Total number of transactions increase in Q3, but average deal size decreases

As work from home continues to play a role in the future of the workplace, occupiers are making real estate decisions in the near-term that affect their footprints. As a result of these decisions, the quantity of deals in Northern Virginia was higher in Q3 2023 than it has been in the past four quarters. However, total square footage leased this quarter was the lowest reported in over 10 quarters, indicating that the average size of each transaction is declining. Total leasing activity for the quarter ended at 1.6 million square feet (ms) with the largest transaction of the quarter being an extension for Lockheed Martin for 189,764 square feet (sf) at 13560 Dulles Technology Drive in Herndon.

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