Northern Virginia’s availability levels off; asking rents creep upwards
Overall availability in Northern Virginia has seen recent tightening, ending the third quarter at 20.3% and down 190 basis points year over year. With some compression in availability and new product coming to the market, asking rents are pushing upwards. Rents for all classes are now averaging $34.81 per square foot (psf), up 5.6% over the year. Class A asking rents closed the quarter at $36.92 psf, seeing a larger increase of 6.1% annually. Concession offerings are climbing along with base rents and tenants in the market now can expect to see an average of $86.00 psf in tenant improvement allowances and up to 15 months of free rent on new, long-term Class A leases in core submarkets.