Northern Virginia office insight - Q2 2018

As tenant preferences continue to shift toward transit access and walkable amenities, a significant portion of off-Metro, older inventory, particularly in locations without an industry driver like intelligence, is facing challenges in backfilling or retaining tenants. These challenged submarkets face > 8.4 million s.f. of lease expirations in the next five years. As demand remains flat, more owners are considering conversions and redevelopments to other uses, particularly residential. As an example, three obsolete buildings totaling  265,000 s.f. were removed from supply this quarter, bringing the total removed since 2012 to 2.7 million s.f.

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