Availability Holds flat as leasing slows; Boro Tower delivers in demand
Northern Virginia’s overall availability remained consistent over the last year, ending the quarter at 22.1% - up only 20 basis points from Q1 2018. The pace of leasing activity slowed into the new year with 2.6 million square feet (msf) leased this quarter, marking a 13.7% decrease year-over-year. Tempered development activity is also keeping availability in check, with just one new building delivered so far this year. The limited new space that comes to market is in high-demand. Tyson Corner’s Boro Tower (8350 Broad Street) completed in February, already 76.0% pre-leased to several notable tenants.