Intelligence

Regional Summaries

Select a state to view available market snapshots

Northern Virginia, VA

Apartment
The Northern Virginia apartment market recorded a second quarter 2019 vacancy rate of 4.7%. The second quarter rate is down 30 basis points for the quarter and down 60 year-over-year. Average asking and effective rents rose 1.4% and 1.5%, respectively, in the second quarter of 2019, according to Reis. The average asking rent was $1,904 per month, and the average effective rent was $1,807 per month. These rates were up 3.1% and 3.0% for the year. VIEW APARTMENT LISTINGS >
Industrial
Reis reports an 11.6% vacancy rate here for Flex/R&D space in the second quarter of 2019, up 50 basis points from the prior quarter and down 80 basis points over 12 months. Vacancy finished 2018 at 10.9%, not a bad rate considering that double-digit vacancy is the norm here. For warehouse/distribution space, Reis reports second quarter 2019 vacancy at 5.5%, down 100 basis points for the quarter and down 150 basis points over 12 months. Reis reports second quarter average asking and effective rents of $12.47 psf and $11.35 psf for Flex/R&D space, up 0.3% and unchanged for the quarter, and up 0.6% and 0.4%, respectively, year-over-year. For warehouse/distribution space, Reis reports asking and effective rents of $9.28 psf and $8.80 psf for the second quarter of 2019, up 0.7% and 1.0% for the quarter, and up 2.5% and 3.0% year-over-year. VIEW INDUSTRIAL LISTINGS >
Office
Northern Virginia's vacancy rate for general purpose, multi-tenant office market space finished the second quarter of 2019 at 20.3%, up 10 basis points from the prior quarter and up 20 basis points over 12 months. Reis reports second quarter 2019 average asking and effective rents of $34.28 psf and $28.63 psf for office space in Northern Virginia. Asking and effective rents rose 0.4% and during the quarter and were up 1.8% each year-over-year. VIEW OFFICE LISTINGS >
Retail
The Northern Virginia community-neighborhood shopping center market posted a 6.6% vacancy rate in the second quarter of 2019, down 10 basis points over the quarter and up 20 basis points year-over-year. Stable occupancy is one of this market's assets. Reis reports second quarter 2019 average asking and effective rents of $30.75 psf and $27.39 psf for community-neighborhood shopping center space in Northern Virginia. These rents are up 0.1% and 0.2% for the quarter and 0.5% and 0.6% for the year. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, Inc. based on Market Summaries for the 85 Primary and Secondary Markets they cover.

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