2019-07-02_DTZ戴德梁行_Office_Q4_2018_Northern_Virginia_2页_544kb
报告摘要
Northern Virginia Office Market Summary
Core Content
This document provides a detailed overview of the Northern Virginia (NoVA) office market, including economic indicators, market performance, key lease and sales transactions, and future outlook. It highlights the region's continued growth and its role as a major hub for employment and commercial activity in the Washington, DC Metro area.
Main Economic Indicators
- D.C. Metro Employment: Remained stable at 3.3 million in both Q4 17 and Q4 18.
- D.C. Metro Unemployment: Declined from 3.6% to 3.3%.
- U.S. Unemployment: Decreased from 4.1% to 3.7%.
Northern Virginia accounted for over 20,000 of the D.C. Metro's total job growth, representing 40% of the region's job gains. The office-using job creation in NoVA reached 10,500, which is 56% of the total D.C. Metro office-using jobs.
Market Overview
Key Metrics
| Metric | Q4 17 | Q4 18 | 12-Month Forecast |
|---|---|---|---|
| Vacancy | 21.6% | 20.3% | ▲ |
| YTD Net Absorption (sf) | 1.1M | 1.2M | ■ |
| Under Construction (sf) | 2.5M | 2.1M | ▲ |
| Average Asking Rent* | $32.68 | $32.87 | ▲ |
- Rental rates reflect gross asking $psf/year.
Submarket Performance
| Submarket | Inventory (SF) | Sublet Vacant (SF) | Direct Vacant (SF) | Overall Vacancy Rate | YTD Net Absorption (SF) | YTD Leasing Activity (SF)** |
|---|---|---|---|---|---|---|
| Rosslyn | 9,009,982 | 222,093 | 2,150,710 | 26.3% | 30,051 | 416,763 |
| Courthouse/Clarendon/VA Square | 5,692,747 | 26,219 | 788,855 | 14.3% | 87,859 | 242,078 |
| Ballston | 7,095,248 | 132,760 | 1,677,797 | 25.5% | 182,887 | 434,266 |
| Crystal City/Pentagon City | 10,776,069 | 22,762 | 1,988,558 | 18.7% | 356,002 | 322,648 |
| Old Town | 7,991,666 | 72,024 | 716,243 | 9.9% | -46,846 | 314,619 |
| I-395 Corridor | 5,936,851 | 7,430 | 2,145,817 | 36.3% | 24,180 | 110,151 |
| Merrifield/Route 50 | 6,725,259 | 69,992 | 1,207,331 | 19.0% | 95,784 | 422,217 |
| Fairfax/Oakton/Vienna | 9,509,467 | 100,760 | 2,359,018 | 25.9% | -126,986 | 357,498 |
| Tysons Corner | 22,576,250 | 280,185 | 4,166,430 | 19.7% | -82,556 | 1,635,720 |
| Reston/Herndon | 25,334,737 | 397,324 | 3,956,948 | 17.2% | 6,572 | 2,416,525 |
| Route 28 South/Chantilly | 9,117,298 | 62,592 | 1,208,701 | 13.9% | 538,450 | 315,094 |
| Springfield | 3,268,420 | 9,928 | 741,278 | 23.0% | 32,721 | 74,864 |
| Northern Virginia Totals | 132,821,779 | 1,487,407 | 25,438,886 | 20.3% | 1,202,757 | 7,798,386 |
Overall Vacancy Rate: 20.3% (down 130 bps YOY)
YTD Net Absorption: 1.2 million square feet (strongest since 2008)
YTD Leasing Activity: 7.8 million square feet (highest since 2008)
Under Construction: 2.1 million square feet (up from Q4 17)
Average Asking Rent (All Classes): $32.87 per square foot (up 0.19% YOY)
Key Lease Transactions Q4 2018
- 2800 South Randolph Street: 190,546 sf leased by GSA – U.S. Patent & Trademark Office (Renewal)
- 8350 Broad Street – Boro Tower: 168,000 sf leased by KPMG (New Lease)
- 2941 Fairview Park Drive: 120,000 sf leased by BAE Systems, Inc. (New Lease)
- 1735 North Lynn Street: 115,747 sf leased by U.S. Postal Service (Renewal)
Key Sales Transactions Q4 2018
- 1550/1560 Wilson Boulevard: 283,278 sf sold for $102,500,000 ($362 psf) by Brookfield to Cogent Communications (Rosslyn)
- 2800 S Shirlington Road: 206,200 sf sold for $40,800,000 ($198 psf) by Choi Companies to Monday Properties (I-395 Corridor)
- 1420 Beverly Road: 46,000 sf sold for $12,700,000 ($276 psf) by General Assets, Inc. to Minshall Stewart Properties (Tysons Corner)
Outlook
The Washington, DC Metro region is becoming an increasingly attractive destination for technology firms, with Northern Virginia playing a central role in this trend. Amazon's announcement of a regional headquarters in the Crystal City/Pentagon City submarket is expected to bring significant employment and service industry growth to the area.
Despite the lack of new speculative construction in Q4 2018, developers are waiting for substantial pre-leasing before proceeding with new projects. The overall office market is showing resilience, with positive net absorption and declining vacancy rates. The average asking rent has increased slightly, indicating a slight upward trend in market demand.
Contact Information
For more information, contact:
- Michelle Huneke
Associate Market Director
Cushman & Wakefield
Tel: +1 703 847 2736
Email: michelle.huneke@cushwake.com
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with a presence in approximately 400 offices across 70 countries. The firm employs 48,000 people and had $6.9 billion in revenue in 2017, covering core services such as property, facilities, and project management, leasing, capital markets, and valuation.
试读结束，高清完整版pdf/doc/ppt,请点下载
