effective rents of $12.20 psf and $11.14 psf for Flex/R&D space, up 0.4% for the quarter and 1.2% and 1.4% for the year. Asking and effective rents rose 0.9% and 1.1% in 2016, respectively. April data show increases of 0.1% asking and 0.2% effective.
Office
Net absorption had a very strong first quarter in Northern Virginia’s 138-million-square-foot general purpose, multi-tenant office market. Rents continue to post modest gains, and vacancy remains high although the rate did dip slightly in the first quarter. The vacancy rate here for general purpose, multi-tenant office space finished the first quarter of 2017 at 17.9%, down 40 basis points from the prior quarter and down 60 basis points over 12 months. April data show no change. Reis reports first quarter 2017 average asking and effective rents of $33.15 psf and $27.69 psf for office space in Northern Virginia. Asking and effective rents rose 0.2% and 0.3% during the quarter and 0.5% and 0.7% year-over-year, respectively. April data recorded a 0.1% effective rent gain.
Retail
The Northern Virginia community-neighborhood shopping center market posted a 5.3% vacancy rate in the first quarter of 2017, up 20 basis points over the quarter and unchanged year-over-year. The rate was 5.3% in April. Reis reports first quarter 2017 average asking and effective rents of $29.81 psf and $26.50 psf for community-neighborhood shopping center space in Northern Virginia. These rents are up 0.8% for the quarter and up 1.2% and 1.3%, respectively, over the year. Asking and effective rents are up 0.2% and 0.3% in April.

Source: Data provided by Reis, inc.

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