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Northern Virginia’s availability dips in response to robust year of leasing demand
Overall availability in Northern Virginia ended the quarter at 19.9%, the first dip below 20.0% since 2013. This drop reflects a 30-basis-point decline over the quarter and a 190-basis-point decrease over the year. Stronger demand is a key factor in market tightening. Quarterly leasing totaled 2.9 million square feet (msf), bringing the year-to-date total to 12.0 msf leased, the largest annual volume seen in the last six years. Arlington’s rebound is particularly noteworthy, with availability declining 260 basis points over the year to 19.4%, its lowest since the effects of BRAC and sequestration sky-rocketed availability across the county.