Technology sector causes uptick in leasing activity in Northern Virginia relative to a year ago

In the Northern Virginia office market, leasing activity dropped 15.4% from its post- pandemic high last quarter of 2.7 million square feet (msf) to 2.3 msf this quarter. This small decrease in leasing activity is slightly below the 5-year quarterly average of 2.5 msf. Nevertheless, the market continues to show signs of strength despite a possible looming economic downturn, largely due to increased leasing activity from the technology, advertising, media and information (TAMI) sector. In Q3, TAMI deals comprised 20.1% of all transactions, surpassing all other industry types for the quarter except real estate, which had the largest lease of the quarter. The largest transaction of the quarter was a renewal for Hilton Worldwide for 220,000 square feet (sf) at 7930 Jones Branch Drive in Tysons Corner.

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