real estate report - Fairfax County Economic Development Authority

Transcription

YEAREND 2013
REAL ESTATE REPORT
FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY AT A GLANCE
(SECOND HALF 2013)
Office Market
Inventory
114,771,222 s.f.
Vacancy Rates
Direct
14.4% —
w/Sublet
16.7% ▼
Absorption
Gross
7,230,166 s.f.
Relet
6,328,287 s.f.
Sublet
392,414 s.f.
New
44,465 s.f
Under construction 465,000 s.f.
Planned
—
Construction
2,670,000 s.f.
Delivered
613,034 s.f.
Demolished
295,152 s.f.
Industrial / Flex Market
Inventory
38,941,819 s.f.
Vacancy Rates
Direct
13.0 % ▲
w/Sublet
13.5 % ▼
Absorption
Gross
1,948,007 s.f.
Relet
1,932,838 s.f.
Sublet
12,060 s.f.
New
3,109 s.f.
Under construction
—
Planned
—
Construction
3,108 s.f.
Delivered—
Demolished
71,740 s.f.
INSIDE
Office Market
Leasing activity
Building sales
Construction activity
Submarket trends
Commercial
Condominium Market
Industrial/Flex Market
Leasing activity
Building sales
Construction activity
Submarket trends
Using This Report
Glossary and Map
2–9
10-12
13
14
15
16–19
20
20
21
www.fairfaxcountyeda.org/commercial-real-estate
OVERVIEW
The performance of Fairfax County’s commercial market has been closely connected with the
vagaries of the national economy. The county’s office market ended the year on a relatively high
note, and many indicators show that the office market here has begun to shake off the negative
effects of the federal sequestration and is headed toward recovery. The impact of the Metrorail’s
new Silver Line extension through Tysons Corner to Reston, as well as several new federal projects
in the county, has spurred new commercial activity countywide. Office absorption, construction and
delivery activity surged during the last half of 2013 to close out the year ahead of 2012 totals in all
three categories.
Both the overall and direct office vacancy rates finished the year exactly where they began. After
experiencing a slight increase at midyear, the overall vacancy rate settled in at 16.7 percent, and the
direct vacancy rate stood at 14.4 percent at the end of the year. Any fluctuation in the vacancy rate
over the next six months should be minor. Demand for space is expected to slow, and no new space
is due to deliver until the second half of the 2014. The amount of available relet space dipped below
15.2 million square feet, down from 15.4 million square feet at yearend 2012. Available sublet space
remained virtually unchanged at roughly 2.6 million square feet. Available new space increased by 35
percent to 1.4 million square feet.
Office leasing activity hit a three-year high, topping out at nearly 12.3 million square feet. Overall
absorption increased by 43 percent from the first six months of 2013, totaling more than 7.2 million
square feet. The majority of activity can be directly attributed to several large renewal deals. Ten
of the top 16 largest lease transactions during 2013 were renewals totaling nearly 2.2 million square
feet—all of which were inked during the last half of the year.
There were 16 lease transactions in excess of 100,000 square feet during 2013, totaling nearly 3.6
million square feet—up from 11 during all of 2012. These 16 transactions represented 27 percent of
the total leasing activity for the year. Twelve of the deals were signed during the last half of the year.
The Reston submarket experienced the most activity in large transactions with six deals in excess of
100,000 square feet.
The AT&T Government Solutions headquarters renewal was the largest transaction at 440,000
square feet. The federal government remained active in the Fairfax County office market, signing four
large leases totaling 1 million square feet. Three of the deals signed by the federal government were
new to the county.
New office development continues to thrive in Fairfax County. At yearend, 11 buildings totaling just
under 2.7 million square feet were under construction, compared to 12 buildings totaling 2.2 million
square feet at yearend 2012. Four new buildings broke ground in three submarkets during the last half
of the year.
Ten new office buildings totaling more than 1 million square feet delivered in six county submarkets
during 2013. The total square footage of new office space delivered increased for a third straight year
in 2013. Based on construction activity, new office deliveries will increase again through 2014 and 2015.
22
The Fairfax County Economic Development Authority (FCEDA) promotes Fairfax County as one of the world’s best business locations. The FCEDA’s free
services can help you take advantage of the unlimited possibilities in Fairfax County. We have comprehensive, up-to-date data on labor force trends, taxes,
utilities, real estate, housing and meeting accommodations—along with scores of other facts and figures to help businesses grow and prosper. We can help
you locate the perfect office or industrial space for your new or growing business. If you or your clients are interested in locating, relocating or expanding your
business operation in Fairfax County, inquire in strict confidence to the Fairfax County Economic Development Authority, 8300 Boone Boulevard, Suite 450,
Tysons Corner, Virginia 22182 USA; phone: 703-790-0600; e-mail: [email protected].
Office Market Countywide Trends – Leasing Activity
Yearend 2013
Countywide Office Space Trends: 1980–2013 (Square Feet)
Direct
Standing
Inventory 1
Year
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
1
2
Vacancy
Rate (%)
20,567,000
27,900,000
30,750,000
32,100,000
35,100,000
42,800,000
48,700,000
53,616,000
58,073,000
63,575,000
67,139,000
72,702,000
73,056,000
74,397,000
75,562,432
76,074,620
78,265,573
79,617,676
82,088,287
88,375,053
93,563,753
97,602,908
100,912,347
101,507,385
102,117,697
103,520,646
105,054,801
107,232,650
111,189,301
112,556,702
113,191,835
113,624,952
114,056,515
114,771,222
1.7
2.9
4.5
2.9
7.3
9.4
9.4
8.8
10.8
15.2
18.3
16.8
14.8
12.4
9.9
8.5
6.2
4.3
4.1
4.8
3.5
6.4
12.1
11.2
8.6
7.8
7.7
9.2
12.1
14.0
13.3
13.7
14.4
14.4
Total
Leased 2
1,400,000
2,623,579
2,639,313
2,312,379
3,318,178
5,107,357
5,889,741
5,475,880
5,014,401
5,973,710
5,006,377
5,535,950
4,854,778
5,272,604
6,306,117
5,261,893
7,040,085
6,196,885
6,991,158
9,264,808
12,750,968
5,174,234
7,648,790
10,570,315
10,969,819
9,659,060
10,805,683
9,382,013
9,976,277
10,330,158
13,586,158
11,656,935
10,717,111
12,280,230
New
Leased
Relet
Leased
Total Direct
Available
New
Available
N/A
1,486,919
1,193,946
1,414,951
1,706,050
3,719,570
3,908,799
3,651,588
3,046,598
3,224,384
2,202,932
2,374,087
1,433,064
1,393,415
1,290,152
498,137
1,316,827
1,959,447
3,810,783
5,910,855
6,918,762
2,606,024
1,022,910
1,788,402
1,762,757
537,974
2,249,866
1,378,208
1,808,055
1,162,887
1,317,120
1,300,674
1,251,127
823,756
N/A
146,046
451,186
360,211
562,293
440,487
339,682
942,557
1,004,913
1,353,114
2,424,145
3,141,863
3,421,714
3,879,189
5,015,965
4,763,756
5,723,258
4,237,438
3,180,375
3,353,953
5,832,206
2,568,210
2,631,385
4,898,701
6,028,830
5,920,239
7,569,360
6,832,122
7,146,620
8,425,631
11,590,346
9,694,529
8,833,486
10,307,898
343,086
810,950
1,374,534
933,012
2,558,566
4,036,662
4,555,065
4,701,055
6,263,547
9,645,834
12,255,516
12,185,419
10,788,508
9,201,590
7,490,605
6,458,580
4,908,932
3,390,293
3,392,909
4,238,492
3,236,371
6,281,688
12,176,938
11,393,801
8,764,801
8,054,510
8,115,057
9,857,339
13,422,946
15,723,157
15,091,196
15,600,787
16,454,250
16,577,368
279,539
439,406
866,906
366,792
2,018,716
3,283,319
3,119,637
3,087,638
3,818,738
4,227,527
5,118,433
3,829,149
2,652,612
1,409,847
651,098
308,062
77,775
19,177
531,855
1,340,336
1,007,213
2,312,291
3,291,394
1,870,915
919,191
1,053,457
1,155,235
2,164,415
3,419,220
3,076,675
1,926,139
1,267,677
1,039,607
1,404,234
Relet
Available
63,547
371,544
507,628
566,220
539,850
753,343
1,435,428
1,613,417
2,444,809
5,418,307
7,137,083
8,356,270
8,135,896
7,791,743
6,839,507
6,150,518
4,831,157
3,371,116
2,861,054
2,898,156
2,229,158
3,969,397
8,885,544
9,522,886
7,845,610
7,001,053
6,959,822
7,692,924
10,003,726
12,646,482
13,165,057
14,333,110
15,414,643
15,173,134
Includes inventory outside submarket areas, 1980-2000 only.
ln some years, total leasing reflects the preleasing of buildings under construction and about to be constructed, as well as new and relet space.
Countywide Office Space Inventory and Vacancy Rates: 1980–2013
Vacancy Rate
Square
Feet
Vacancy rate includes sublet space (figures available for 2001–2013 only)
120 mil
20%
100 mil
15%
80 mil
60 mil
10%
40 mil
5%
2 Real Estate Report—Yearend 2013
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
0
1980
20 mil
0%
© Fairfax County Economic Development Authority
Large Blocks of Available Office Space (S.F.)
Large Blocks of Available Office Space by
Submarket – Second Half 2013
(Number of Blocks Available by Reporting Period)
(Millions of Square Feet)
80
36
50,000–99,999 s.f.
100,000–199,999 s.f.
200,000+ s.f.
70
60
56
26
50
40
45
26
36
30
0
36
24
26
20
10
64
34
9
4
4
3
57
34
41
18
23
19
20
15
8
34
19
62
37
21
14
1
3
7
6
2
51
31
55
33
15
18
5
4
Submarket
200+ 150-200 100-150 50-100 Total
Baileys Crossroads
0 0 1 23
Chantilly
0 0 3 47
Dulles
0 0 0 33
Fairfax Center/Oakton
1
0
0
4 5
Herndon
0 0 0 22
Merrifield
0 0 1 56
Newington / Lorton
0 0 1 0 1
Reston
0
0
3 710
Seven Corners
0 0 0 11
Springfield/Franconia
0
0 4 2 6
Tysons Corner
2
1
1 913
Vienna
0 0 1 12
Total
3
1
15
40
59
59
40
16
3
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Top 10 Office Lease Deals – Second Half 2013
(Square Feet)
Historic Office Gross Leasing Activity: 1985–2013
Square Feet
AT&T / Oakton
443,750
MITRE / Tysons Corner
SAIC / Tysons Corner
Department of Defense / Baileys Crossroads
299,988
255,248
TASC / Chantilly
216,675
L-3 / Reston
214,441
Nextel / Reston
184,887
SAIC / Tysons Corner
184,000
US Fish and Wildlife / Baileys Crossroads
182,721
Lockheed Martin / Reston
15 mil
340,000
161,359
12 mil
9 mil
6 mil
3 mil
0
L-3 Communications renewed 214,441 square feet at Two Freedom Square in
Reston Town Center.
© Fairfax County Economic Development Authority 12.28 mil
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
80
Yearend 2013
The U.S. Fish and Wildlife Service will relocate from Arlington to Seven Skyline
Place in Baileys Crossroads, taking 182,721 square feet of space.
Real Estate Report—Yearend 2013 3
Yearend 2013
Office Leasing Activity – Second Half 2013
Tenant
Building
Address
Square Feet
ANNANDALE
Battle Life Pain Clinic
Evergreen Office Condominiums
Body Kinetics Reh ab
Heritage Center 4
Bon Wellness Clinic
Bristow Center Condos
C.J. Cosmetology and Barber
Beauregard Square B
Della Ratta, Inc.
Annan Center
Mindsor
Evergreen Professional Center
reconArt
Sweet Home Improvement
The 7700 Building
Teddy Bear Day Care Annandale Financial Center
Tidewater Mortgage Services
Heritage Center 2
Westwood College
Heritage Center 4
Workers Compensation Center
Annandale Financial Center
7004 Little River Turnpike
4306 Evergreen Lane
4115 Annandale Road
7002-7027 Evergreen Court
1,100
1,300
1,100
1,100
1,000
1,100
3,500
1,000
2,000
2,100
22,200
3,900
BAILEYS CROSSROADS
American Systems Corporation
Department of Defense
MSGI Corporation
N-Tieractive
U.S. Fish & Wildlife Service
One Skyline Place
Suffolk Building
Two Skyline Place
Five Skyline Place
Seven Skyline Place
5205 Leesburg Pike
5611 Columbia Pike
5203 Leesburg Pike
5111 Leesburg Pike
5275 Leesburg Pike
2,200
255,200
17,700
9,800
182,700
BURKE
Global Educational Consulting
GW Community School
Movement Chiropractic
Patriot Square Condos
Won J Lee Dba Best Academy
9001 Braddock Road
9001 Braddock Road
10507-10511 Braddock Road
9001 Braddock Road
5,000
7,000
1,200
5,000
CENTREVILLE
Allstate
Inova Primary Care
International Medical Center
Lindsay Business Group
Paracha Old Centreville Crossing
Redwood Square Center
Old Centreville Crossing
Trinity Centre 1
Centre Square Condominiums
13890 Braddock Road
6101 Redwood Square Circle
13890 Braddock Road
5870 Trinity Parkway
5713-5731 Centre Square Drive
1,200
5,700
2,700
6,900
1,000
CHANTILLY
Linquest Corporation
Glenview 1
Accenture
Southgate Center I
Akina Pharmacy
Lafayette One-Building B
Citizant
Westfields
Codelta
Albemarle Point Building 3
CRGT
Stoneleigh II Westfields
Customs and Border Protection
Building IV
D1 Sports Training and Therapy
Dinner Done
Chantilly Plaza 2
Fairfax County Chantilly Parc Phase 2 Building E
GSA -Defense Contract Management Agency
Ellipse at Westfields
KeyLogic
Avion Lakeside D
L-3 Communications
Independence Center 2
Lockheed Martin
Avion III
MBA CSi
Westfields
Midatlantic Broadband
Penrose Center I
Orange Business Services
The Patriot Group Chantilly Parc, Phase 2 Building D
Potomac Podiatry Group
Chantilly Professional Building
Redgrave
Avion Lakeside D
Savvee Consulting Inc
Enterprise Center Building 1
TASC
TASC
TNT Environmental
ParkEast Corporate Center 3 Tomega Communications
Universal Space Network
Penrose Center III
Westcon Group North America 4 Real Estate Report—Yearend 2013
14151 Newbrook Drive
4501 Singer Court
4080 Lafayette Center Drive
15000 Conference Center Drive
14426 Albemarle Point Place
4840 Westfields Boulevard
12379 Sunrise Valley Drive
14201 Sullyfield Circle
14900 Bogle Drive
14501 George Carter Way
14555 Avion Parkway
14550 Avion Parkway
14425 Penrose Place
13775 McLearen Road
14901 Bogle Drive
3914 Centreville Road
14555 Avion Parkway
4801 Stonecroft Boulevard
13990-13998 Parkeast Circle
14399 Penrose Place
4,500
3,800
5,100
18,600
4,400
5,000
30,100
19,200
4,900
8,000
54,500
8,700
18,700
71,500
14,200
7,100
125,300
1,800
3,000
5,100
7,900
216,700
82,800
1,700
2,900
5,000
17,000
Yearend 2013
Tenant
Building
Address
Square Feet
DULLES
Celcite Management
Computer Enterprises
Corporate Results
CSC EWA
LaFarge North America Motion DSP Northrop Grumman Corporation
Vbrick
Volkswagen Group of America
VT iDirect
VT iDirect
Windward IT
Dulles View South
Liberty Park Building 7
Dulles Creek
Dulles Gateway Phase I
Woodland Park
Dulles Technology Center
Dulles View South
East Court Dulles Corner
Woodland Park
Plaza Ridge II
Presidents Park Building I
Presidents Park Building II
Woodland Park
2553 Dulles View Drive
13665 Dulles Technology Drive
13800 Coppermine Road
13921 Park Center Road
2121 Cooperative Way
2553 Dulles View Drive
2250 Corporate Park Drive
23,200
3,400
11,000
8,100
6,800
14,800
2,000
30,300
5,400
7,600
41,900
57,200
22,000
FAIRFAX CENTER/OAKTON
Advanced Spine and Pain
Fair Oaks Corporate Center II
Alexandria Consulting Group
Fair Oaks Plaza
American Infrastructure
Fair Lakes 1
AT&T
AT&T Building
Brookfield Homes
Three Flint Hill
CFC Financial Group
Fair Oaks Plaza
CJM Wealth Advisors
Fair Oaks Commerce Center Community Foundation for Northern Virginia
Hunter Mill Plaza I Computer Sciences Corporation
Fair Oaks Plaza
Concept Plus
One Monument Drive
CorVel Corporation
Fair Oaks Commerce Center CT Solutions
Fair Lakes 4
Daon Bridgewater Corporate Center
Fairfax County Department of Transportation
Centerpointe One
Fidelity
Fair Lakes 1
First Service Residential
Random Hills Center
Forward Capital
Three Flint Hill
Hamilton Insurance Agency
Fairfax Corner South
IMT Corporation
Argon Plaza
Inova Primary Care
One Flint Hill Jyothi Gadde MD
Greenbrier Corporate Center 1
Kema Consulting
AFCEA
Matthews Carter & Boyce Fair Lakes 1
Nfinity LLC
Fairfax Executive Park
NVR
Pender Business Park O&O Alpan
Fair Oaks Corporate Center
Pinnacle Family Practice
Greenbrier Corporate Center 1
Preferred Insurance Services Crown Ridge @ Fair Oaks
SoSACorp
Vignet
Greenwood Plaza Building
Virginia Tire and Auto
Three Flint Hill
11230 Waples Mill Road
11350 Random Hills Road
12500 Fair Lakes Circle
3033 Chain Bridge Road
3201 Jermantown Road
2940 Hunter Mill Road
12150 Monument Drive
4050 Legato Road
4100 Monument Drive
10530 Rosehaven Street
13135 Lee Jackson Highway
4400 Fair Lakes Court
3949 Pender Drive
3701 Pender Drive
4035 Ridge Top Road
1,400
2,900
3,000
444,800
10,000
12,100
6,300
1,300
12,100
5,800
2,300
1,800
18,300
51,400
5,600
15,500
2,800
13,500
1,600
5,600
3,500
10,000
16,400
1,300
6,900
3,300
5,200
6,256
6,300
1,500
5,900
HERNDON
Aloha Mind Math
Springwood Office Center
Amazon
Monument IV at Worldgate
Avertra Corp
Monroe Business Center 4
B & W
Monument II at Worldgate
Boeing Satellite Services
Parkway Square
The British Standards Institution Monument II at Worldgate
Center for Vein Restoration
Elden Plaza Children’s Heart Institute
Herndon Centre 2
Continental Building Supplies
Ericsson
Hopkins House
Fairbrook 1
IMT Holdings Corporation
Innovation Vision Information Herndon Corporate Center
ITility
Fairbrook 1 Jim Eisberg
Parkway Crossing Condominiums
Kossler & Co
Sugar Oak 2 Building 1
NetCentrics Corporation
The Atrium at Worldgate
New Oasis Learning Center
Corporate Oaks 2
OpenWhere
Northridge II
© Fairfax County Economic Development Authority 462 Herndon Parkway
12900 Worldgate Drive
580 Herndon Parkway
460 Herndon Parkway
150 Elden Street
171 Elden Street
200 Fairbrook Drive
950 Herndon Parkway
1175 Herndon Parkway
200 Fairbrook Drive
459 Herndon Parkway
441 Carlisle Drive
205 Van Buren Street
607 Herrndon Parkway
2,000
7,000
1,800
1,900
33,400
26,200
2,800
1,800
19,600
8,800
9,100
2,100
1,300
9,300
1,100
1,800
9,100
2,800
4,800
Yearend 2013
Tenant
Building
Address
Square Feet
HERNDON, continued
Republic Capital Access
RSR International
Search Technologies
Trusted Concepts
Pine Street Station Office Building
Herndon Parkway Center
The Atrium at Worldgate
790 Station Street 12950 Worldgate Drive
1110-1118 Herndon Parkway
205 Van Buren Street
4,400
6,600
3,700
5,200
MCLEAN/GREAT FALLS
A&D Framing McLean Office Square
Allergy & Asthma Associates
Poplar Place 2
Charity Works
Madison Building
CompSec
Poplar Place 2
Heart Life LLC
Old McLean Village
Heyer America
Madison Building
Long & Foster
McLean Family Dentistry
McLean Professional Park
Orbis Operations McLean Commercial Center
Red 5 Security
Rocky George Development
Sweet Bites McLean Office Center
Sweet Green
Bassing Office Building
TVAR Solutions
Madison Building
1310-1314 Vincent Place 1360 Beverly Road
1320 Old Chain Bridge Road
1360 Beverly Road
6736-6744 Old McLean Village Drive
1355 Beverly Road
6849 Old Dominion Drive
1420 Beverly Road
1420 Beverly Road
6845 Elm Street
6707 Old Dominion Drive
1,500
1,300
4,100
1,300
1,100
2,300
11,400
1,900
2,100
2,700
3,200
1,000
1,200
2,200
MERRIFIELD
Al & Ko
Apex Systems
Fairview Park
BCMC
Fairview Park
Becht Engineering
Constellation West
Prosperity Metro Plaza
CustomInk
One Mosaic
Datastrong
Focused Image
Fairview Park
GHA
Prosperity Plaza 1
ICS Nett
Instep DC LLC
Koussa & Lkishtaini, DDS
LNG Publishing
Ley Plaza
Parrish and Partners
Fairview Park
Pro Healthcare Services
Provectus
Fairview Park
Pyramid Systems
Setty and Associates
Williams Plaza I
SRA International
Willow Oaks I
Teksystems
One Jefferson Park
Three Wire Systems
Fairview Park Virginia Tech
8500 Executive Park Avenue
3190 Fairview Park Drive
2677 Prosperity Avenue
2910 District Avenue
8315 Lee Highway
3020 Hamaker Court
7389 Lee Highway
8315 Lee Highway
3040 Williams Drive
8260 Willow Oaks Corporate Drive
8111 Gatehouse Road
1,100
14,200
3,800
1,600
5,500
14,900
9,600
6,400
1,800
4,200
3,900
2,000
3,300
4,900
5,600
3,300
23,400
13,400
23,000
6,300
3,200
12,600
NEWINGTON/LORTON
United Bank
Newington Professional Building
7830 Backlick Road
1,100
RESTON
6K Systems
Plaza America Tower 2
A.I.R.
Appian
Democracy Tower at Reston Town Center
AvMet Applications Incorporated
Bechtel
Bulletin News
The Campus at Sunrise
Canvas, Inc.
One Fountain Square, Reston Town Center
CertiPath
One Freedom Square
Collaborative Solutions
Dell/Quest Software
Parkridge Center 3
Design Management Group
Ferguson Walton & Shansab Reston Corner III
Fortinet Reston Corner II
FranConnect
Reston International Center
Freedom Bank
Plaza America I
Global Tel Link Corporation
Two Reston Overlook
11710 Plaza America Drive
11955 Democracy Drive
1800 Alexander Bell Drive
11911 Freedom Drive
11951 Freedom Drive
10701 Parkridge Boulevard
12021 Sunset Hills Road
11,100
21,900
55,000
2,400
23,600
27,400
11,400
5,000
5,100
12,000
2,300
2,500
3,100
8,100
2,500
9,200
Yearend 2013
Tenant
Building
Address
Square Feet
RESTON, continued
Golden Key Group
Commerce Metro Center IV
GSA/Region 11
Parkridge Center 2
The Heiden Group
Oakbrook Building
Hyperion
Commerce Metro 6
IndraSoft
Post Trail Office Building
Infor Global Solutions
RTC West II
Intuitive, Inc.
Two Fountain Square
Knowledge Systems
One Fountain Square
L-3 Communications
Two Freedom Square
Leidos
One Freedom Square
Leidos
Two Freedom Square
Liberty Mutual Insurance Company Reston Square @ Reston Heights
Lockheed Martin
Arboretum II South Building
Lockheed Martin
Mandiant Corporation
Two Discovery Square
Microsoft Corporation
Two Discovery Square
New Year Tech
Pincrest Building
Nextel
One Reston Crescent
Nubisio
NVR
Pacific Trust Bank
Hunt Building
Qlarion Reston Corner III
Quadrant/KMS
Campus Commons
Sallie Mae RestonCrossing West
Sandler Occupational Medicine Associates Reston Arboretum
Seneca Resources
Parkridge Center 3
Sentrillion
Campus Commons
Shelter House
Pinecrest Building
Synaptic Solutions
Threat Track Security
Threat Track Security
U.S. Customs and Border Protection Agency
Sunrise Tech Park IV
VAE Reston Corner II
Vistera Reston Eastpointe
VMD Systems Integrators
WebbMason, Inc
Oakbrook Building
World Wide Technology Holding Co.
Young Amercia’s Foundation
Commerce Metro 6
11400 Commerce Park Drive
10803-10805 Parkridge Boulevard
1897 Preston White Drive
11921 Freedom Drive
11911 Freedom Drive
11955 Freedom Drive
11951 Freedom Drive
11955 Freedom Drive
2245 Monroe Street
12310 Pinecrest Road
1768 Business Center Drive
1881 Campus Commons Drive
2001 Edmund Halley Drive
10701 Parkridge Boulevard
1881 Campus Commons Drive
12310 Pinecrest Road
1800 Alexander Bell Drive
2100 Reston Parkway
1897 Preston White Drive
2,300
19,200
1,800
5,200
1,400
6,500
9,800
1,100
214,400
103,000
60,000
2,100
161,400
21,000
11,300
95,300
5,000
184,900
4,300
59,000
3,300
2,500
11,500
87,000
3,000
2,600
11,700
3,000
1,600
10,800
78,600
30,200
3,700
10,600
2,900
4,000
7,400
20,300
RICHMOND HIGHWAY
Millennium
Mt. Vernon Professional Center Building 1
Mount Vernon-Lee Chamber of Commerce
Pac Outsourcing
Huntwood Plaza
Systems Definition
One Beltway Center
8101 Hinson Farm Road
6821 Richmond Highway 5845 Richmond Highway 5904 Richmond Highway
1,100
2,000
4,400
2,100
SEVEN CORNERS
Dominion Hospital
Nexus Systems
Falls Church Corporate Center, Tower One
Quality Technologies
Falls Church Corporate Center, Tower Two
Sunlight Nails
Doublee Park
6565 Arlington Boulevard
8,400
12,000
14,500
1,000
SPRINGFIELD/FRANCONIA
Advanced Decision Vectors
Poplar Run Office Park Building 2
Carrington Mortgage Springfield Executive Center
Computer Systems Center Springfield Corporate Center 1
Doctor Smart Phone 703
Northrop Grumman Corporation
Courtyards North
Orion Management
Forbes Center
TD and GE Management
Cherokee Building B
The Retina Group of Washington
MetroPark @ Springfield Metro III
Unified Industries
Spring Mall Office Building
Vanguard Research Springfiled Corporate Center 1
Wilson Garcia, DDS
© Fairfax County Economic Development Authority 5270 Shawnee Road
5501 Backlick Road
6225 Brandon Avenue
7015 Old Keene Mill Road
6400 Grovedale Drive
8003 Forbes Place
5510 Cherokee Avenue
6354 Walker Lane
6551 Loisdale Road
6225 Brandon Avenue
7015 Old Keene Mill Road
3,200
2,000
57,100
1,100
19,100
9,500
4,300
6,300
12,300
6,300
2,000
Yearend 2013
Tenant
Building
Address
Square Feet
TYSONS CORNER
Access National Bank
AIMEX
Minchew Office Park
American Association of Tissue Banks
Greensboro Park
ARA DC
Greensboro Corporate Center 2
Ascella Technologies
Tysons Dulles Plaza 1
AT-Tech Staffing Services
Tysons Corporate Center I
Base Solutions
Benjamin Financial Group
Berry, Appleman & Leiden
Shenandoah Building BIS Global
Greensboro Park
Black and Kletz Allergy Practice
BMC Corporation
BOWA
Atrium Building
Brighton Jones
Westpark Business Campus
BRTRC
Camden Development
Capstone Strategic
Shenandoah Building
Carr Morris & Graeff
American Center West
CBIT
Chris4Life
Cognosante
Greensboro Park
CollabraLink Technologies
Comprehensive Language Centers
Tysons Metro Center 1
Concourse Café
The Concourse West Building
Convene
The Corporate Office Centre @ Tysons II
CoreLogic Solutions
Credence Management Solutions
Westwood 4
Cross Country Consulting
Cushman & Wakefield
Cvent
Greensboro Station 2
Cvent
CygnaCom Solutions
DC Mobility
Tysons Corporate Center II
Digital Sandbox
Dovel Technologies
Shenandoah Building
Dr. Hazem Elariny
Dr. Wilson Kim
DynCorp
Lincoln Building, Westgate
Eberle Communications Group
Emcor Construction Services
Fairfax County Chamber of Commerce
Atrium Building
Founding Farmers
FrontPoint
The Concourse East Building
FrontPoint
The Concourse West Building
Good Day Total Health Clinic
Westwood 2
Government Contract Solutions
Hart Energy Publishing
Holland & Knight The Corporate Office Centre @ Tysons II
Human Touch McLean Hilton Office Complex
Impexium
Interactive Technologies Group
Park Place 1
International Title and Escrow
International Gateway 1
Island Children’s Dentistry
Tyson’s West Medical
iWorks Corporation
JDM Title
Spring Hill Metro Place
Kajeet
Shenandoah Building
Kapsch
Keel Point
Fairfax Square II
Kellton Tech Tysons Metro Center 1
KHNP
Kuanmin Chung & Brian Benedictus
Minchew Office Park
Lane Construction
Lara, May and Associates
East Building
The Leiser Law Firm
Light + Form Architecture Westpark Business Campus
Lightbridge Corporation
Liljenquist & Beckstead
Fairfax Square II
Link Solutions Tysons Metro Center 1
Lukas, Nace, Guiterrez & Sachs Tysons Corner Office Center
MacAulay-Brown
Mangi Environmental Group
McCarthy Investments
8221 Old Courthouse Road
2136 Gallows Road
8200 Greensboro Drive
1420 Spring Hill Road
8229 Boone Boulevard
8230 Leesburg Pike
7600 Leesburg Pike
7901 Jones Branch Drive
7900 Westpark Drive
1521 Westbranch Drive
8521 Leesburg Pike
1600 International Drive
1800 Tysons Boulevard
8607 Westwood Center Drive
1709 Solutions Drive
2235 Cedar Lane
1700 Old Meadow Road
7900 Westpark Drive
1749 Old Meadow Road
1500 Cornerside Boulevard
8075 Leesburg Pike
2136 Gallows Road
7600 Leesburg Pike
1749 Old Meadow Road 1521 Westbranch Drive
8075 Leesburg Pike
1945 Old Gallows Road
2,200
1,200
5,500
9,300
1,300
1,500
1,400
1,200
6,500
8,400
7,000
26,000
10,100
1,800
10,300
10,000
3,700
3,400
12,900
1,800
11,500
9,300
10,000
4,000
15,000
8,600
3,700
4,500
24,600
52,000
64,600
5,400
2,100
22,500
23,300
2,500
1,100
79,300
10,600
3,200
9,100
15,000
35,900
22,000
3,900
6,500
1,700
10,900
8,600
1,700
6,900
1,100
2,600
5,900
4,000
6,100
8,500
11,800
3,300
1,900
1,200
1,100
17,800
2,200
1,000
12,000
5,600
15,300
12,400
6,400
3,000
2,100
Yearend 2013
Tenant
Building
Address
Square Feet
TYSONS CORNER, continued
McGladrey
Mercator Group
Merritt Group
Metropolitan Life Insurance Company
Mid Atlantic Mortgage
8609 Metro Place
Miele
Fairfax Square I Miles & Stockbridge
North Tower, Pinnacle Towers
MITRE
MITRE IV
Modern Image
Westpark Business Park
Mooring Fund Manager
8609 Metro Place
Mtag
8609 Metro Place
Mythics Incorporated
Tysons Commerce Center
NAELA
Spring Hill Metro Place
NetApp
Tysons International Plaza 2
NetIQ
8609 Metro Place
Obsidian
Greensboro Park
Octo Consulting
Organizational Strategies
Parrish Group
Greensboro Park
Pasargad
Fairfax Square II
Paul Williamson Law Firm
Personify Tysons International Plaza 1
Pitcairn
QSSI
Quarksoft
Reach Systems
Dittmar Building
Regency Centers
Tysons International Plaza 1
Sahouri Insurance & Financial
Greensboro Park
SAIC
SAIC
SAIC
Sarag A. Providence
Centennial Plaza Service Now
Fairfax Square I Service Power
The Signature Group
Signet Management USA
Spire Investment Partners
Shenandoah Building, Westpark
SSBart Group
The Concourse East Building
Staples Contract and Commercial
Strategic Operational Solutions
Centennial Plaza 2-B
Sun Trust Bank
Sunrise Senior Living
Terrace Building
Superior Foundation
TA Group
Tatitlek Corporation
TD Bank
Tycon Courthouse
Technical Training Alliance
Minchew Office Park
TPI Group
Tysons Office Center
Turkish Airlines
TWD
North Tower
Tysons Wealth Advisors
Tysons West Orthodontics
Tyson’s West Medical
USA Financial Partners
East Building
USAA
Fairfax Square I V! Studios
Vaughn Fincher
8609 Metro Place
Venn-Corp
Virginia Vein Care
Greensboro Park
VLP Financial Advisors
Waddell & Reed
Wallace Montgomery & Associates
Westpark Business Park
Watkins Meegan
Towers Crescent
XcelTech
Minchew Office Park
Yoga Place
South Tysons Office Park
Zachary Piper
7600 Leesburg Pike
8065 Leesburg Pike
1751 Pinnacle Drive
7596 Colshire Drive
8219 Leesburg Pike
1921 Gallows Road
8075 Leesburg Pike
1919 Gallows Road
8230 Leesburg Pike
1919 Gallows Road
8290-8294 Old Courthouse Road
8065 Leesburg Pike
7900 Westpark Drive
2136 Gallows Road
8133 Leesburg Pike
1751 Pinnacle Drive
1500 Cornerside Boulevard
7600 Leesburg Pike
8065 Leesburg Pike
8000 Westpark Drive
8000 Towers Crescent Drive
2136 Gallows Road
2102 Gallows Road
1521 Westbranch Drive
30,000
1,700
7,300
12,100
1,400
4,800
29,900
340,000
1,700
3,200
3,100
6,900
3,300
67,000
10,000
2,800
5,800
2,800
2,900
2,300
2,500
29,800
2,700
3,700
2,600
1,100
10,900
4,000
184,000
136,000
312,000
1,400
9,400
5,800
1,500
1,300
10,400
5,000
3,200
4,600
22,100
50,000
4,700
3,200
1,700
26,000
2,300
5,000
2,100
12,100
6,600
2,000
15,000
20,000
5,200
4,600
3,300
2,800
5,400
4,200
1,200
16,000
3,600
1,100
4,300
VIENNA
Downtown Vienna Dental
Laura and Despina Saab Realtors
© Fairfax County Economic Development Authority Park Place
Vienna Court
Vienna Oaks Office Center
115 Park Street SE
131 Park Street NE 2555-2575 Chain Bridge Road
1,800
1,100
2,000
Office Market Countywide Trends – Sales Activity
Yearend 2013
Wynwood 1 and 2 / Chantilly
CentreMed I and II / Centreville
Stonecroft Business Park Building B / Chantilly
53,760 s.f. • $16,038,729 ($298 per s.f.) 1
Buyer: Harrison Street Real Estate Capital
Seller: Washington Real Estate Investment Trust
47,456 s.f. • $4,500,000 ($95 per s.f.)
Buyer: Hando Healthcare Foundation
Seller: Equinox Investments
92,000 s.f. • $5,625,000 ($61 per s.f.) 2
Buyer: Chalmers Property Company
Seller: LNR Property Corporation
Franklin Farm Professional Center / Dulles
Pender Business Park / Fairfax Center
Merrifield Place II / Merrifield
24,600 s.f. • $4,444,076 ($181 per s.f.)
Buyer: Mitco
Seller: JLH Properties
174,876 s.f. • $31,500,000 ($180 per s.f.) 3
Buyer: Government Properties Income Trust
Seller: Liberty Property Trust
81,612 s.f. • $16,000,000 ($196 per s.f.)
Buyer: Bernstein Management Corporation
Seller: National Association of Insurance and
Financial Advisors
Boulevard Medical Center / Merrifield
AT&T Building / Oakton
Parkridge Center 4 / Reston
55,870 s.f. • $6,712,333 ($120 per s.f.)
443,750 s.f. • $93,000,000 ($210 per s.f.) 4
Buyer: Star Financial
Seller: AT&T
123,525 s.f. • $23,692,320 ($192 per s.f.)
Buyer: Lone Star Fund
Seller: Penzance Companies
1801 Reston Avenue / Reston
Washington Plaza Business Center / Reston
11720 Sunrise Valley Drive / Reston
29,200 s.f. • $8,000,000 ($274 per s.f.)
Buyer: Renaissance Centro
Seller: Kapani Family
48,536 s.f. • $8,725,000 ($180 per s.f.)
Buyer: Spaulding Slye Investments
Seller: Arthur Greenberg
72,189 s.f. • $10,000,000 ($139 per s.f.)
Buyer: Rooney Holdings
Seller: The JBG Companies
8143 Richmond Highway /
Richmond Highway
Seven Corners Professional Building and
Medical Building / Seven Corners
9,660 s.f. • $1,200,000 ($124 per s.f.)
Buyer: Howard Kang
Seller: Lester Stribling
32,080 s.f. • $4,086,045 ($127 per s.f.) 5
Buyer: Mellinium Medical Center
Seller: Rock Creek Property Group
Seven Corners Professional Center /
Seven Corners
Yearend 2013
6565 Arlington Boulevard / Seven Corners
149,647 s.f. • $19,742,157 ($132 per s.f.)
Long and Fosater Building / Seven Corners
Springfield Corporate Center 1 / Springfield
7,458 s.f. • $1,650,000 ($221 per s.f.)
Buyer: Capitol Cardiology Associates
Seller: Long & Foster Realty
145,329 s.f. • $16,250,000 ($112 per s.f.)
Buyer: TA Associates Realty
Seller: MRP Realty
Greensboro Station 1 / Tysons Corner
197,192 s.f. • $30,471,093 ($155 per s.f.)
Buyer: Meridian Group
Seller: SAIC
132,708 s.f. • $13,861,345 ($104 per s.f.)
Seller: SAIC
313,125 s.f. • $40,517,562 ($129 per s.f.)
Seller: SAIC
99,350 s.f. • $9,370,000 ($94 per s.f.)
Buyer: Fairfax County Public Schools
Seller: US Bancorp
Two-building sale.
Two-building sale.
3
Two-building sale.
4
Sale and lease-back.
5
Two-building sale.
1
2
© Fairfax County Economic Development Authority Real Estate Report—Yearend 2013 11
Yearend 2013
Notable Office Building Sales – Second Half 2013
(Price Per Square Foot)
CentreMed Portfolio / Centreville
$298
1801 Reston Parkway / Reston
$274
Long & Foster Building / Seven Corners
$221
AT & T Building / Oakton
$210
Merrifield Place II / Merrifield
$196
Office Building Sales by Year (Number of Buildings Sold)
2000
86
2001
43
2002
48
2003
Tysons Tower is scheduled to deliver nearly 525,000
square feet of office space in the second half of
2014. The office tower is part of the first phase of
a larger mixed-use redevelopment at Tysons Corner
Center that also includes a 395-unit multifamily
building and a 300-room Hyatt Regency Hotel.
57
2004
67
2005
59
2006
87
2007
77
20
2008
2009
22
2010
69
2011
54
57
2012
46
2013
Office Building Sales by Value
(Total Value and Average Price Per Square Foot by Reporting Period)
Total
Value
Average Price
Per Square Foot
$2 bil
$350
$300
$1.5 bil
The first phase of Tysons Overlook will deliver in
September 2013 and will include a 300,000
square foot, 11-story office tower. LMI will occupy
150,000 square feet of the building.
$250
$1 bil
$208
$500 mil
$0
$200
$485.6 mil
$150
MY YE MY YE MY YE MY YE MY YE MY YE MY YE MY YE MY YE MY YE MY YE MY YE MY YE MY YE
$100
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Office Market Countywide Trends – Construction Activity
New Office Building Deliveries by Year (Less Demolitions)
Square Feet
Yearend 2013
Office Construction by Submarket –
Yearend 2013 (Square Feet)
9 mil
8 mil
7 mil
6 mil
5 mil
4 mil
3 mil
2 mil
1.03 mil
0
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
1 mil
Burke / 16,063
Chantilly / 125,000
Dulles / 375,250
Fairfax Center / 115,000
Lorton / 43,800
Merrifield / 196,455
Reston / 158,000
Tysons Corner / 1,640,432
Office Buildings Under Construction – Second Half 2013
Project Name
Address
Submarket Square Feet Lead Tenant(s)
University Mall Building F
10615 Braddock Road
Burke
16,063
Park Center 1
Chantilly
125,000
Dulles Discovery South Building
3443 Historic Sully Way
Dulles
375,250
INOVA Fair Oaks MOB IV
3580 Joseph Siewick Drive
Fairfax Center
115,000
Gunston Commerce Center 3
10718 Furnace Road
Lorton
43,800
INOVA @ Willow Oaks 8221 Willow Oaks Corporate Drive Merrifield
196,455
Core Site Data Center
Reston
158,000
Tysons Tower
7900 Tysons One Place
Tysons Corner
524,432
Tysons Overlook
7940 Jones Branch Road
Tysons Corner
300,000
MITRE IV
7596 Colshire Drive
Tysons Corner
340,000
The Corporate Office Center at Tysons II 1775 Tysons Boulevard
Tysons Corner
476,000
Total2,670,000
Delivery
Speculative
National Reconnaissance Office
Central Intelligence Agency
Inova Radiation Oncology Cancer Center
Five Guys Enterprises
Fairfax County MHMR
Speculative
Speculative
LMI
MITRE
Speculative
October 2014
December 2014
June 2014 1
February 2014 2
March 2014 3
June 2014 2
December 2014 3
July 2014 4
September 2014 2
June 2016 5
March 2016 6
Office Building Deliveries – Second Half 2013
Project Name
Address
Submarket
Square Feet
The Aerospace Corp. East Coast HQ, phase 1
14725 Lee Road
Chantilly
192,000
Beulah Street Office II
6420 Beulah Street
Franconia
35,000
Belvoir Corporate Campus 1
7951 Loisdale Road
Newington
116,779
Belvoir Corporate Campus 2
7961 Loisdale Road
Newington
116,779
Reston Hospital Center Medical Office Building 1850 Town Center Parkway
Reston
152,476
Total613,034
Lead Tenant(s)
Delivery
The Aerospace Corporation
NES Associates
Speculative
Speculative
25% Preleased Medical Office
September 2013 2
October 2013 2
October 2013 3
October 2013 3
December 2013 2
Office Building Demolition – Second Half 2013
Project Name
Address
Submarket
Square Feet
10617 Braddock Road
Burke
4,933
Value Engineering Building
2550 Huntington Ave
Richmond Highway
119,682
Cleveland Building
1820 Dolley Madison Tysons Corner
170,537
Total295,152
Demolition
July 2013
October 2013
September 2013
LEED-registered new construction
LEED-registered core and shell
3
LEED-registered Silver
4
LEED-registered core and shell – Gold
5
LEED-registered Gold
4
LEED-registered core and shell – Platinum
1
2
For an explanation of LEED certification, see glossary on page 22.
The first phase of The Aerospace Corporation’s East Coast Headquarters
located in the Chantilly submarket delivered in September 2013.
Office Market Submarket Trends
Yearend 2013
Office Space Inventory by Submarket (Square Feet) – Second Half 2013
Inventory
Annandale
1,819,053
Baileys Crossroads
3,286,510
Burke
522,901
Centreville
981,928
Chantilly
11,316,073
Dulles
9,533,563
Fairfax Center/Oakton 9,879,541
Herndon (Town)
5,738,766
McLean/Great Falls
4,232,706
Merrifield
10,376,401
Newington/Lorton
1,278,639
Reston
19,847,414
Richmond Highway
936,796
Seven Corners
1,040,086
5,156,823
Tysons Corner
26,292,126
Vienna
2,531,896
Fairfax County 114,771,222
Absorption
Available
Construction Activity
Total
Relet New*
Sublet
Total
Relet
New Sublet Underway Delivered
37,265
29,411 0
7,854 308,952
256,329
22,256 30,367 0
0
470,092 460,309 0
9,783 1,107,570 1,091,869
0
15,701 0
0
24,930
24,930 0
0
41,197
39,637
0
1,560 16,063 0
30,166
27,013 0
3,153 132,571
121,732
886 9,953 0
0
655,820 511,253 130,000
14,567 1,846,472 1,449,582
266,857 130,033 125,000 192,000
404,073 363,004 0
41,069 1,346,310
882,193
83,701 380,416 375,250 0
702,880 679,311 23,569
0 1,393,538 1,125,333
22,167 246,038 115,000 0
207,381 205,733 0
1,648 780,886
634,951
1,800 144,135 0
0
89,185
80,946 0
8,239 170,222
149,956
0
20,266 0
0
250,343 185,072 2,880
62,391 1,529,016 1,149,122
124,380 255,514 196,455 0
10,665
10,665 0
0
402,507
32,699
364,513 5,295 43,800 233,558
1,656,980 1,512,464 10,575 133,941 3,254,178 2,561,273
146,927 545,978 158,000 152476
43,137
43,137 0
0
222,083
168,122
0
53,961 0
0
137,729 125,813 0
11,916 229,322
193,904
6,000 29,418 0
0
182,955 176,647 2,441
3,867 1,303,295
802,357
256,262 244,676 0
35,000
2,279,205 1,845,219 340,000
93,986 4,809,915 4,215,078
108,485 486,352 1,640,432 0
47,360
47,360 0
0
298,997
298,997
0
0
0
0
7,230,166 6,328,287 509,465 392,414 19,177,031 15,173,134 1,404,234 2,599,663 2,670,000 613,034
* Includes buildings under construction
Office Lease Rates by Submarket (Per Square Foot) –
Second Half 2013
Office Vacancy Rate by
Relet Lease Rates
New Lease Rates*
Annandale
$12.00 n–$31.50
$31.50
Baileys Crossroads
$20.00–$36.00 NA
Burke
$14.00 ig
NA
Centreville
$13.00 n–$31.00 $25.00
Chantilly
$9.00 nnn–$31.00 n $29.50–$32.00
Dulles
$18.50 –$34.00
$28.00–$32.00
$20.00–34.50$19.50 nnn–$31.00
Herndon (Town)
$14.50–$36.00$30.00 nnn–$32.50 nnn
McLean/Great Falls
$14.50–$36.00
NA
Merrifield
$18.00 –$41.00
$29.50–$41.50 nn
Newington/Lorton
$13.25 nnn–$26.00 n
$28.00
Reston
$14.00–$37.00$25.75–$36.00
Richmond Highway
$13.50 mg –$27.25
NA
Seven Corners
$20.00–$28.75$28.00 nnn
$12.00–$43.50 $32.00–$43.50
Tysons Corner
$22.00–$44.00$38.50 nn–$60.00
Vienna
$9.00 n–$26.50 NA
Sublet Lease Rates
$12.00 nnn–$26.00
$15.00–$24.00
$16.00 n
$19.00
$14.75–$23.00
$14.00 –$29.00 n
$18.00–$34.00
$14.00–$26.00
$24.00 –$32.00
$15.00–$34.00
$15.75 ig-26.00 n
$16.50–$33.50
NA
$18.00
$14.00–$33.00
$15.00–$35.00
NA
Direct
Annandale
15.3% ▲
Baileys Crossroads
33.2% ▼
Burke
7.6% ▼
Centreville
12.5% ▼
Chantilly
15.2% ▲
Dulles
10.1% ▼
Fairfax Center/Oakton 11.6% ▼
Herndon (Town)
11.1% —
McLean/Great Falls
3.5% ▼
Merrifield
12.3% ▲
Newington/Lorton
31.1% ▲
Reston
13.6% ▼
Richmond Highway
17.9% ▲
Seven Corners
19.2% ▼
20.5% ▲
Tysons Corner
16.4% ▲
Vienna
11.8% ▼
Fairfax County
14.4% —
w/Sublet
17.0% ▲
33.7% ▼
7.9% ▼
13.5% ▼
16.3% ▲
14.1% ▼
14.1% ▼
13.6% ▲
4.0% ▼
14.7% ▲
31.8% ▲
16.4% ▼
23.7% ▼
22.0% ▼
25.3% ▲
18.3% ▲
11.8% ▼
16.7% ▼
NOTE: The lease rates listed above are based on quoted rates of property available on December 31, 2013. It is
important to note that this is just a snapshot of quoted rates at a given point in time and that all rates are subject
to change.
For an explanation of lease rates, see glossary on page 22.
Beulah Street Office II delivered in October 2013, with 35,000 square feet of
space in the Newington submarket. NES Associates leased 23,000 square feet in
the building.
The third building in Dulles Discovery is scheduled to deliver 376,000 square feet
of office space in June 2014. Dulles Discovery will have 2.3 million square feet of
office development when all phases are completed.
Commercial Condominium Market Countywide Trends
Yearend 2013
Commercial Condominium Sales by Year
Commercial Condominium Inventory by Submarket
Number of Units Sold
Square Feet
656,543
Annandale
Baileys Crossroads
Burke
Centreville
Chantilly
345
Dulles
293
Fairfax
Center/Oakton
278
Herndon
258
231
McLean/Great Falls
212 206
Merrifield
171 163 159
Newington/Lorton
165
151
Reston
138
Richmond Highway
Seven Corners
Tysons Corner
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Vienna
460
170,129
278,338
301,250
1,645,456
149,567
227,289
599,192
355,544
410,405
834,583
916,513
248,575
96,064
1,124,650
702,228
355,151
0
Office Condominium Sales – Second Half 2013
500,000
1 mil
Office
Medical
1.5 mil
2 mil
Industrial
Number of Sales / Average Price Per Square Foot
Total
Number
Average Price
Per Square Foot
Commercial Condominium Sales by Type
– Second Half 2013
$500
Number of Sales / Average Price Per Square Foot
20
Submarket
15
$400
10
$300
5
© Fairfax County Economic Development Authority Vienna
Tysons Corner
Richmond Highway
Reston
Newington/Lorton
Merrifield
McLean/Great Falls
Herndon
Chantilly
Burke
Centreville
Baileys Crossroads
$200
Annandale
0
Industrial
Annandale
Baileys Crossroads
Burke
Centreville
Chantilly
Dulles
Fairfax Center / Oakton
Herndon
McLean / Great Falls
Merrifield
Newington / Lorton
Reston
Richmond Highway
Seven Corners
Springfield / Franconia
Tysons Corner
Vienna
$100
1
2
7 / $123 1
7 / $152 2
1 / $236
4 / $140
1 / $211
Medical Office
9 / $219
2 / $328
2 / $306
2 / $348
8 / $157
1 / $244
10 / $260
4 / $325
1 / $199
1 / $133
11 / $281
3 / $183
5 / $223
1 / $288 7 / $449
8 / $282
One property was a distressed sale.
Two properties were distressed sales.
Industrial/Flex Market Countywide Trends – Leasing Activity
Yearend 2013
Industrial/Flex Space Trends: 1980–2013 (Square Feet)
Year
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
1
2
Direct
Standing
Inventory 1
Vacancy
Rate (%)
14,700,000
16,300,000
17,700,000
18,700,000
20,222,000
21,600,000
23,400,000
24,400,000
28,200,000
31,400,000
32,600,000
34,200,000
35,000,000
35,800,000
34,961,029
34,961,029
35,336,217
35,745,785
36,299,193
36,444,226
37,060,795
36,174,673
36,478,391
36,723,384
37,268,392
37,698,795
38,463,263
38,751,743
38,866,341
38,708,577
38,884,683
38,949,774
39,013,559
38,941,819
NA
3.7
6.6
3.1
7.3
6.9
6.8
6.5
7.9
8.5
10.6
13.4
12.7
11.0
9.8
8.0
8.6
6.1
5.4
3.1
3.6
4.6
7.3
7.9
6.3
6.2
7.0
7.9
9.4
12.3
12.9
11.3
12.1
13.0
Total
Leased 2
NA
1,000,000
374,000
2,016,294
1,965,768
2,745,936
1,602,344
1,733,854
2,111,453
2,641,674
1,438,935
1,311,695
1,310,223
2,004,260
2,501,403
2,204,196
2,538,099
1,972,636
1,802,105
1,909,050
2,057,616
1,197,055
1,201,307
2,032,569
2,590,855
2,183,318
2,933,878
2,239,327
2,293,513
2,493,180
2,665,995
3,345,749
3,036,720
3,093,116
New
Leased
Relet
Leased
Total Direct
Available
New
Available
Relet
Available
NA
NA
221,000
1,292,439
1,579,182
2,416,694
1,383,489
1,374,025
1,745,037
1,674,048
642,668
410,296
867,837
416,541
496,630
235,790
520,888
44,942
522,744
206,439
348,563
308,512
108,340
360,524
516,423
151,235
733,316
199,934
108,464
190,377
117,094
402,762
84,561
3,108
NA
NA
153,000
723,855
386,586
329,242
218,855
359,829
366,416
967,626
796,267
901,339
1,310,223
1,587,719
2,004,773
1,968,406
2,017,211
1,927,694
1,279,361
1,702,611
1,709,053
888,543
771,892
1,157,445
1,663,986
1,774,350
2,102,139
1,879,778
2,112,669
2,273,604
2,463,533
2,800,940
2,896,715
3,065,212
NA
600,000
1,168,000
583,996
1,469,874
1,487,269
1,588,646
1,741,092
2,478,591
2,774,996
3,661,729
4,648,621
4,439,335
3,947,894
3,433,339
2,797,486
3,073,832
2,161,158
1,956,663
1,132,003
1,338,932
1,652,959
2,658,738
2,913,787
2,361,600
2,326,169
2,681,311
3,073,360
3,643,716
4,760,709
5,025,124
4,392,013
4,715,880
5,054,520
NA
NA
600,000
260,931
1,337,698
1,360,339
1,011,771
1,316,991
1,229,409
1,306,948
1,669,505
1,914,470
902,275
580,301
285,565
58,568
81,494
41,552
169,439
0
273,984
575,583
547,120
246,861
149,435
237,700
393,982
437,240
328,961
328,961
255,983
36,566
13,818
9,609
NA
NA
568,000
323,065
132,176
126,930
576,875
424,101
1,179,182
1,468,048
1,992,224
2,734,151
3,537,060
3,367,593
3,147,774
2,738,918
2,992,338
2,119,606
1,787,224
1,132,003
1,064,948
1,077,376
2,111,618
2,666,926
2,212,165
2,088,469
2,287,329
2,636,120
3,314,755
4,431,748
4,769,141
4,355,447
4,702,062
5,044,911
Includes inventory outside submarket areas, 1980-2000 only.
ln some years, total leasing reflects the preleasing of buildings under construction and about to be constructed, as well as new and relet space.
Industrial/Flex Office Space Inventory and Vacancy Rates: 1980–2013
Square
Feet
Vacancy Rate
15%
40 mil
35 mil
12%
30 mil
25 mil
9%
20 mil
6%
15 mil
10 mil
3%
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
0
1980
5 mil
0%
Yearend 2013
Top Industrial/Flex Lease Deals – Second Half 2013 (Square Feet)
Paxton Van Lines / Springfield
107,313
Federal Protective Services / Springfield
85,166
WMATA / Springfield
80,776
U.S. Customs and Border Protection / Lorton
77,167
General Services Administration / Newington
69,896
Historic Industrial/Flex Gross Leasing Activity: 1985–2013
Square Feet
3.5 mil
3.1 mil
3 mil
The federal government was a major driver of flex
and industrial leasing activity during the second half
of 2013, with three of the top five lease deals. The
General Services Administration renewed over 85,166
square feet in Springfield (top) and 77,167 square feet
at Gunston Commerce Center in Lorton (bottom).
2.5 mil
2 mil
1.5 mil
1 mil
0
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
500,000
Industrial/Flex Leasing Activity – Second Half 2013
Tenant
Building
Address
Square Feet
Guinea Road Industrial Center
5610 Sandy Lewis Drive
BURKE
Craftsman Autobody
9,600
CHANTILLY
Appliance Distributors Unlimited
Chantilly Parc Phase 1 Building B
Belmora
Avion Flex Tech 2
Blackboard
Lafayette Business Center
Breakaway Holdings
Dulles Corporate Center at Sullyfield I
California Closets
Care Therapy
Mariah Business Center 2
Colortrac
Chantilly Plaza 4
Computer Word Processing Systems
Dulles South 2
Cosmos Granite & Marble
Chantilly Distribution Center I
Covance
Avion Tech Center III
D1 Sports
Albemarle Point, Building 6
Day Violins
Brookfield Park Phase 1 Building A
Design Build Mechanical Corporation
Southgate Business Center 1
Dulles Geotechnical Sullyfield Tech Center
Encore Performers
Henninger Center
Fair Oaks Motors
Westfax Business Center Building E
Fairfax County Police
Germane Systems
Dulles Business Park, The Coleman Building
Guardsmark
Dulles Corporate Center at Sullyfield IV
Helping Children Worldwide
Dulles Corporate Center at Sullyfield II
Home Project Connection
Sullyfield Business Park HP Metal Fabrication
Cavalier Business Center
Hub VA LLC
Flint Lee North
© Fairfax County Economic Development Authority 14905-14931 Bogle Drive
3725 Concord Parkway
14100 Parke Long Court
4260-4264 Entre Court
3635 Concorde Parkway
14221A Willard Road
14805-14807 Willard Road
4291-4309 Henninger Court
4001 Westfax Drive
14700 Avion Parkway
3680 Centerview Drive
4280 Henninger Court
14740 Flint Lee Road
10,200
30,700
11,900
6,400
17,700
2,100
4,200
19,000
10,800
24,100
19,200
4,000
6,600
1,700
6,100
8,800
29,100
29,800
3,900
1,700
8,900
2,000
2,100
Yearend 2013
Tenant
Building
Address
Square Feet
CHANTILLY, continued
Intelligent Wave
Southgate One
IW, LLC
Southgate One
Jesus Is Lord Fellowship Church
Flint Lee North
L-3 Communications
Sullyfield Commerce Center 2
Mineralogical Society of America
Northern Virginia Roofing
Dulles Corporate Center at Sullyfield V
Northrop Grumman Corporation
Dulles South 1
Northrop Grumman Coporation
Sullyfield Commerce Center 2
NV Pools
Sully Square 3
NVBlu
Dulles South 2
PepsiCo
Pepsi Warehouse
PPG Architectural
Sully Square 3
Rex Flooring
Sully Center Building 1
Rover Store
Henninger Center
SoBran
Beaumont @ Lafayette D
Starkey
West Fairfax Commerce Center
Stone Region Inc.
TNT Enviromental
ParkEast Corporate Center 3
Veraxx Engineering
Dulles South 3
Virginia JDM Motors
Kol-Bio Medical Building
WCC Cable
Southgate One
Westnet
Lafayette Building 3
4500 Southgate Place
14740 Flint Lee Road
14320-14330 Sullyfield Circle
3635 Concorde Parkway
14320-14330 Sullyfield Circle
4080 Walney Road
4101 Pepsi Place
4080 Walney Road
4116 Walney Road
4291-4309 Henninger Court
14506 Lee Road
4260-4264 Entre Court
13990-13998 Parkeast Circle
13901-13943 Willard Road
9,100
8,500
4,400
25,200
6,700
4,600
12,200
17,600
12,500
11,600
66,400
5,100
4,000
6,000
4,200
2,000
4,500
1,700
12,500
4,400
4,200
4,200
DULLES
Athlete Institute
Century Link
Euclid Systems Corporation
Stat Experts
Towerview Commerce Center
2900 Towerview
Renaissance Park
Renaissance Park
13849 Park Center Road
2900 Towerview Road
2770-2782 Towerview Road
2770-2782 Towerview Road
5,500
1,700
8,500
2,500
HERNDON
Beadecked
Creative Video of Washington
EM&I
Halfaker & Associates
Honeywell International
Precision Sheet Metal
Serco Reston-Herndon Bus Park Building 3
Herndon Spring Park Phase 2 Building 2
Herndon Spring Park Phase 2 Building 5
Reston-Herndon Bus Park Building 2
Sugarland West Business Center
340-366 Victory Drive
470 Spring Park Place
485 Spring Park Place
400 Herndon Highway
4,500
5,400
3,400
4,100
14,300
10,000
4,000
MERRIFIELD
AC Graphics
Lee Hi Industrial Park Aireco Supply
Lee Hi Industrial Park Backspalsh.com
Merrilee Industrial Park
Bars by Bud Mepham
Merrillee Business Center V
Capital Tristate
Merrilee Businnes Park
Core Power
Lee Hi Industrial Park CrossFit Merrifield
DMV Construction
Merrilee Station
Elthon Enterprises
Dewey Business Center
The Front Porch
Lee Hi Industrial Park Gabriel’s Catering
Dewey Business Center
Raytheon
Lee Hi Industrial Park Rexel
Troy Limousine
Lee Hi Industrial Park Winston’s Chimney Service
Spring Street Business Park
2800 Dorr Avenue
2800 Dorr Avenue
2733 Merrilee Drive
2812 Merrilee Drive
2808 Merrilee Drive
2829-2839 Dorr Avenue
8424-8430 Lee Highway
2937-2995 Prosperity Avenue
2711 Dorr Avenue
2937-2995 Prosperity Avenue
3154-3158 Spring Street
5,200
8,600
7,900
2,800
8,400
5,900
6,400
2,200
1,700
2,700
1,700
5,300
12,300
3,600
4,400
NEWINGTON / LORTON
A&H Contractors
AASKI
Public Storage Bus Center 1
Auto Tire Sales
Newington Business Center, Building 4
B. Rushing
Telegraph Square 2
Christman MidAtlantic Constructors
Circle of Hope Therapeutic Services
Public Storage Bus Center Building 3
Cleenees, Inc. Public Storage Bus Center Building 2
Custom Shade & Awning
Public Storage Bus Center Building 2
Cyprus
Northern Virginia Industrial 3
Digiulian Associates
Gunston Industrial Park Building A
7827 Loisdale Road
7405-7411 Alban Station Court
8352 Terminal Road
7215 Telegraph Square Drive
7635 Fullerton Road
7420 Alban Station Boulevard
7426-7432 Alban Station Boulevard
7301-7327 Lockport Place
7000 Newington Road
3,000
4,600
1,500
1,000
1,800
1,200
1,300
2,000
4,100
1,800
Yearend 2013
Tenant
Building
Address
Square Feet
NEWINGTON / LORTON, continued
East Coast Industrial Supply
Electric Motor Repair Co
Backlick Center South 1 Building 3
Endless Summer Aquatics
Lockport Business Center
Falck Schmidt Defense Systems
Newington Business Park
General Services Administration
Interstate 95 Corporate Center
Global Express
Goodman Global Group
Potomac Industrial Center
GSA
Gunston Commerce Center Building 7
GSA
Gunston Commerce Center Building 5
GSA
Potomac Industrial Center
Guardian Aquatics
Public Storage Business Center 1
Housing & Community Services of Northern Virginia
Public Storage Business Center 2
Hunter Plaza LLC
Pohick Industrial Park Lockport Business Center
Ideal Innovations
Public Storage Business Center Building 2
In Focus Industries
Fullerton Business Center
Iomaxis
Public Storage Business Center Building 3
JMJ Supply
Newington Business Center
Lorton CrossFit
Lynn Wholesale Flooring
Majestic Marble and Granite
Fullerton Industrial Park
MVLE
Fullerton Square
New German Performance
Opus Inspection
Newington Business Center
Otis Elevator Company
Gunston Cove Business Center Building 1
Pachacama Auto Repair
Schaeffer Industrial Primerica Public Storage Business Center Building R&R Blinds
Raytheon
Public Storage Business Center Building RENST American Group
Speedy Towing
U.S. Customs and Border Protection
Ultimate Basketball Training
VA Trading
Newington Park
8421 Terminal Road
8198 Terminal Road
7207 Lockport Place
8534 Terminal Road
8380 Alban Road
8920-8938 Telegraph Road
9610 Gunston Cove Road
10400 Furnace Road
10501 Furnace Road
7405-7411 Alban Station Court
7207 Lockport Place
7401Fullerton Road
8352 Terminal Road
7400-7402 Lockport Place
7200 Fullerton Road
7602 Fullerton Road
7420 Fullerton Road
8534 Terminal Road
8354 Terminal Road
7825 Loisdale Road
8532 Terminal Road
7664 Fullerton Road
7829 Loisdale Road
10720 Richmond Highway
7666 Fullerton Road
8208 Cinder Bed Road
14,000
5,900
2,300
3,000
69,900
8,600
21,700
24,000
16,400
37,300
2,600
1,400
2,300
3,400
4,800
4,800
1,500
15,700
7,500
2,000
47,600
6,300
4,000
7,200
6,000
1,600
1,500
2,000
6,300
1,000
77,200
4,000
4,000
RESTON
Government Scientific Source
National Targeting Center
Building I
Building IV
12351-12353 Sunrise Valley Drive
50,000
30,200
SPRINGFIELD / FRANCONIA
Assurance Data
PS Business Center Building B
Brother’s Ductwork HVAC
Ravensworth Industrial Park
Capital City Church
Kingstowne Center 4
Data Group USA
PS Business Center Building A
Evergreen Toner
Connors Business Center
Federal Protective Services
Alexandria Corporate Park Building A
Floors Depot
Heirloom Express Fleet Industrial Center
KCI Technology
Connors Business Center
The Key Center
PS Business Center Building A
Metropolitan Remodeling
Shell Park Center
Millennium Construction
Nationwide Limousine Service
Bren Mar Center
Paxton Van Lines
Plaza 500
Phoenix Safety Solutions
Fleet Industrial Park Section 3 Building 3
Southeastern Archaeological Shirley Industrial Park
Springfield Arsenal
WMATA
Xator Corporation
Kingstown Center 4
5586-5608 General Washington Drive
7950 Woodruff Court
5875 Barclay Drive
5408 Port Royal Road
6315 Bren Mar Drive
5500-5550 Port Royal Road
6310 Gravel Avenue
5408 Port Royal Road
5712 General Washington Drive
5552-5566 Port Royal Road
5706 General Washington Drive
6295 Edsall Road
6674-6698 Fleet Drive
6701-6721 Electronic Drive
6314 Gravel Avenue
6100 Farrington Avenue
5875 Barclay Drive
5,500
6,300
12,500
2,400
1,500
85,700
5,500
10,200
1,500
1,000
1,700
5,100
2,600
107,300
7,300
10,800
7,000
80,800
4,300
TYSONS CORNER
First Stage
Springhill Food Service
Tysons Art and Learning Center
Vienna Hot Tubs and Patio
© Fairfax County Economic Development Authority Springhill Business Center
Springhill Business Center
Tyco Park
Springhill Business Center
8490-8496 Tyco Road
6,300
9,400
1,800
5,000
Industrial/Flex Market Countywide Trends – Sales Activity
Yearend 2013
Industrial/Flex Building Sales – Second Half 2013
Building Pepsi Distribution Warehouse
1
Address
Submarket
Sale Price Square Feet 6009 Farrington Avenue
7540 Accotink Park Road
4101 Pepsi Place
4200 Technology Court
10555 Furnace Road
Franconia Springfield
Chantilly
Chantilly
Lorton
$1,682,620 $1,300,000 10,150,000 $3,387,000 $24,000,000 23,250
8,148
61,670
34,656
90,114
$/S.F.
$72.37
$159.55
$164.59 1
$97.73
$266.33
Sale-Lease back
Notable Industrial/Flex Building Sales – Second Half 2013 (Price Per Square Foot)
Gunston Commerce Center 1 / Lorton
Pepsi Distributor Warehouse / Chantilly
7540 Accotink Park Road / Springfield
4200 Technology Court / Chantilly
6009 Farrington Avenue / Franconia
$266
$165
$160
$98
$72
Industrial/Flex Market Countywide Trends – Construction Activity
Yearend 2013
Industrial/Flex Buildings Under Construction – Second Half 2013
Project Name
Square Feet
Lead Tenant(s)
Delivery
Tavares Warehouse
7719 Cinder Bed Road
Newington
3,108
Total3,108
Address
Submarket
Tavares Concrete
February 2014
Industrial/Flex Building Demolition – Second Half 2013
Project Name
Address
Submarket
Square Feet
Southern States Warehouse
14401 Penrose Place
Chantilly
7,563
Southern Ironworks Warehouse
6600 Electronic Drive
Springfield
64,177
Total71,740
Building Type
Demolition
Warehouse
Warehouse
September 2013
November 2013
New Industrial/Flex Building Deliveries by Year
Square Feet
4 mil
3.5 mil
3 mil
2.5 mil
2 mil
1.5 mil
1 mil
0
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
500,000
Industrial/Flex Market Submarket Trends
Yearend 2013
Industrial/Flex Space Inventory by Submarket (Square Feet) – Second Half 2013
Inventory
Annandale
91,450
Baileys Crossroads
318,502
Burke
239,924
Chantilly
9,488,571
Dulles
1,669,866
43,660
Herndon (Town)
1,154,782
McLean/Great Falls
9,390
Merrifield
2,545,564
Newington/Lorton
10,598,803
Reston
465,775
Richmond Highway
79,366
Seven Corners
35,706
Springfield/Franconia 10,721,515
Tysons Corner
1,026,465
Vienna
452,480
Fairfax County
38,941,819
Absorption
Total
Relet New*
0
0
0
0
0
0
16,149
16,149 0
659,592 651,532 0
47,227
47,227 0
12,696
12,696 0
47,039
43,039 0
0
0
0
112,719 112,719 0
472,560 469,452 3,108
80,175
80,175 0
0
0 0
0
0
0
476,032 476,032 0
15,812
15,812 0
8,005
8,005 0
1,948,006 1,932,838 3,108
Sublet
0
0
0
8,060 0
0
4,000 0
0
0 0
0
0
0 0
0
12,060 Available
Construction Activity
Total
Relet
New Sublet Underway Delivered
0
0
0
0
0
0
29,310
29,310
0
0 0
0
39,995
995
0
39,000 0
0
1,156,559 1,092,780
0
63,779 0
0
322,423
322,423
0
0
0
0
0
0
0
0
0
0
154,031
154,031
0
0 0
0
0
0
0
0
0
0
223,844
223,844
0
0
0
0
1,810,530 1,729,501
9,609 71,420 3,108 0
101,473
101,473
0
0 0
0
4,610
4,610
0
0
0
0
0
0
0
0
0
0
1,305,533 1,262,890
0
42,643 0
0
102,801
102,801
0
0
0
0
20,253
20,253
0
0
0
0
5,271,362 5,044,911
9,609 216,842 3,108 0
Industrial/Flex Lease Rates by Submarket (Per Square Foot) –
Second Half 2013
Industrial/Flex Vacancy Rate by
Relet Lease Rates New Lease Rates*
Sublet Lease Rates
Annandale
NANA
NA
Baileys Crossroads
$12.75 nnn–$20.00 nnnNA
NA
Burke
$14.00 ig NA
6.50 nnn
Chantilly
$5.00 nnn–$17.50 n
NA $11.00 nnn–$12.00 nnn
Dulles
$7.00 nnn–$13.25 nnnNA
NA
NA NA
NA
Herndon (Town)
$8.50 nnn–$19.50 nnnNA
NA
McLean/Great Falls
NANA
NA
Merrifield
$10.00 IG-$21.00 igNA
NA
Newington/Lorton
$6.00 nnn–$18.75 nnn$16.50 nnn $6.50 nnn–$14.75 nnn
Reston
$12.00 nnn–$13.00 nnnNA
NA
Richmond Highway
NANA
NA
Seven Corners
NANA
NA
$8.00 nnn–$18.75 ig
NA
$5.50 IG -$17.00 ig
Tysons Corner
$9.00 IG-$20.00 nnnNA
NA
Vienna
15.00 nnn–17.00 nnnNA
NA
Annandale
Baileys Crossroads
Burke
Chantilly
Dulles
Fairfax Center / Oakton
Herndon
McLean / Great Falls
Merrifield
Newington / Lorton
Reston
Richmond Highway
Seven Corners
Springfield / Franconia
Tysons Corner
Vienna
Fairfax County
Direct
0.0% —
9.2% ▲
0.4% ▼
11.5% ▼
19.3% ▼
0.0% ▼
13.3% ▼
0.0% —
8.8% ▲
16.4% ▲
21.8% ▼
0.0% —
0.0% —
11.8% ▼
10.0% ▼
4.5% ▲
12.9% ▲
w/Sublet
0.0%—
9.2% ▲
16.7% ▼
12.2% ▼
19.3% ▼
0.0% ▼
13.3% ▼
0.0% —
8.8% ▲
17.1% ▲
21.8% ▼
0.0% —
0.0% —
12.1% ▼
10.0% ▼
4.5% ▲
13.7% ▲
NOTE: The lease rates listed above are based on quoted rates of property available on December 31 2013. It is
important to note that this is just a snapshot of quoted rates at a given point in time and that all rates are subject
to change.
For an explanation of lease rates, see glossary on page 22.
Washington Metropolitan Transit Authority leased 80,776 square feet of
industrial warehouse space in the Springfield submarket.
© Fairfax County Economic Development Authority Tavares Concrete Company is constructing a 3,108 square foot industrial
building at 7719 Cinder Bed Road in the Newington Submarket. The building is scheduled to deliver in June 2014.
Using This Report – Glossary and Submarket Map
Glossary
Fairfax County Submarket Map
Absorption
UN
TY
Total: The sum of all reported transactions,
including new, relet, sublet and pre-leasing. This
figure is the total of all leasing activity within the
previous six months.
Great
Falls
CO
Relet: Previously occupied space leased.
New: Newly constructed space leased.
7
Sublet: Leased space, via an existing tenant and
not the landlord.
Town of
Herndon
8
Deliveries
Dulles
UD
OU
N
Inventory
Chantilly
LO
Office: The total amount of existing rentable
square feet. All buildings, including commercial
condominiums, owner-occupied properties and
single-tenant buildings are included.
6
5
50
Fairfax
Center
Leases
Full-Service (FS) Leases: Sometimes referred
to as Gross Rent. This rate includes operating
expenses, common area maintenance (CAM), real
estate taxes and insurance for which the landlord is
responsible. A tenant may pay for increases in these
costs over a base year, which is stipulated in a lease.
Most common for office leases.
Industrial Gross (IG): Base rent includes insurance and real estate taxes with tenant responsible
for increases over this base year. Tenant is also
responsible for the CAM charge.
Modified Gross (MG): Similar to a full-service
lease, but some base services are not included.
Typically, maintenance, janitorial and utilities are
excluded. Covered expenses are controlled by
either a base year or an expense stop. Most common in medical office buildings or single-story,
multi-tenant buildings.
8 7
7
4
5
66
3
10
50
Merrifield
City of
Fairfax
ARLINGTON
COUNTY
14
Seven
Corners
RONALD REAGAN
WASHINGTON
NATIONAL
AIRPORT
2
Baileys
Crossroads
Annandale
1
29
28
WASHINGTON,
D.C.
McLean
6
City of
Falls Church
236
29
123
Town of
Vienna
Oakton
LEED
Leadership in Energy and Environmental Design
(LEED) is a green building certification system
developed in 2000 by the U.S. Green Building
Council to verify that commercial and residential
buildings are designed, constructed, operated
and renovated in environmentally sustainable
and efficient ways. LEED ratings are Certified,
Silver, Gold and Platinum, which are awarded to
a project based on a 100-point scale. For details,
visit www.usgbc.org.
16 Tysons
Corner
7
4
66
9
17
Centreville
Industrial/Flex: The total amount of existing
rentable square feet. All buildings, including commercial condominiums, owner-occupied properties and single-tenant buildings are included.
495
10
Dul
les
Airport Access & To
ll Roa
d
Buildings for which a certificate of occupancy has
been issued. This figure is for the previous six
months only.
Reston
267
Fair
fax
Cou
nty Parkway
WASHINGTON DULLES
INTERNATIONAL
AIRPORT
MARYLAND
9
12
CITY OF
ALEXANDRIA
3
TOWN OF CLIFTON
1
2
Burke
495
395
15
PRINCE WILLIAM
COUNTY
2
1
5
Franconia
1
Newington
95
11
123
1
3
Springfield
4
Lorton
2
3
1
d
on
m
ch
Ri
y
Hw
13
Mount
Vernon
FORT
BELVOIR
4
5
6 Dulles
(formerly Oak Hill/Herndon)
7
8
9
10
11
12
13
14
15
16
1 Huntington
6 McLean*
3 West Falls Church
8 Greensboro*
2 Franconia-Springfield
4 Merrifield/Dunn Loring
7 Tysons Corner*
5 Vienna/Fairfax/George Mason University
17
9 Spring Hill*
10 Wiehle-Reston East*
*Scheduled to open in summer 2014
Net Leases: The tenant is responsible for some
or all of the operating expenses, such as real estate
taxes, insurance, utilities and CAM charges. Most
common for industrial/flex leases. The primary types
of Net Leases are:
Space Available
Vacancy Rates
Total: Sum of relet, new and sublet available space.
• Net (N): In addition to rent, tenant typically
pays for utilities.
New: Newly constructed available space.
Direct: The direct vacancy rate is total direct available
space divided by the inventory. Direct available space
consists of space, new or relet, that is available directly
through the landlord and not a third party such as an
existing tenant. Buildings under construction are not
included in this figure.
• Double Net (NN): In addition to rent,
tenant typically pays for utilities and cleaning.
• Triple Net (NNN): Sometimes referred to
as a Pure Net Lease, in which the tenant is responsible for all or almost all of the operating
expenses, such as utilities, CAM, real estate
taxes and insurance.
Relet: Previously occupied available space.
Sublet: Available space, via an existing tenant and
not the landlord. May or may not be occupied.
Under Construction
Buildings where construction has begun as evidenced
by site work such as excavation or foundation
placement. Site grading and demolition of existing
structures do not meet these criteria. This figure is for
the previous six months only.
Sublet: The sublet vacancy rate is the aggregate
of direct available space plus sublet available space
available divided by the inventory. As such, the sublet
vacancy rate will always be equal to or higher than the
direct vacancy rate. Buildings under construction are
not included in this figure.
FCEDA Resources
In addition to the Real Estate Report, the Fairfax County Economic Development Authority (FCEDA) has numerous resources available
to assist those looking for information about Fairfax County. Publications range from an annual overview of the FCEDA’s work and
achievements to a guide to doing business in the county. All publications are free and most can be downloaded from the FCEDA’s Web
site at www.FairfaxCountyEDA.org. Contact the FCEDA at 703-790-0600 or [email protected] for printed copies.
Annual Report
Detailed summary of the FCEDA’s activities and Fairfax County’s
business growth during the previous year. Available in print and PDF.
Area Business Reports
Demographic information and other statistics summarized for nine
business submarkets in Fairfax County. Print and PDF versions available. Areas covered include:
•
•
•
•
•
•
•
•
•
Annandale–Baileys Crossroads–Seven Corners
Centreville–Chantilly–Dulles
Fairfax Center/Oakton–Clifton
Herndon (Town)
Merrifield
Reston
Richmond Highway Corridor–Southeast Fairfax
Springfield–Interstate 95 Corridor
Tysons Corner
Business Ventures
Quarterly newsletter covering news of interest to small, minority- and
woman-owned businesses. Print and PDF versions available.
Calendar of Events
Calendar of events sponsored or organized by the FCEDA, as well as
a listing of local seminars and workshops geared to entrepreneurs and
small, minority- and woman-owned businesses. Web version only.
Doing Business in Fairfax County
A comprehensive guide to starting, financing and growing a business
in the county. Print and PDF versions available.
E-Bird
A three-times-per-week digest of the top Fairfax County stories from
national and local media outlets. Available by e-mail subscription, the
E-Bird is also posted on the FCEDA Web site.
Fairfax Leader
Quarterly newsletter containing recent announcements, county statistics, profiles on local firms and FCEDA programs and services. Print
and PDF versions available.
Fact Sheets
Overviews, fact sheets and lists providing information on a variety topics, as compiled by the FCEDA. Print and PDF versions available.
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
African-American-owned Firms
American Indian and Alaska Native-owned Firms
Asian- and Subcontinental Asian-owned Firms
Associations
Business Diversity: Minority- and Woman-owned Firms
Chambers of Commerce
Colleges and Universities
Executive Office Suites
Fairfax County Summary
Federal Procurement
Federal Procurement for Minority and Woman-owne Firms
Foreign-Owned Firms
Headquarters Offices
Hispanic/Latino-owned Firms
Information Resources
In the News
Largest Employers
Native Hawaiian and Pacific Islander-owned Firms
Primary and Secondary Education
Resources for Technology Ventures
Taxes
Technology Companies
Venture Capital
Veteran-owned Firms
Wages
Woman-owned Firms
Workforce Services
Fairfax County Profile
Summarizes topics of interest to businesses. Print and PDF versions
available. Sections include:
•
•
•
•
•
•
•
•
Fairfax County Overview
Business Community
Technology
Demographics
Education
Quality of Life
Health and Community Services
Transportation
Overview Brochure
Describes aspects that make Fairfax County a prime location for
both domestic and international businesses, including proximity to
Washington, D.C. and Washington Dulles International Airport, fiscal
standing, business environment, labor force, educational system and
quality of life. Print and PDF versions available.
©2014 Fairfax County Economic Development Authority (FCEDA). The data presented here have been compiled from information provided by commercial real estate owners,
developers, brokers, local periodicals, private businesses and public agencies. Statistics contained within are extremely fluid and subject to change without notice. The acceptance and use of this report by any individual or group is with the understanding that the Fairfax County Economic Development Authority makes no warranties, expressed or
implied, regarding the accuracy, completeness and reliability of the data contained within. It is the responsibility of the user to verify its completeness and accuracy. This free
survey is published biannually, and copies of prior surveys dating from 1980 are available. For more information, visit www.fairfaxcountyeda.org/commercial-real-estate.
Fairfax County Economic Development Authority
8300 Boone Boulevard, Suite 450
Tysons Corner,Virginia 22182 USA
FPO
Printed with EcoSmart inks.
Presorted Standard
U.S. Postage
PAID
Permit No. 6353
Merrifield, VA 22116
8300 Boone Boulevard, Suite 450, Tysons Corner, Virginia 22182 USA
Phone 703-790-0600 • Fax 703-893-1269 • E-mail [email protected] • URL www.fairfaxcountyeda.org
The Fairfax County Economic Development Authority is an independent authority created under state law, operating under the
direction of seven board members appointed by the Fairfax County Board of Supervisors. Its activities are funded by Fairfax County.
FAIRFAX COUNTY BOARD OF SUPERVISORS
Sharon Bulova, Chairman • Penelope A. Gross, Vice Chairman
John C. Cook • John W. Foust • Michael R. Frey • Pat Herrity • Catherine M. Hudgins • Gerald W. Hyland • Jeff C. McKay • Linda Q. Smyth
ECONOMIC DEVELOPMENT AUTHORITY BOARD
Steven L. Davis, Chairman • Michael Lewis, Vice Chairman
Ronald C. Johnson • Catherine Lange • Mark Lowham • Arthur E. (Bud) Morrissette IV • Sudhakar Shenoy
ECONOMIC DEVELOPMENT AUTHORITY STAFF
Gerald L. Gordon, President and Chief Executive Officer
Robin Fenner, Vice President, Management
Alan Fogg, Vice President, Communications and Research
Catherine W. Riley, Vice President, Marketing
Barbara Cohen, Director, Administration
Curtis W. Hoffman, Director, Real Estate Services
Donna Hurwitt, Director, Market Intelligence
Rodney Lusk. Director, National Marketing
Jan Mul, Director, International Marketing
Karen Smaw, Director, Business Diversity
REAL ESTATE REPORT PRODUCTION TEAM
Curtis W. Hoffman, Content • David Stinson and Miles Rodnan, Research and Photography • Vicki Reeve, Graphic Design
The Fairfax County Economic Development Authority (FCEDA) assists businesses interested in locating, relocating, or expanding
their commercial office or industrial operations in Fairfax County. FCEDA’s services are free and confidential.
May 2014

real estate report - Fairfax County Economic Development Authority

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