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United States | Northern Virginia

Report | Northern Virginia Office Insight - Q3 2016

Summary

Northern Virginia's incremental growth numbers over the past six quarters haven't meant significant drop in the overall vacancy rate, as of Q3. Since Q1 2015, the total vacancy rate has fallen just 0.9 percent with decreases in government spending appearing to be the main problem in the region's limited recovery.

Three new projects broke ground in the third quarter, bringing the total amount of space under construction to over 4.0 million square feet. We expect deliveries to peak in 2017 when seven new buildings finally hit the market.

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