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Office Highlights

United States | Northern Virginia

Report | Northern Virginia Office Highlights - Q1 2011


The rebound in the Northern Virginia office market took a brief pause in the first quarter of 2011, as a combination of indecision and inaction by the federal government and various downsizings by large corporate users broke a chain of occupancy gains that had prevailed in the region for over 12 months.
Market conditions flattened as an increase in sublet space and a deceleration of federal leasing activity slowed overall tenant demand. Although large vacant blocks at newly-delivered projects continued to decline, corporate move-outs and downsizings left a series of holes across the market to backfill. Rental rates inside the beltway continued to inch higher, but outlying flattened amid high vacancy and restrained tenant demand.

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