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Regional Summaries

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Suburban Virginia

Apartment
The 186,958-unit Northern Virginia apartment market recorded a third quarter 2017 vacancy rate of 4.9%. Since 5.0% or lower is generally considered to be a full market, Northern Virginia is quite full indeed. The current rate is up 10 basis points for the quarter and up 20 year-over-year. The rate hit the 5.0% mark in the first quarter and also inched up to that level in October. Average asking and effective rents increased 1.3% and 1.1% in the third quarter of 2017, according to Reis. The average asking rent was $1,801 per month, and the average effective rent was $1,728 per month. These rates were up 3.4% and 2.3% for the year. The first quarter saw an asking rent gain of 1.0%, with effective rent just below that. It has been a good year for rents so far.
Industrial
Reis’s 32.5-million-square-foot Northern Virginia warehouse/distribution market saw rents post modest gains while vacancy tacked upward in the third quarter of 2017. For warehouse/distribution space, Reis reports third quarter 2017 vacancy at 6.9%, up 70 basis points over the quarter and up 120 year-over-year. October data show a notable increase in vacancy. For warehouse/distribution space, Reis reports asking and effective rents of $8.90 psf and $8.38 psf in the third quarter of 2017, both up 0.2% for the quarter and both up 1.3% for the year. October data show slight rent gains for both categories. The 23.5-million-square-foot Flex/R&D segment saw vacancy dip while rent gains were passable. Reis reports an 11.5% vacancy rate for Flex/R&D space in the third quarter of 2017, down 10 basis points from the prior quarter and down 40 over 12 months. October data show no change. Reis reports third quarter average asking and effective rents of $12.29 psf and $11.24 psf for Flex/R&D space, up 0.3% and 0.4% for the quarter and 1.4% and 1.8%, respectively, for the year. October data show slight rent declines.
Office
Northern Virginia’s vacancy rate for the 140.6-million-square-foot general purpose, multi-tenant office space finished the third quarter of 2017 at 18.8%, up 20 basis points from the prior quarter and down 90 basis points over 12 months. October data show a slight increase. Vacancy has been at or near the 18.0% mark since 2013. Reis reports third quarter 2017 average asking and effective rents of $33.32 psf and $27.85 psf for office space in Northern Virginia. Asking and effective rents rose 0.4% each during the quarter and 0.8% and 1.1% year-over-year, respectively. October data show no change.
Retail
The Northern Virginia community-neighborhood shopping center market posted a 5.6% vacancy rate in the third quarter of 2017, up 10 basis points over the quarter and up 30 year-over-year. Reis reports third quarter 2017 average asking and effective rents of $30.21 psf and $26.87 psf for community-neighborhood shopping center space in Northern Virginia. These rents are up 0.7% for the quarter and up 2.9% and 3.0%, respectively, over the year.

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Source: Data provided by Reis, inc.

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