Intelligence

Regional Summaries

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Northern Virginia, VA

Apartment
Vacancy in the market-rate Northern Virginia apartment market started 2019 low, at 5.0%, down 20 basis points from fourth quarter 2018. The rate is down 30 basis points over the year. Demand had a decent total, with 726 units absorbed. Average asking and effective rents finished the quarter at $1,873 and $1,777 per month. These rates are both up 0.2% for the quarter. Asking and effective rents are up 3.1% and 2.6%, respectively, over 12 months. VIEW APARTMENT LISTINGS >
Industrial
The warehouse/distribution market in Northern Virginia started the first quarter of 2019 with the negative net absorption of 6,000 square feet. Vacancy rose accordingly, reaching 6.5% in first quarter after ending 2018 6.4%. The rate was 7.2% one year earlier. Average asking and effective rents finished the quarter at $9.21 psf and $8.70 psf, up 0.7% and 0.6% for the quarter, and up 2.1% and 2.2% for the year. Reis reports first quarter 2019 vacancy for Flex/R&D space at 11.1%, up from an already high 10.9% but down 50 basis points over 12 months. Reis reports average asking and effective rents of $12.43 psf and $11.35 psf, down 0.3% and 0.4%, respectively, over the quarter, and up 0.5% and 0.2% over 12 months. VIEW INDUSTRIAL LISTINGS >
Office
Vacancy remains high in the Northern Virginia multi-tenant, general purpose office market. At 20.2%, the rate is actually down 10 basis point over the quarter, but still high enough to call this a struggling market. The rate is up 30 basis points over 12 months. Somewhat surprisingly, rents have increased. Reis reports average asking and effective rents of $34.14 and $28.52 psf. These rates are up 0.4% and 0.5% over the quarter, and both up 1.6% and 1.5% over the year. Annual gains in Northern Virginia office rents were 1.6% asking and 1.5% effective for all of 2018. VIEW OFFICE LISTINGS >
Retail
Occupancy has been steady in the Northern Virginia community-neighborhood shopping center market. The first quarter vacancy was 6.7%, according to Reis, unchanged from the prior quarter and up from 5.9% one year earlier. Average asking and effective rents finished the quarter at $30.71 psf and $27.34 both down 0.4% for the quarter, a bad sign. Both rents are up 1.0% over the year. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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