The Route 28 South office market is much quieter than it once was. Deliveries peaked in 2007, when 14 buildings and 1.8 million SF delivered, but construction since 2011 pales in comparison—only about 720,000 SF completed from 2011–17. One project delivered this year just north of Chantilly and added 480,000 SF to the submarket. Vacancies lingered above the metro average for much of this cycle but experienced a notable decline starting in 2015. They jumped again this year, though: UNICOM Government vacated more than 400,000 SF earlier this year. Even though demand hasn’t been noteworthy, the relatively low rents for high-quality assets could attract tenants. Investment here has dropped for several years but, as of mid-October, has still surpassed the historical average.
Please click on the links below for detailed information on leasing, rental rates, sales, etc.