Government and federal contractor renewals headline top Q4 transactions

In Q4 2024, seven of the top 10 Northern Virginia transactions were renewals by the government or federal contractors. While other industry sectors continue to follow the flight-to-quality trend, government and federal contractors remain reluctant to relocate to more expensive buildings. Notable deals included SAIC’s 241,284-square-foot (sf) renewal at 4801 Stonecroft Boulevard in the Route 28/Chantilly submarket and Zeta Associates’ renewal of 210,190 sf across 10302 and 10304 Eaton Place in the Fairfax/Oakton/Vienna submarket. Quarterly leasing activity for Northern Virginia totaled 1.8 million square feet (msf), reflecting a 21.5% decrease compared to Q3.

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