Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
cushmanwakefield.com
Contents
WASHINGTON, DC METRO
Economic Indicators
Q3 15
Q3 16
DC Metro Employment
3.18M
3.26M
DC Metro Unemployment
4.3%
3.9%
U.S. Unemployment
5.1%
5.0%
Q3 15
Q3 16
Overall Vacancy
17.9%
17.8%
Net Absorption
289K
544K
Under Construction
5.1M
8.4M
Deliveries
1.2M
2.5M
$35.03
$38.13
12-Month
Forecast
Market Indicators
12-Month
Forecast
2.0
$38.50
$38.00
$37.50
1.0
$37.00
$36.50
$36.00
0.0
$35.50
$35.00
$34.50
-1.0
2010
2011
2012
2013
2014
2015
2016
$34.00
10.0
20%
8.0
16%
6.0
4.0
12%
2.0
8%
0.0
-2.0
4%
-4.0
-6.0
Vacancy Rate
MSF
05
06 07 08 09
Net Absorption
10 11 12 13 14 15
Deliveries
Vacancy Rate
16
0%
cushmanwakefield.com | 3
Northern Virginia
Economy
Market Indicators
Market Overview
3Q 15
3Q 16
Overall Vacancy
21.1%
21.1%
Net Absorption
401K
495K
Under Construction
3.2M
4.1M
Deliveries
Average Asking Rent
404K
636K
$33.21
$31.88
12-Month
Forecast
4Q TRAILING AVERAGE
400
$35.00
200
$33.00
$31.00
-200
$29.00
-400
-600
-800
$27.00
2011
2012
2013
2014
2015
2016 Q3
$25.00
4.0% decline from the third quarter 2015. This decline is due to
both strong leasing of premium space, and lowering of rents in
commodity buildings in an environment of elevated vacancy.
Proximity to transit and amenities continues to drive decision
making for the largest users in the NoVA market.
Applied
Overall Vacancy
24%
22%
20%
Historical Average = 17%
18%
16%
14%
12%
2011
2012
2013
2014
2015
2016 Q3
Outlook
Buoyed by a handful of massive projects such as the CEB
Tower and the National Science Foundation headquarters, new
construction is at its highest point in almost 10 years. However,
continued growth in high-wage professional jobs and companies
that continue to show a preference for new and high-quality office
options should continue to drive demand into new construction.
With a stabilizing federal spending environment and strong
growth in the private sector, the Northern Virginia market is
poised to continue tracking away from historically high vacancy.
50-100k SF
Route 28 South
100-150k SF
Springfield/Newington
150-200k SF
200k+ SF
50/66
Reston/Herndon
Tysons Corner
Arlington
Alexandria
0
20
40
60
80
# of Blocks
LOUDOUN
LOUDOUN
PHASE II
2016
267
MARYLAND
metro
ROUTE
772
metro
ROUTE
606
metro
RESTON
RESTON
267
INNOVATION
CENTER
WASHINGTON
DULLES
INTERNATIONAL
AIRPORT
PHASE I
metro
HERNDON
metro
RESTON TOWN
CENTER
metro
267
WIEHLE - RESTON
EAST
TY
UN
TY
CO
UN
CO
X
SPRING
HILL
FA
OU
WASHINGTON, DC
metro
IR
UD
123
28
Y
NT TY
OU UN
X C CO
FA N
IR TO
FA ING
L
R
A
FA
LO
DI
ST
DULLES
AIRPORT
D
AN
YL IA
AR IN
M IRG
V
metro
RI MA
RY
CT
OF LA
N
D
CO
LU
M
BI
A
HERNDON
HERNDON
LOUDOUN COUNTY
50
FAIRFAX COUNTY
GREENSBORO
metro
metro
metro
MCLEAN
TYSONS
CORNER
286
ARLINGTON COUNTY
TYSONS
metro
495
WEST FALLS
CHURCH
metro
EAST FALLS
CHURCH
VIR
metro
29
66
66
metro
metro
metro
BALLSTON
ALGONKIAN P
50
FAIRFAX CENTER
metro
IA
CLARENDON
R-B CORRIDOR
495
VIENNA
66
AR
28
29
GIN
ROSSLYN
COURT HOUSE
metro
DUNN LORING/
MERRIFIELD
123
ROUTE 28 SOUTH
metro
50
50
metro
PENTAGON
CRYSTAL CITY
MERRIFIELD
AY
KW
29
395
RONALD
REAGAN
WASHINGTON
NATIONAL
NATIONAL
AIRPORT
AIRPORT
metro
236
I-395 CORRIDOR
286
PRINCE WILLIAM C
O
POTOMAC
RIVER
metro
VAN DORN
STREET
UNT Y
EISENHOWER
AVENUE
metro
KING STREET
metro
OLD TOWN
ALEXANDRIA
EISENHOWER
AVENUE
PRINCE WILLIAM COUNTY
95
metro
FRANCONIA/
SPRINGFIELD
SPRINGFIELD/
NEWINGTON
cushmanwakefield.com | 5
Top Transactions
Key Lease Transactions 3Q 2016
PROPERTY
SF
TENANT
TRANSACTION TYPE
SUBMARKET
98,800
Relocation
Ballston
92,517
WeWork
New Lease
Tysons
85,859
M.C. Dean
Relocation
Tysons
SF
SELLER/BUYER
PRICE
SUBMARKET
532,041
$97,000,000 / $183
Reston/Herndon
1 Dulles Corridor
215,000
$67,600,000 / $314
Reston/Herndon
Independence Center
275,000
$60,500,000 / $221
Route 28 South/Chantilly
25%
25%
25
20%
15%
10%
-1
-3
5%
2003
2004
2005
New Deliveries
2006
2007
2008
2009
2010
Net Absorption
2011
2012
2013
2014
2015
Vacancy Rate
2016
0%
20
MSF
20%
15%
15
10%
10
5%
5
0
Vacancy Rate
Vacancy Rate
Leased
Vacant
0%
Vacancy Rate
Alexandria
Market Indicators
*Arrows = Current Qtr Trend
Vacancy
23.4%
Net Absorption
Under Construction
52,900 SF
720,000 SF
Deliveries
Asking Rent
0 SF
$31.05 FS
800
30%
600
25%
400
20%
200
15%
10%
-200
5%
-400
-600
(with the help of incentives) The Motley Fool to renew for 113,000
SF at 2000 Duke Street. The media and finance company had
Vacancy Rate
06
07
08
09
Net Absorption
10
11
Deliveries
12
13
14
15 YTD
16
Vacancy Rate
0%
1.20
1.00
0.80
MSF
0.60
0.40
0.20
0.00
2006
2007
2008
2009
Q1
2010
2011
Q2
Q3
2012
2013
2014
2015
2016
Q4
Asking Rent
$39
$37
Outlook
$35
$33
$31
$29
$27
$25
2011
2012
2013
Class A
2014
2015
2016
Class B
cushmanwakefield.com | 7
RB Corridor
Vacancy
22.5%
Net Absorption
Under Construction
97,800 SF
862,800 SF
$40.87 FS
0 SF
25%
800
20%
600
400
15%
200
0
10%
-200
-400
5%
-600
-800
Direct rental rates declined to $40.86 PSF at the end of the third
quarter, their lowest rate in five years. High-end space was taken
off the market in Ballston and owners of commodity buildings
decreased rents in this extended period of high vacancy.
06
07
08
09
10
Net Absorption
11
12
13
15 YTD
16
Vacancy Rate
Deliveries
14
0%
Asking Rent
Deliveries
Vacancy Rate
Market Indicators
0.80
0.60
0.40
0.20
0.00
2006
2007
2008
2009
Q1
2010
2011
Q2
Q3
2012
2013
2014
2015
2016
Q4
Asking Rent
$50
Outlook
Year-to-date leasing activity in the RB Corridor ended
the third quarter of 2016 at 1.01 MSF, 22% higher than
2015s annual total, and equal to 2014s total. This is not
a large jump in leasing activity, but is a positive sign for
the corridor which has faced headwinds for several years.
Look for association and non-profit leasing to increase
in the medium term, as a new administration begins to
establish its policies and budget.
$48
$46
$44
$42
$40
$38
$36
$34
$32
2011
2012
2013
Class A
2014
2015
2016
Class B
Net Absorption
Under Construction
Deliveries
Asking Rent
22.3%
140,300 SF
0 SF
0 SF
$37.43 FS
500
25%
20%
-500
15%
-1,000
10%
-1,500
5%
-2,000
06
07
08
09
10
Net Absorption
11
12
13
15 YTD
16
Vacancy Rate
Deliveries
14
0%
2.00
1.50
MSF
The largest new lease of the third quarter was that of the
Metropolitan Washington Airports Authority which signed for
74,248 SF of former Environmental Protection Agency space
at 2733 Crystal Drive, as the agency relocated out of Reagan
National Airport. Contractor signings in the third quarter
included Lockheed Martins renewal of 141,761 SF at 2121 Crystal
Drive, American Systems renewal for 21,880 SF at 1401 S Clark
Street, and C3 Systems sublease of 18,322 SF at 2900 Crystal
Drive. Leasing activity, at 329,473 SF year-to-date, is on track to
outpace the 2014 figure of 387,748 SF but total below the 2015
figure of 787,968 SF.
1,000
Vacancy Rate
Market Indicators
1.00
0.50
0.00
2006
2007
2008
2009
Q1
2010
Q2
2011
Q3
2012
2013
2014
2015
2016
Q4
Asking Rent
$44
Outlook
The potential merger between Vornado Realty Trust and
JBG would bring fresh eyes and seasoned development
professionals to a recovering market with an aging
inventory. Recently delivered multifamily buildings such as
The Bartlett and m.Flats bring the submarket closer to its
mixed-use vision.
$42
$40
$38
$36
$34
$32
2011
2012
2013
Class A
2014
2015
2016
Class B
cushmanwakefield.com | 9
Tysons Corner
Net Absorption
Under Construction
Deliveries
Asking Rent
118,500 SF
1,751,800 SF
475,800 SF
$31.93 FS
25%
800
20%
600
400
15%
200
0
10%
-200
-400
Vacancy Rate
Vacancy
20.7%
5%
-600
-800
06
07
08
09
10
Net Absorption
11
12
13
14
15 YTD
16
Vacancy Rate
2012
2013
Deliveries
0%
MSF
Market Indicators
2.00
1.50
1.00
0.50
0.00
2006
2007
2008
2009
Q1
2010
2011
Q2
Q3
2014
2015
2016
Q4
Asking Rent
$50
Outlook
$45
$40
$35
$30
$25
2011
2012
2013
Class A
2014
2015
2016
Class B
Reston/Herndon
Net Absorption
Under Construction
Deliveries
Asking Rent
(31,500) SF
354,900 SF
0 SF
$28.88 FS
25%
2,000
20%
1,500
10%
500
5%
0
-500
06
07
08
09
10
11
Net Absorption
12
13
Deliveries
14
15 YTD
16
0%
Vacancy Rate
15%
1,000
Vacancy Rate
Vacancy
16.6%
MSF
Market Indicators
0.50
0.00
2006
2007
2008
2009
Q1
2010
2011
Q2
Q3
2012
2013
2014
2015
2016
Q4
Asking Rent
$32
Outlook
Several redevelopment plans moving through the pipeline
will further increase the large number of approved and
pending developments along the Toll Road. General
Dynamics 357,000 SF secure campus has received
approval from the Fairfax Board of Supervisors, Vornados
1.43 MSF of proposed mixed use development at Commerce
Executive Center gained planning commission support,
and NVRs plan to construct a mix of 383 multi-family units
and townhomes at Woodland Park also obtained planning
commission support.
$30
$28
$26
$24
$22
$20
2011
2012
2013
Class A
2014
2015
2016
Class B
cushmanwakefield.com | 11
50/66
Vacancy
21.4%
Under Construction
Net Absorption
385,000 SF
(201,300) SF
Merrifield/Route 50
Leasing activity in the Merrifield/Route 50 submarket has
been steady over the past two years, averaging 58,500 SF per
quarter. The most significant deal of the third quarter was Inova
Healthcare Services signing of a 52,200-SF renewal and 41,900SF expansion at 8111 Gatehouse Road. Vacancy ticked upward
from 17.1% in the second quarter of the year to 19.0% in the third,
as two large tenants vacated the submarket for Class A buildings
in Tysons: CSC moved out of 80,000 SF at 8613 Lee Highway and
Reed Smith vacated 61,000 SF at 3110 Fairview Park Drive. Apple
Federal Credit Union has begun construction of its new 150,000SF headquarters expansion at 4097 Monument Corner Drive.
It plans on occupying a majority of the building, with Peterson
Companies agreeing to take about half of the remaining space.
Direct asking rental rates currently stand at $30.31 PSF, and have
remained largely unchanged over the past several years.
Asking Rent
0 SF
$24.83 FS
25%
200
20%
15%
-200
10%
-400
5%
-600
-800
06
07
08
09
10
Net Absorption
11
12
13
Deliveries
14
15
Q1
16
0%
Vacancy Rate
Fairfax/Oakton/Vienna
1.80
1.60
1.40
1.20
MSF
Deliveries
Vacancy Rate
Market Indicators
1.00
0.80
0.60
0.40
0.20
0.00
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Q1 Q2 Q3 Q4
Asking Rent
$34
Outlook
$32
Full Service PSF
$30
$28
$26
$24
$22
2011
2012
2013
Merrifield/Route 50
2014
2015
2016
Fairfax/Oakton/Vienna
Route 28 South/Chantilly
Vacancy
21.6%
Net Absorption
Under Construction
Deliveries
Asking Rent
247,000 SF
0 SF
150,000 SF
$25.91 FS
The Route 28 South submarket experienced a large quarterover-quarter drop in vacancy, from 24.1% in the second quarter
to 21.6% at the third quarter, as the GSA occupied its second
160,000-SF built-to-suit building on Stonecroft Boulevard, and
Deloitte and the American Registry for Internet Numbers (ARIN)
moved into 27,000 SF and 24,000 SF, respectively, at 15049
Conference Center Drive. Class A vacancy declined to 19.7%, its
lowest point since the third quarter of 2014. After declining from
the $28 PSF range to the $26 PSF range between 2012 and 2014,
direct asking rental rates have remained relatively steady over the
past two years.
600
20%
400
15%
200
0
10%
-200
-600
5%
06
07
08
09
10
Net Absorption
11
12
13
Deliveries
14
15 YTD
16
0%
Vacancy Rate
25%
800
-400
30%
1,000
Vacancy Rate
Market Indicators
0.60
0.40
0.20
0.00
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Q1 Q2 Q3 Q4
Asking Rent
$30
Outlook
For a submarket with a heavy presence of government
contractors and civil engineering firms, a new
administration may prove beneficial to tenants in Route 28
South. Promises from both major parties to vastly increase
funding for big-ticket items such as infrastructure and
cybersecurity gives established government contractors
the ability to further pivot toward these future areas of
growth.
$28
$26
$24
$22
$20
$18
2011
2012
2013
Class A
2014
2015
2016
Class B
cushmanwakefield.com | 13
Loudoun County
Vacancy
18.2%
Net Absorption
Under Construction
Deliveries
Asking Rent
9,900 SF
64,800 SF
0 SF
$24.37 FS
300
15%
200
10%
100
5%
0
-100
06
07
08
09
10
11
Net Absorption
12
13
Deliveries
14
15 YTD
16
0%
Vacancy Rate
20%
400
25%
Vacancy Rate
Market Indicators
0.50
0.40
0.30
0.20
0.10
0.00
2006
2007
2008
2009
Q1
2010
2011
Q2
Q3
2012
2013
2014
2015
2016
Q4
Asking Rent
$28
Outlook
Loudoun Countys office market should continue to benefit
as development continues to shift westward along the Toll
Road and as tenants widen their search for space along
the length of the built and under construction portions of
the Silver Line. Proximity to executive housing, new and
affordable building product, and an increasing amount of
retail options will continue to benefit the submarket.
$26
$24
$22
$20
$18
$16
2011
2012
2013
Class A
2014
2015
2016
Class B
Appendix
Table Summaries
Metro Washington Office
Market Summary
15
Employment Data
15
Office Availability, Vacancy,
and Net Absorption
16
Total Vacant
Space
Vacancy
Rate
Q22016 Absorption
Year to Date
Absorption
Washington, DC
108,620,109
12,919,188
11.9%
108,557
580,677
Northern Virginia
130,524,599
27,572,227
21.1%
442,988
442,988
Suburban Maryland
56,596,533
12,005,453
21.2%
-7,974
232,508
Regional Totals
295,741,241
52,496,868
17.8%
543,571
1,256,173
Non Farm
Employment
(Jan-Sep 2016p)
Jobs Added/
Lost*
Percent Change
Washington, DC
765,856
776,911
11,055
1.4%
Northern Virginia
1,399,311
1,430,522
31,211
2.2%
973,522
996,444
22,922
2.4%
3,161,722
3,235,644
73,922
2.3%
Suburban Maryland
Regional Totals
cushmanwakefield.com | 15
3,779,328
10,762,437
868,376
15,423,648
7,095,248
10,945,402
32,211,020
21,265,618
7,991,666
6,058,050
2,423,709
16,473,425
48,684,445
1,369,626
6,608,194
9,509,467
23,055,893
24,230,837
8,675,922
3,268,420
76,718,359
16,117,661
5,121,795
81,840,154
130,524,599
Ballston
Arlington County
RB Corridor
Old Town
I-395 Corridor
Huntingon/Eisenhower
City of Alexandria
Annandale/Baileys
Merrifield/Route 50
Fairfax/Oakton/Vienna
Tysons Corner
Reston/Herndon
Rt 28 S/Chantilly
Springfield
Fairfax County
50-66 Corridor
Loudoun County
Northern Virginia
1,386,142
1,070,506
62,787
164,970
1,007,719
16,733
186,500
403,671
222,531
62,829
102,141
13,314
315,636
77,564
20,822
8,262
48,480
153,505
238,072
84,567
33,593
55,946
63,966
Sublet Space
Available
27,572,227
16,494,154
931,163
3,445,591
15,562,991
1,055,704
1,873,568
4,020,370
4,763,899
2,192,657
1,252,934
403,859
11,078,073
3,856,892
837,928
2,347,297
671,667
4,778,321
7,221,181
2,442,860
1,374,984
1,003,992
2,399,345
Total Space
Available
21.1%
20.2%
18.2%
21.4%
20.3%
32.3%
21.6%
16.6%
20.7%
23.1%
19.0%
29.5%
22.8%
23.4%
34.6%
38.7%
8.4%
22.5%
22.4%
22.3%
19.4%
18.1%
27.8%
Vacancy
Rate
411,825
122,142
21,860
(184,777)
100,282
20,417
241,446
(120,311)
150,548
(88,009)
(96,768)
(7,041)
289,683
46,032
(5,196)
3,048
48,180
96,825
243,651
146,826
90,506
17,680
(11,361)
New/Relet
Absorption
31,163
29,791
(11,925)
(16,553)
41,716
(3,311)
5,535
88,811
(32,036)
(8,703)
(7,850)
(730)
1,372
6,899
(8,945)
(3,100)
18,944
1,010
(5,527)
(6,537)
15,576
(15,377)
811
Sublet
Absorption
442,988
P - Preliminary
151,933
9,935
(201,330)
141,998
17,106
246,981
(31,500)
118,512
(96,712)
(104,618)
(7,771)
291,055
52,931
(14,141)
(52)
67,124
97,835
238,124
140,289
106,082
2,303
(10,550)
Total Net
Absorption
1 The Rosslyn/Ballston (R/B) corridor is comprised of Rosslyn, Clarendon/Courthouse, Virginia Square, and Ballston submarkets.
2 Inside the Beltway is comprised of Arlington County and Alexandria/Outside the Beltway is comprised of Fairfax and Loudoun Counties
3 The 50/66 corridor is comprised of Merrifield, Vienna, Oakton, Fairfax Center, and Fairfax City submarkets.
****New Space Available and New Space Absorption based on buildings delivered 2005 to present
26,186,085
3,280,621
14,555,272
1,038,971
1,687,068
3,616,699
4,541,368
2,129,828
1,150,793
390,545
817,106
2,339,035
623,187
4,624,816
6,983,109
2,358,293
1,341,391
948,046
5,531,747
Courthouse/
Clarendon/Virginia Square
2,335,379
8,638,623
New/Relet Space
Available
Rosslyn
Total Inventory
Appendix
8,638,623
8,613,043
5,531,747
7,076,618
10,945,402
32,166,810
21,221,408
8,191,666
6,058,050
2,742,707
16,992,423
49,159,233
1,358,705
6,608,194
9,505,603
23,240,699
24,690,837
9,242,182
3,268,420
77,914,640
16,113,797
5,121,795
83,036,435
132,195,668
Rosslyn
Courthouse/
Clarendon/
Virginia Square
Ballston
Crystal City/
Pentagon City
Arlington County
RB Corridor
Old Town
I-395 Corridor
Huntington/
Eisenhower
City of Alexandria
Annandale/Baileys
Merrifield/Route 50
Fairfax/Oakton/Vienna
Tysons Corner
Reston/Herndon
Rt 28 S/Chantilly
Springfield
Fairfax County
50-66 Corridor
Loudoun County
Northern Virginia
130,922,599
81,900,154
5,121,795
16,117,661
76,778,359
3,268,420
8,675,922
24,290,837
23,055,893
9,509,467
6,608,194
1,369,626
49,022,445
16,811,425
2,761,709
6,058,050
7,991,666
21,265,618
32,211,020
10,945,402
7,095,248
5,531,747
8,638,623
130,524,599
81,840,154
5,121,795
16,117,661
76,718,359
3,268,420
8,675,922
24,230,837
23,055,893
9,509,467
6,608,194
1,369,626
48,684,445
16,473,425
2,423,709
6,058,050
7,991,666
21,265,618
32,211,020
10,945,402
7,095,248
5,531,747
8,638,623
21.2%
19.7%
20.3%
18.5%
19.7%
35.1%
24.8%
16.4%
19.1%
17.4%
20.2%
30.4%
23.6%
25.0%
42.3%
37.3%
10.2%
23.7%
22.9%
21.3%
18.9%
21.7%
29.1%
4th Qtr
2015
21.4%
20.2%
19.7%
19.9%
20.2%
33.2%
25.0%
17.1%
19.3%
21.6%
17.4%
31.5%
23.5%
24.7%
41.4%
37.5%
9.1%
23.3%
22.9%
22.2%
21.1%
18.6%
28.1%
1st Qtr
2016
21.6%
20.2%
18.4%
20.2%
20.3%
34.5%
24.1%
16.7%
20.3%
22.3%
17.1%
28.9%
23.9%
25.2%
41.4%
38.7%
9.2%
23.1%
23.2%
23.6%
21.7%
17.6%
27.7%
2nd Qtr
2016
21.1%
20.2%
18.2%
21.4%
20.3%
32.3%
21.6%
16.6%
20.7%
23.1%
19.0%
29.5%
22.8%
23.4%
34.6%
38.7%
8.4%
22.5%
22.4%
22.3%
19.4%
18.1%
27.8%
3rd Qtr
2016
150,018
125,945
18,110
7,300
107,835
111,018
(8,266)
(109,727)
160,384
33,223
(25,923)
(52,874)
24,073
(132,450)
(4,877)
(99,645)
(27,928)
159
156,523
156,364
46,270
(89,724)
43,613
(319,132)
(299,410)
33,198
(220,679)
(332,608)
63,345
136,827
(195,888)
(97,668)
(406,138)
185,459
(18,545)
(19,722)
35,511
17,713
14,386
3,412
38,501
(55,233)
(93,734)
(209,841)
172,148
76,194
370,820
378,712
37,123
(42,342)
341,589
(41,660)
80,273
96,870
212,913
(66,305)
23,963
35,535
(7,892)
35,702
(551)
43,842
(7,589)
19,699
(43,594)
(63,293)
(42,416)
54,119
7,996
1 The Rosslyn/Ballston (R/B) corridor is comprised of Rosslyn, Clarendon/Courthouse, Virginia Square, and Ballston submarkets.
2 Inside the Beltway is comprised of Arlington County and Alexandria/Outside the Beltway is comprised of Fairfax and Loudoun Counties.
3 The 50/66 corridor is comprised of Merrifield, Vienna, Oakton, Fairfax Center, and Fairfax City submarkets.
4 The I-395 and Springfield/Newington submarkets were updated in the second quarter of 2012 with additional inventory.
p- preliminary
130,440,659
81,418,214
5,121,795
16,117,661
76,296,419
3,268,420
8,675,922
24,290,837
22,573,953
9,509,467
6,608,194
1,369,626
49,022,445
16,811,425
2,761,709
6,058,050
7,991,666
21,265,618
32,211,020
10,945,402
7,095,248
5,531,747
442,988
151,933
9,935
(201,330)
141,998
17,106
246,981
(31,500)
118,512
(96,712)
(104,618)
(7,771)
291,055
52,931
(14,141)
(52)
67,124
97,835
238,124
140,289
106,082
2,303
(10,550)
Appendix
cushmanwakefield.com | 17
23,240,699
24,690,837
1,358,705
6,746,835
9,505,603
23,638,285
24,690,837
9,092,182
3,268,420
78,300,867
16,252,438
Merrifield/Route 50
Fairfax/Oakton/Vienna
Tysons Corner
Reston/Herndon
Rt 28 S/Chantilly
Springfield
Fairfax County
50-66
132,781,417
Northern Virginia
130,524,599
81,840,154
5,121,795
16,117,661
76,718,359
3,268,420
8,675,922
24,230,837
23,055,893
9,509,467
6,608,194
1,369,626
48,684,445
16,473,425
2,423,709
6,058,050
7,991,666
21,265,618
32,211,020
10,945,402
7,095,248
5,531,747
8,638,623
2016 p
21.1%
18.8%
21.0%
18.0%
18.7%
38.1%
22.4%
15.7%
20.1%
17.1%
19.3%
23.2%
23.9%
24.1%
41.6%
35.9%
9.2%
23.8%
23.7%
23.7%
20.9%
16.5%
30.6%
2014
21.2%
19.7%
20.3%
18.5%
19.7%
35.1%
24.8%
16.4%
19.1%
17.4%
20.2%
30.4%
23.6%
25.0%
42.3%
37.3%
10.2%
23.7%
22.9%
21.3%
18.9%
21.7%
29.1%
2015
21.1%
20.2%
18.2%
21.4%
20.3%
32.3%
21.6%
16.6%
20.7%
23.1%
19.0%
29.5%
22.8%
23.4%
34.6%
38.7%
8.4%
22.5%
22.4%
22.3%
19.4%
18.1%
27.8%
2016 p
(905,638)
(615,383)
88,059
15,030
(703,442)
(151,859)
(378,965)
64,288
(274,063)
(86,554)
101,584
22,127
(290,255)
65,115
61,173
(85,665)
89,607
(492,443)
(355,370)
137,073
(308,316)
194,219
(378,346)
2014
551,239
327,546
74,754
(100,526)
252,792
73,408
41,794
268,104
67,379
5,921
(106,447)
(97,367)
223,693
(327,466)
(17,885)
(227,461)
(82,120)
204,931
551,159
346,228
127,316
(81,594)
159,209
2015
73,640
2016 p
494,676
231,235
80,256
(464,351)
150,979
38,791
464,081
(130,518)
233,757
(569,155)
104,804
9,219
263,441
124,144
3,021
58,176
62,947
156,035
139,297
(16,738)
(146,175)
228,570
1 Inside the Beltway is comprised of Arlington County and Alexandria/Outside the Beltway is comprised of Fairfax and Loudoun Counties
2 The Rosslyn/Ballston (R/B) corridor is comprised of Rosslyn, Clarendon/Courthouse, Virginia Square, and Ballston submarkets.
3 The 50/66 corridor is comprised of Merrifield, Vienna, Oakton, Fairfax Center, and Fairfax City submarkets.
4 The I-395 and Springfield/Newington submarkets were updated in the second quarter of 2012 with additional inventory.
132,195,668
5,121,795
83,036,435
5,072,696
83,373,563
Loudoun County
16,113,797
77,914,640
3,268,420
9,242,182
9,505,603
6,608,194
1,358,705
49,159,233
49,407,854
Annandale/Baileys
2,742,707
16,992,423
6,058,050
2,742,707
6,293,050
I-395 Corridor
8,191,666
21,221,408
17,227,423
8,191,666
Old Town
City of Alexandria
21,048,500
RB Corridor
32,166,810
10,945,402
7,076,618
Huntingon/Eisenhower
11,131,931
32,180,431
6,820,962
Ballston
Arlington County
5,531,747
8,613,043
8,695,791
Rosslyn
Courthouse/Clarendon/
Virginia Square
5,531,747
2015
Appendix
Market Statistics
Northern Virginia 3rd Quarter 2016 Market Statistics
Buildings
Total
Inventory
(SF)
New/Relet
Vacancy
(%)
Sublet
Vacancy
(%)
Total
Vacancy*
(%)
Net
Absorption
Current QTR
(SF)
Under
Construction
(SF)
Average
Asking Rent
(FS)
47
7,855,196
18.7%
0.6%
19.3%
27,936
720,000
$35.10
64
6,746,020
31.6%
0.3%
31.8%
13,981
$29.99
27
1,872,209
9.7%
0.6%
10.2%
11,014
$24.68
TOTAL
138
16,473,425
22.9%
0.5%
23.4%
52,931
720,000
$31.14
49
12,757,247
20.2%
0.8%
21.0%
88,859
862,729
$43.14
35
9,378,602
25.2%
0.3%
25.5%
10,446
$40.81
19
2,280,849
29.5%
2.0%
31.5%
(1,470)
$34.97
TOTAL
103
21,265,618
21.7%
0.7%
22.5%
97,835
862,729
$40.87
Alexandria
Class
RB Corridor
Class
25
7,794,322
17.5%
0.9%
18.4%
391,584
$39.33
14
3,151,080
31.5%
0.5%
31.9%
(251,295)
$34.86
39
10,945,402
21.5%
0.8%
22.3%
140,289
$37.43
51
13,126,289
19.5%
0.9%
20.4%
76,142
1,751,813
$37.44
61
7,751,416
20.7%
1.3%
21.9%
8,667
$29.47
30
2,178,188
17.7%
0.2%
17.9%
33,703
$24.93
TOTAL
142
23,055,893
19.7%
1.0%
20.7%
118,512
1,751,813
$31.93
106
17,967,174
14.9%
1.8%
16.7%
(42,662)
354,913
$31.06
64
5,589,260
13.7%
1.5%
15.2%
26,300
$25.51
15
674,403
25.9%
0.0%
25.9%
(15,138)
$21.27
TOTAL
185
24,230,837
14.9%
1.7%
16.6%
(31,500)
354,913
$28.88
TOTAL
Tysons
Class
Reston/Herndon
Class
* Vacancy Current - the vacancy rate is calculated using the combined total of vacant direct, sublease and new space.
cushmanwakefield.com | 19
Market Statistics
Northern Virginia 3rd Quarter 2016 Market Statistics
Buildings
Total
Inventory
(SF)
New/Relet
Vacancy
(%)
Sublet
Vacancy
(%)
Total
Vacancy*
(%)
Net
Absorption
Current QTR
(SF)
Under
Construction
(SF)
Average
Asking Rent
(FS)
Merriield/Route 50
Class
A
20
3,616,798
21.2%
2.3%
23.5%
(58,704)
$31.93
15
1,566,456
19.2%
1.1%
20.3%
(43,809)
$25.78
20
1,424,940
5.9%
0.0%
5.9%
(2,105)
$22.02
TOTAL
55
6,608,194
17.4%
1.5%
19.0%
(104,618)
$30.31
Fairfax/Oakton/Vienna
Class
A
25
4,365,706
18.9%
0.0%
18.9%
(17,560)
385,000
$29.65
47
4,410,647
25.4%
1.4%
26.8%
(60,202)
$24.33
12
733,114
25.4%
0.2%
25.6%
(18,950)
$23.54
TOTAL
84
9,509,467
22.4%
0.7%
23.1%
(96,712)
385,000
$25.20
48
6,127,730
18.8%
0.9%
19.7%
232,450
$27.36
27
2,548,192
21.1%
5.1%
26.2%
14,531
$23.13
75
8,675,922
19.4%
2.1%
21.6%
246,981
$25.91
Route 28 South
Class
TOTAL
Loudoun County
Class
A
40
3,658,941
14.6%
1.1%
15.7%
8,322
64,800
$25.83
18
1,462,854
22.9%
1.5%
24.5%
1,613
$21.19
58
5,121,795
17.0%
1.2%
18.2%
9,935
64,800
$24.37
TOTAL
Northern Virginia
Class
A
426
79,581,628
18.5%
1.1%
19.6%
733,876
4,139,255
$34.83
352
40,064,494
23.2%
1.1%
24.4%
(282,326)
$30.50
144
10,878,477
19.9%
0.6%
20.5%
(8,562)
$26.92
TOTAL
922
130,524,599
20.1%
1.1%
21.1%
442,988
4,139,255
$32.24
* Vacancy Current - the vacancy rate is calculated using the combined total of vacant direct, sublease and new space.
Cushman & Wakefield | 20
cushmanwakefield.com | 21
JBG
Carr Properties
Marymount University
Lowe Enterprises
Peterson Companies
FS
Status
N/A
N/A
RENTAL RATE
N/A
RENTAL RATE
N/A
N/A
N/A
RENTAL RATE
Total
OWNER/DEVELOPER
BUILDING ADDRESS
Fairfax/Oakton/Vienna
Total
OWNER/DEVELOPER
BUILDING ADDRESS
Alexandria
Total
OWNER/DEVELOPER
BUILDING ADDRESS
RB Corridor
3Q17
2Q17
DELIVERY
DATE
1Q17
DELIVERY
DATE
2Q17
3Q17
3Q17
DELIVERY
DATE
U/C
U/C
STATUS
U/C
STATUS
U/C
U/C
U/C
STATUS
131,172
56,631
174,962
166,767
150,000
235,000
235,000
AVAILABLE
SPACE
RENTABLE
BUILDING AREA
720,000
720,000
AVAILABLE
SPACE
RENTABLE
BUILDING AREA
383,503
195,700
521,000
862,729
AVAILABLE
SPACE
RENTABLE
BUILDING AREA
100%
100%
100%
PERCENT
PRELEASED
100%
100%
PERCENT
PRELEASED
56%
64%
25%
62%
PERCENT
PRELEASED
MAJOR TENANTS
MAJOR TENANTS
Marymount University
Opower
CEB
MAJOR TENANTS
Capital One
Meridian Group
MITRE
Comstock Partners
4Q16
DELIVERY
DATE
2Q17
DELIVERY
DATE
4Q16
1Q18
3Q18
DELIVERY
DATE
FS
Status
0
738,416
738,416
AVAILABLE
SPACE
3,702,442
975,000
2018 DELIVERIES
2019 DELIVERIES
TOTAL CURRENTLY UNDER CONSTRUCTION/RENOVATION
404,800
RENTABLE
BUILDING AREA
64,800
64,800
AVAILABLE
SPACE
RENTABLE
BUILDING AREA
354,913
354,913
354,913
354,913
AVAILABLE
SPACE
352,371
352,371
AVAILABLE
SPACE
RENTABLE
BUILDING AREA
1,751,813
340,000
436,813
975,000
RENTABLE
BUILDING AREA
2,322,642
U/C
STATUS
U/C
STATUS
U/C
U/C
U/C
STATUS
2017 DELIVERIES
N/A
RENTAL RATE
N/A
RENTAL RATE
N/A
N/A
N/A
RENTAL RATE
2016 DELIVERIES
Northern Virginia
Summary
Total
OWNER/DEVELOPER
BUILDING ADDRESS
Leesburg
Total
OWNER/DEVELOPER
BUILDING ADDRESS
Reston/Herndon
Total
OWNER/DEVELOPER
BUILDING ADDRESS
Tysons Corner
80%
0%
100%
68%
100%
PERCENT
PRELEASED
100%
100%
PERCENT
PRELEASED
0%
0%
PERCENT
PRELEASED
80%
100%
100%
100%
PERCENT
PRELEASED
EIT, LLC
MAJOR TENANTS
N/A
MAJOR TENANTS
MITRE
Tegna
Capital One
MAJOR TENANTS
cushmanwakefield.com | 23
Lerner Enterprises
LGV Group
20193 Ashbrook Pl
22365 Broderick Dr
Total
OWNER/DEVELOPER
BUILDING ADDRESS
2015 Deliveries
Total
OWNER/DEVELOPER
BUILDING ADDRESS
2016 Deliveries
N/A
$28.50
$22.75
N/A
RENTAL RATE
N/A
N/A
RENTAL RATE
Route 28 South
Loudoun
Loudoun
Loudoun
SUBMARKET
Route 28 South/Chantilly
Tysons Corner
SUBMARKET
*Vacancy rate for new space- does not include relet or sublet space available
N/A = No Space Available
Delivered 3Q15
Delivered 1Q15
Delivered 1Q15
Delivered 1Q15
STATUS
Delivered 1Q16
Delivered 2Q16
STATUS
13,045
32,690
0
35,368
99,099
159,300
45,735
32,675
326,442
NEW SPACE
AVAILABLE
282,212
160,000
122,212
NEW SPACE
AVAILABLE
RENTABLE
BUILDING
AREA
635,809
160,000
475,809
RENTABLE
BUILDING
AREA
14%
0%
33%
37%
0%
44%
0%
26%
77%
100%
50%
26%
100%
PERCENT LEASED
UPON DELIVERY
56%
100%
39%
PERCENT LEASED
UPON DELIVERY
Macerich
Monday Properties
Lowe Enterprises
Monument Enterprises
Rubenstein Partners, LP
Halle Enterprises
Duke Realty
60,244
528,290
*Vacancy rate for new space- does not include relet or sublet space available
Route 28 South
Route 28 South
Springfield/Newington
Springfield/Newington
Springfield/Newington
Pentagon City
Crystal City
Rosslyn
SUBMARKET
230,401
0
221,316
70,447
2,353
26,952
0
308,898
332,084
242,272
110,047
35,000
104,000
254,578
1,086,850
535,381
535,381
1,922,260
NEW SPACE
AVAILABLE
RENTABLE
BUILDING
AREA
126,170
65,926
306,007
Clarendon/Courthouse/VA
Square
1,130,554
296,257
Tysons
Tysons
NEW SPACE
AVAILABLE
RENTABLE
BUILDING
AREA
SUBMARKET
N/A
$29.50 FS
$32.00 FS
$34.50-$37.50
Withheld
N/A
$44.00-$52.00 FS
$50.00-$65.00 FS
RENTAL RATE
$55.00-$65.00
Withheld
N/A
RENTAL RATE
Delivered 2Q13
Delivered 2Q13
Delivered 3Q13
Delivered 3Q13
Delivered 3Q13
Delivered 4Q13
Delivered 3Q13
Delivered 4Q13
STATUS
Delivered 2Q14
Delivered 1Q14
Delivered 4Q14
STATUS
FS
Total
OWNER/DEVELOPER
BUILDING ADDRESS
2013 Deliveries
Total
OWNER/DEVELOPER
BUILDING ADDRESS
2014 Deliveries
57%
0%
26%
23%
64%
100%
0%
75%
100%
11%
11%
22%
0%
33%
100%
25%
67%
0%
0%
100%
0%
0%
PERCENT LEASED
UPON DELIVERY
47%
44%
48%
53%
PERCENT LEASED
UPON DELIVERY
Explanation of Terms
Disclaimer
This report and other research materials may be found on our website at www.cushmanwakefield.com. This is a research
document of Cushman & Wakefield in Washington, DC. Questions related to information herein should be directed to the
Research Department at +1 202 463 2100. Information contained herein has been obtained from sources deemed reliable and
no representation is made as to the accuracy thereof.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and
live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by
combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman
& Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of
agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset
management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more,
visit www.cushmanwakefield.com or follow @CushWake on Twitter.
cushmanwakefield.com | 25
Core Services
Capital Markets
- Debt Placement
- Investment Sales
- Note Sales
- Structured Finance
Corporate Services
- Facilities Management
- Portfolio Administration
- Project Management
- Strategic Consulting
- Transaction Management
Project Leasing
Project and Development
Services
Property Management
Tenant Representation
Practices and Specialties
Auction Services
Distressed Assets
Financial Advisory
Food and Beverage
Golf and Resort Properties
Government Contracting
Government Services
Healthcare
Higher Education
Hospitality
Law Firm
Life Sciences
Location Advisory and Incentives
Mission Critical
Net Lease
Not-for-profit
Private Client
Supply Chain
Sustainability Services
Real Estate Types
Industrial
Land
Multi-family
Office
Retail