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Regional Summaries

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Suburban Virginia

Apartment
The 187,435-unit Northern Virginia apartment market recorded a fourth quarter 2017 vacancy rate of 5.1%. Since 5.0% or lower is generally considered to be a full market, Northern Virginia is just shy of that mark. The current rate is up 30 basis points for the quarter and up 20 year-over-year. The rate was flat through January 2018. Average asking and effective rents fell 0.6% and 0.8% in the fourth quarter of 2017, according to Reis. The average asking rent was $1,792 per month, and the average effective rent was $1,712 per month. These rates were up 2.6% and 1.4% for the year. Asking and effective rents rose 0.4% and 0.3% in January in 2018.
Industrial
ReisÂ’s 32.6-million-square-foot Northern Virginia warehouse/distribution market saw generally favorable activity in the fourth quarter of 2017. Demand was positive, and rents gained ground. The 23.5-million-square-foot Flex/R&D segment saw rents go flat and demand turn negative. Reis reports an 11.9% vacancy rate for Flex/R&D space in the fourth quarter of 2017, up 40 basis points from the prior quarter and up 50 over 12 months. January data show a decline of 10 basis points. Reis reports fourth quarter average asking and effective rents of $12.34 psf and $11.29 psf for Flex/R&D space, unchanged for the quarter and up 1.4% and 1.5%, respectively, for the year. January data show 0.1% rent increases. For warehouse/distribution space, Reis reports fourth quarter 2017 vacancy at 7.0%, up 10 basis points over the quarter and up 140 year-over-year. January data show no change in vacancy. For warehouse/distribution space, Reis reports asking and effective rents of $9.01 psf and $8.49 psf in the fourth quarter of 2017, both up 0.6% for the quarter and up 1.8% and 1.9% for the year. January data show no rent gains for both categories.
Office
Net absorption had a strongly negative fourth quarter of 2017 in Northern VirginiaÂ’s 140.6-million-square-foot general purpose, multi-tenant office market, although the yearly total was positive. The area still struggles under the weight of empty office buildings and a correspondingly high vacancy rate. The vacancy rate for office space finished the fourth quarter of 2017 at 19.7%, up 40 basis points from the prior quarter and down 20 basis points over 12 months. January 2018 data show a slight increase. Reis reports fourth quarter 2017 average asking and effective rents of $33.55 psf and $28.05 psf for office space in Northern Virginia. Asking and effective rents rose 0.7% and 0.8% during the quarter and were up 1.4% and 1.5% for the year. January 2018 data show 0.2% gains for both rental categories.
Retail
The Northern Virginia community-neighborhood shopping center market finished 2017 with another round of strong rent gains. Vacancy remains low, but net absorption had a bad year. The Northern Virginia community-neighborhood shopping center market posted a 5.7% vacancy rate in the fourth quarter of 2017, down 10 basis points over the quarter and up 60 year-over-year. Reis reports fourth quarter 2017 average asking and effective rents of $30.40 psf and $27.05 psf for community-neighborhood shopping center space in Northern Virginia. These rents are up 0.6% and 0.7% for the quarter and up 2.8% and 2.9%, respectively, over the year. Asking and effective rents were flat in January 2018.

Source: Data provided by Reis, inc.

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