Despite a few large deals in Q2, leasing activity remains subdued

While leasing activity for Northern Virginia increased slightly from the previous quarter to a total of 1.9 million square feet (msf), it was significantly down from the activity of one year ago where 2.6 msf was reported. Leases signed this quarter were dominated by the Business and Professional Services sector which includes government contractors and government-related services making up over 46% of leases signed. These leases continue to bolster the market while the TAMI (Technology, Advertising, Media and Information) sector which historically is Northern Virginia’s highest source of net new leases flounders. The largest transaction of the quarter was a renewal for the GSA for 175,000 square feet (sf) at 15020 and 15030 Conference Center Drive in Chantilly.

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