northern virginia quarterly market report...overall market summary metropolitan d.c. market overview...
TRANSCRIPT
Quarterly Market Report
2nd Quarter 2018
Northern Virginia
lpcwashingtondc.com
2
Table of Contents
Metropolitan D.C. Market Overview .....................................3
Northern Virginia Quarterly Overview .................................5
Northern Virginia Top Ten Leases ........................................ 8
Northern Virginia Sales Transactions................................... 9
Market Spotlight, 2Q 2018:
Northern Virginia .................................................................. 11
Alexandria ............................................................................. 13
Crystal City ........................................................................... 15
Fairfax .................................................................................... 17
Loudoun County ................................................................. 19
Merrifield ............................................................................... 21
Old Town Alexandria / Eisenhower Avenue .............. 23
Reston - Herndon .............................................................. 25
Rosslyn - Ballston Corridor ..............................................27
Route 28 North ................................................................... 29
Route 28 South.................................................................... 31
Springfield ............................................................................ 33
Tysons Corner ..................................................................... 35r
13
Neil Alt Senior Vice President
[email protected] | 703.284.5868
Doug McLearn Senior Vice President
[email protected] | 703.284.5862
Chris Dyson Senior Vice President
[email protected] | 703.284.3633
Eamon McCrann Senior Vice President
[email protected] | 703.284.5861
Jae LeeSenior Vice President
[email protected] | 202.513.6700
Stoddie Nibley Vice President
[email protected] | 703.284.5884
Correll Caulfield Vice President
[email protected] | 703.284.5886
Jed Prossner Vice President
[email protected] | 703.284.5864
Mary Fitzgerald Senior Associate
[email protected] | 703.284.5881
Jack Redmond Senior Associate
[email protected] | 703.284.5880
Ben HickeyLeasing Associate
[email protected] | 703.284.3364
Brad Blum Market Research Associate
[email protected] | 703.284.3354
Ben Gallucci Market Research Associate
[email protected] | 703.288.3635
Northern Virginia Leasing & Market Research
Overall Market Summary
Metropolitan D.C. Market Overview 2nd Quarter 2018
The Washington, DC Metropolitan commercial real estate market is comprised of approximately 420.5 million square feet of rentable office space located in the District of Columbia, Northern Virginia, and Suburban Maryland.
The total vacancy rate decreased to 14.6% at the end the second quarter 2018, down from 14.8% at the end of the first quarter. The market recorded 367,301 square feet of net absorption in the second quarter, representing a 1.2% decrease from the 371,628 square feet absorbed in the first quarter.
Leasing activity totaled approximately 6.2 million square feet in transactions signed. The largest lease executed was signed by Appian for 204,547 square feet at 7950 Jones Branch Drive - Valo Park in McLean, Virginia.
Three buildings, totaling 1,339,000 square feet, broke ground; bringing the year-to-date 2018 construction pipeline total to 8,174,482 square
feet (66% pre-leased). Six buildings delivered this quarter (5 DC, 1 VA, 0 MD) totaling 2,177,996 square feet including; 1100 15th Street, NW - Midtown Center (875,000 sf, 80% leased to Fannie Mae).
There were eighteen sale transactions in the second quarter, totaling $1.21 billion. The largest sale was in the District with 875 15th Street, NW - The Bowen Building trading for $140,000,000 ($598 psf).
Average asking rental rates increased $1.05 to $37.39 per square foot, Full Service.
From May 2017 - May 2018 the DC Metropolitan area had a net increase of 41,300 jobs (45,100 private sector, -3,800 government) representing 1.3% growth, while the unemployment rate decreased to 3.2%.
DC VA MDMetro Area (YTD)
Direct Vacancy (2Q 2018) 10.1% 14.9% 13.7% 13.9%
Total Vacancy (2Q 2018) 10.9% 15.8% 14.2% 14.6%
Total Net Absorption(YTD 2018) 315,240 125,261 298,428
738,929 SF
Leasing Activity (YTD 2018) 4,270,536 7,288,651 1,433,502
13.0 M SF
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Outlook
Metropolitan D.C. Market Overview 2nd Quarter 2018
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Looking ahead, the GSA will continue reducing the federal real estate footprint and begin to execute longer lease terms (15-20 year terms) while minimizing/eliminating short-term extensions to reduce costs. While market fundamentals appear strong, the region remains a “tenant’s market.” Aggressive landlords will continue to perform significant capital improvements on their buildings to remain competitive, while also offering generous rent concessions (TI Allowance and Free Rent). The Metro should continue be a catalyst for demand (leasing and sales) around Phase II of the Silver Line in Virginia and the Purple Line in Maryland.
The Metropolitan Washington, DC market posted another solid quarter and a rather strong first half of 2018, as total vacancy decreased (across all three regions), asking rents ticked up, and the region has absorbed nearly 740,000 square feet of space YTD 2018. There has been $3.21 billion in sales volume through the first half of 2018, representing a 34% increase in sales compared to the first half of 2017. Regional employment experienced 1.3% of growth YOY ending May 2018, primarily driven by the private sector, specifically the Professional & Business Services industry. The DC Metro area’s unemployment rate decreased to 3.2%, out-pacing the 4.0% national average.
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Market Summary
Northern Virginia 2nd Quarter 2018
The Northern Virginia office market consists of 1,531 buildings over 25,000 square feet, totaling approximately 186.6 million square feet of rentable space.
The largest non-GSA lease signed during the second quarter was a 204,547-square-foot relet by Appian at Valo Park - 7950 Jones Branch Drive in the Tysons Corner submarket. The largest lease signed by the GSA was a 13,558-square-foot relet for the United States Geospatial Intelligence Foundation at Bldg 7 - 13665 Dulles Technology Drive.
Building sales volume totaled $746,300,000 during the second quarter. The largest transaction was the sale of Boro Station I-III - 1765, 1775, and 1785 Greensboro Station Place. MetLife acquired the buildings from Meridian Group for $244 million ($380 psf). The building was 95.0% occupied at the time of sale, and traded at a 4.75% Cap Rate. The second largest sale was of Greensboro Park - 8180 and 8200 Greensboro Drive. Altus Group /Velocis acquired the buildings from Beacon Capital Partners for $142 million ($281 psf). The buildings were 83.0% occupied at the time of sale, and traded at a 5.60% Cap Rate. The third largest sale was of Commonwealth Centre - 14360 and 14370 Newbrook Drive in the Route 28 South submarket. Hines acquired the buildings from Equus for $97,750,000 ($306 psf). The buildings were fully occupied at the time of sale, and traded at a 6.50% Cap Rate.
Inside the Beltway, there were 48 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the second quarter 2018, compared to 49 from the first quarter 2018. Outside the Beltway, there were 81 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the second quarter 2018, compared to 76 from the first quarter 2018.
2Q 2018 1Q 2018 2Q 2017
Direct Vacancy 14.9% 15.1% 15.5%
Total Vacancy 15.8% 16.0% 16.3%
NetAbsorption (YTD)
125,261 SF
467,607 SF
353,145 SF
Leasing Activity (YTD)
7.3 M SF 4.2 M SF 6.4 M SF
Under Construction 2.3 M SF 2.7 M SF 4.8 M SF
Deliveries (YTD)
175,000SF
0SF
340,000 SF
Rental Rates $33.18PSF
$33.20PSF
$32.47 FS
U/C Percent Pre-Leased 75.9% 68.8% 73.9%
6 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Deliveries vs. Under Construction
Deliveries | Net Absorption | Vacancy Rate
Absorption & Gross LeasingNorthern Virginia recorded -342,346 square feet of net absorption in the second quarter of 2018, bringing the year-to-date absorption to 125,261 square feet. A significant contributor to the negative absorption was UNICOM adding 243,314 square feet in the market at UNICOM Technology Park I - 15000 Conference Center Drive.
Leasing activity at the end of the second quarter 2018 totaled 7,288,651 square feet, which is a 14.1% increase from the 6,385,377 square feet leased through the second quarter of 2017. All ten of the top ten leases signed in the second quarter were by private sector tenants.
The ten largest leases signed during the second quarter ranged in size from 204,547 square feet to 35,000 square feet, two of these largest transactions were renewals.
The Crystal City submarket recorded the strongest absorption of the quarter with 143,013 square feet absorbed. The positive absorption for the quarter was driven by a 53,062-square-foot move-in by the GSA at Presidential Tower - 2511 Jefferson Davis Highway and a 19,094-square-foot move-in by GSA-Department of Health and Human Services also at Presidential Tower
0.0
1.2
2.4
3.6
4.8
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Deliveries Under Construction
-2
-1
0
1
2
3
4
5
6
YTD '18 '17'16'15'14'13'12'11'10'09'08
Delivery Direct Vacancy RateNet Absorption
0
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4
6
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16
18
20
SF (M
illio
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Vacancy Rate (%
)Northern Virginia 2nd Quarter 2018
Vacancy RateTotal vacancy in Northern Virginia decreased from 16.0% in the first quarter 2018 to 15.8% in the second quarter 2018, and has decreased from 16.3% since second quarter 2017. At the end of the second quarter 2018, 29.2 million square feet was vacant and available.
Direct vacancy decreased from 15.1% in the first quarter 2018 to 14.9% in the second quarter 2018, and has decreased from 15.5% since second quarter 2017.At the end of the second quarter 2018, 27.7 million square feet was vacant and available for direct lease.
The sublet vacancy rate in Northern Virginia decreased slightly from 0.9% in the first quarter 2018 to 0.8% in the second quarter 2018, and has remained flat since the second quarter 2017. At the end of the second quarter 2018, 1.5 million square feet was vacant and available for sublease.
Total vacancy for Class A product in Northern Virginia was 16.7% while Class B product was 14.4% for the quarter. Class A vacancy decreased from 18.0% in the first quarter 2018, while Class B vacancy decreased from 16.0% in the first quarter 2018.
Vacancy by Building Class
0
5
10
15
20
25
30
35
CBA 5
8
11
14
17
20
CBA
SF (M
illio
ns)
(%) o
f Bu
ildin
g C
lass Vacan
t
16.7%
14.4%
7.7%
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Northern Virginia 2nd Quarter 2018
A total of six buildings were under construction in Northern Virginia at the end of the second quarter, totaling approximately 2.3 million square feet.
2311 Wilson Boulevard delivered in the second quarter of 2018. The 175,000-square-foot building in the Rosslyn-Ballston Corridor submarket was 61.8% leased to Opower, Bean Kinney, and AHRI.
Buildings scheduled to deliver in 2018 include; Capital One Building 3 - Capital One Drive, a 975,000-square-foot building in Tysons Corner. The 100,000-square-foot building at 3000 Potomac Avenue in Crystal City which is 100% pre-leased by NIB and Kaiser Permanente. And finally, the 425,000-square-foot, 100% pre-leased building to the CIA at Dulles Discovery South - 13900 Air and Space Museum Parkway in the Route 28 South submarket.
Buildings scheduled to deliver in 2019 include; The Boro Loft - 1640 Boro Place, a 143,606-square-foot building. Also, the 438,169-square-foot building at The Boro - 8350 Broad Street, which is currently 24.3% pre-leased by Tegna and Hogan Lovells. Both buildings are in the Tysons Corner submarket. Also, scheduled to deliver in 2019 is 4040 Wilson Boulevard in the Rosslyn-Ballston Corridor submarket. The building is 51.3% pre-leased to Avalon Bay and Vida Fitness.
The second quarter 2018 was dominated by the private sector. All of the top ten leases signed in the second quarter were by private sector tenants.
Building off of last quarters momentum demand continues to climb as 7.3 million square feet leased, which is a 14.1% increase from the 6.4 million square feet one year ago. Increased demand also caused the total vacancy to drop from 16.2% at the end of 2017 to 15.8% this quarter. While market rates have continued to steady, The Carlyle Group announced they will be relocating from Rosslyn to Washington D.C. which will leave a substantial vacancy in the Rosslyn-Ballston Corridor submarket in the near future. Looking ahead, the Northern Virginia market shows no signs of slowing down as 2.3 million square feet is expected to deliver by the end of 2019 with the majority of it’s space pre-leased. As inventory in the market continues to grow, older buildings are being demolished or converted to alternative uses to meet the demands for higher quality trophy space. The removal of these high vacancy buildings will increase rental rates in the market as well as lower vacancy rates in the future. Northern Virginia also awaits the highly anticipated announcements from Amazon and Apple as a potential landing spot for the companies newest headquarters. If selected, it will have a significantly positive impact on the market showcasing its ability to attract world-class tenants.
Total nonfarm employment for the Northern Virginia area stood at 2,727,900 in May 2018, up 35,462, or 1.3%, year-over-year. The Professional and Business Services industry had the largest employment gain from May 2017 to May 2018, adding 15,098 jobs. The second and third-largest employment gains were in Education and Health Services (8,515 jobs) and Other Services (4,092 jobs).
OutlookConstruction
8 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Northern Virginia 2nd Quarter 2018
Top Ten LeasesIncluded in the top ten leases of the second quarter 2018 were five relets, two renewals, two subleases, and one expansion. The largest lease transaction of the quarter was a 204,547-square-foot relet signed by Appian at Valo Park - 7950 Jones Branch Drive in the Tysons Corner submarket. The second largest lease of the quarter was a 183,622-square-foot renewal signed by General Dynamics at Fair Lakes 2 - 12450 Fair Lakes Circle in the Fairfax submarket. The third largest lease of the quarter was a 120,000-square-foot sublease by Deloitte at Waterview Tower - 1919 N. Lynn Street. Cvent renewed 110,571 square feet at Boro Station I - 1765 Greensboro Station Place in the Tysons Corner submarket. OneWeb signed an 85,932-square-foot sublease at Boro Station III - 1785 Greensboro Station Place in the Tysons Corner submarket. College Board expanded by 74,000 square feet at Democracy Tower at Reston Town Center - 11955 Democracy Drive in the Reston-Herndon submarket. OneWeb also signed a 71,834-square-foot relet at Boro Station III - 1785 Greensboro Station Place in the Tysons Corner submarket. Akima signed a 69,489-square-foot relet at Dulles View South - 2553 Dulles View Drive in the Reston-Herndon submarket. National Center for Missing and Exploited Children took 64,614 square feet at Carlyle Gateway I - 333 John Carlyle Street in the Old Town/Eisenhower Ave submarket. Finally, United Healthcare signed for 51,323 square feet at 3160 Fairview Park 1 - 3160 Fairview Park Drive in the Merrifield submarket.
Valo Park 7950 Jones Branch Drive
Tenant Appian
Size 204,547 SF
Type Relet
Carlyle Gateway I 333 John Carlyle Street
TenantNational Center for Missing and Exploited Children
Size 64,614 SF
Type Relet
Democracy Tower at Reston Town Center 11955 Democracy Drive
Tenant College Board
Size 74,000 SF
Type Expansion
3160 Fairview Park 1 3160 Fairview Park Drive
Tenant United Healthcare
Size 51,323 SF
Type Relet
Boro Station III 1785 Greensboro Station Place
Tenant OneWeb
Size 85,932 SF
Type Sublease
Boro Station I 1765 Greensboro Station Place
Tenant Cvent
Size 110,571 SF
Type Renewal
Dulles View South 2553 Dulles View Drive
Tenant Akima
Size 69,489 SF
Type Relet
Fair Lakes 2 12450 Fair Lakes Circle
Tenant General Dynamics
Size 183,622 SF
Type Renewal
Boro Station III 1785 Greensboro Station Place
Tenant OneWeb
Size 71,834 SF
Type Relet
Waterview Tower 1919 N. Lynn Street
Tenant Deloitte
Size 120,000 SF
Type Sublease
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Northern Virginia Sales Transactions
Northern Virginia 2nd Quarter 2018
Stafford Bldg 1500 Westbranch Drive
Submarket Tysons Corner
Date Sold April-2018
Price $16,500,000($133 psf)
Buyer Caves Valley
Seller TIAA
RBA 123,960 SF
Class B
Occupancy 100.0%
Notes Redevelopment Project
Greensboro Park 8180 & 8200 Greensboro Drive
Submarket Tysons Corner
Date Sold June-2018
Price $142,000,000($281 psf)
Buyer Altus Group / Velocis
Seller Beacon Capital Partners
RBA 505,085 SF
Class A
Occupancy 83.0%
Cap Rate 5.60%
Argon Plaza 12701 Fair Lakes Circle
Submarket Fairfax
Date Sold May-2018
Price $38,800,000 ($141 psf)
Buyer Grubb Properties
Seller C-III
RBA 274,930 SF
Class A
Occupancy 72.0%
Cap Rate 7.50%
The Summit @ Reston 1 & 2
2000 & 2002 Edmund Halley Drive
Submarket Reston-Herndon
Date Sold April-2018
Price $95,000,000($327 psf)
Buyer Brookfield Office Properties
Seller JBG Smith
RBA 290,247 SF
Class A
Occupancy 100.0%
Cap Rate 5.26%
Boro Station I-III1765, 1775 & 1785 Greensboro Station Place
Submarket Tysons Corner
Date Sold April-2018
Price $244,000,000($380 psf)
Buyer MetLife
Seller Meridian Group
RBA 642,046 SF
Class A
Occupancy 95.0%
Cap Rate 4.75%
Commonwealth Centre
14360 & 14370 Newbrook Drive
Submarket Rt 28 Corridor South
Date Sold April-2018
Price $97,750,000($306 psf)
Buyer Hines
Seller Equus
RBA 316,081 SF
Class A
Occupancy 100.0%
Cap Rate 6.50%
WillowWood Plaza I & II
10300 & 10306 Eaton Place
Submarket Fairfax
Date Sold June-2018
Price $22,500,000($91 psf)
Buyer Polinger
Seller C-III
RBA 248,301 SF
Class A
Occupancy 50.5%
Notes REO Sale
Tavern Square
411-423 King Street, 121-123 N. Pitt Street, 110 & 130 N. Royal Street
Submarket Old Town Alexandria
Date Sold June-2018
Price $50,350,000($294 psf)
Buyer
Cambridge Property Group / Westport Capital Partners
Seller The Pyne Companies
RBA 171,008 SF
Class A
Occupancy 59.0%
Cap Rate 5.10%
10lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Northern Virginia Sales Transactions
Northern Virginia 2nd Quarter 2018
699 Prince Street
Submarket Old Town Alexandria
Date Sold April-2018
Price $13,200,000($264 psf)
Buyer CAS Riegler
Seller
National Center for Missing & Exploited Children
RBA 50,000 SF
Class B
Occupancy 100.0%
Notes Redevelopment Project
Tycon 1 8320 Old Courthouse Road
Submarket Tysons Corner
Date Sold May-2018
Price $11,000,000($123 psf)
Buyer Carderock Investments
Seller J Street Companies
RBA 89,558 SF
Class B
Occupancy 60.4%
Cap Rate 5.90%
Ridgetop II at Loudoun Tech Center
21641 Ridgetop Circle
Submarket Rt 28 North
Date Sold June-2018
Price $15,200,000($255 psf)
Buyer Boyd Watterson
Seller Fairbridge Properties
RBA 59,727 SF
Class A
Occupancy 100.0%
Cap Rate 6.60%
11 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
HighlightsTotal vacancy in Northern Virginia decreased from 16.0% in the first quarter 2018 to 15.8% in the second quarter 2018, and has decreased from 16.3% since second quarter 2017. Direct vacancy decreased from 15.1% in the first quarter 2018 to 14.9% in the second quarter 2018, and has decreased from 15.5% since second quarter 2017.
Northern Virginia recorded -342,346 square feet of net absorption in the second quarter of 2018, bringing the year-to-date absorption to 125,261 square feet. A significant contributor to the negative absorption was UNICOM adding 243,314 square feet to the market at UNICOM Technology Park I - 15000 Conference Center Drive.
Leasing activity at the end of the second quarter 2018 totaled 7.3 million square feet, which is a 14.1% increase from the 6.4 million square feet leased through the second quarter of 2017. All ten of the top ten leases signed in the second quarter were by private sector tenants.
Inside the Beltway, there were 48 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the second quarter 2018, compared to 49 from the first quarter 2018. Outside the Beltway, there were 81 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the second quarter 2018, compared to 76 from the first quarter 2018.
10 Year Averages (2008 - 2017)
Total Absorption 317,120 SF / Year
Deliveries (SF) 1.6 M SF / Year
Leasing Activity 12.6 M SF / Year
Market Stats
Inventory 186.8 M SF
Direct Vacancy 14.9%
Total Vacancy 15.8%
YTD 2018 Absorption 125,261 SF
YTD Leasing Activity 7.3 M SF
Under Construction 2.3 M SF
Percent Pre-Leased 75.9%
YTD 2018 Deliveries 175,000 SF
Asking Rental Rates (Full Service)
2008: $31.89
PSF
2017: $32.76
PSF
YTD 2018: $33.18
PSF
0.0
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2.4
3.6
4.8
YTD '18 '17'16'15'14'13'12'11'10'09'08
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Deliveries Under Construction
0
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YTD '18'17'16'15'14'13'12'11'10'09'08
Direct Vacancy Rate Total Vacancy Rate Asking Rate
Vaca
ncy
Rate
(%) A
sking Rate ($)
0
4
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36
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Leasing Activity Total Net Absorption
Market Spotlight
2nd Quarter 2018Northern Virginia
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Under Construction
Market Spotlight
2nd Quarter 2018Northern Virginia
Property Submarket Building Size Available Pre-Leased Delivery Date Developer Major Tenants
3000 Potomac Avenue Crystal City 100,000 SF 0 SF 100.0% 2Q 2018 NIBNIB, Kaiser Permanente
Dulles Discovery South13900 Air and Space Museum Parkway
Rt 28 South 425,000 SF 0 SF 100.0% 3Q 2018 Peterson Co. GSA - CIA
Capital One Drive Tysons Corner 975,000 SF 0 SF 100.0% 3Q 2018 Capital One Capital One
Boro Tower8350 Broad Street Tysons Corner 438,169 SF 331,800 SF 24.3% 1Q 2019 Meridian
Tegna, Hogan Lovells
Boro Loft1640 Boro Place Tysons Corner 143,606 SF 111,642 SF 22.3% 1Q 2019 Meridian Whole Foods
4040 Wilson Boulevard RB Corridor 240,000 SF 116,979 SF 51.3% 4Q 2019 ShooshanAvalon Bay & Vida Fitness
Totals
Broke Ground 2Q 2018 0 SF
Total Under Construction 2,321,775 SF
% Pre-Leased (Does not include condos)
75.9%
2nd Quarter Start
13 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
HighlightsDirect vacancy in Alexandria decreased from 17.4% in the first quarter 2018 to 14.7% in the second quarter 2018, and has decreased from 17.8% since second quarter 2017. Total vacancy decreased from 18.0% in the first quarter 2018 to 15.1% in the second quarter 2018, and has decreased from 18.4% since second quarter 2017.
The Alexandria submarket recorded -19,643 square feet of net absorption in the second quarter of 2018, bringing year-to-date absorption to 8,514 square feet. Negative absorption was driven by a 64,614-square-foot move-out by Grant Thornton at Carlyle Gateway I - 333 John Carlyle Street. Two sales transactions occurred in the Alexandria submarket during the second quarter 2018. Tavern Square - 411-423 King Street, 121-123 N. Pitt Street, 110 & 130 N. Royal Street were purchased by Westport Capital Partners & Cambridge Property Group from The Pyne Companies for $50,350,000 ($294 psf). The buildings were 59.0% occupied at the time of sale, and traded at a 5.10% Cap Rate. 699 Prince Street was acquired by CAS Riegler from the National Center for Missing & Exploited Children for $13,200,000 ($264 psf). The building will now be converted to a hotel.
The largest lease signed in the Alexandria submarket in the second quarter was a 64,614-square-foot relet by the National Center for Missing and Exploited Children at Carlyle Gateway I - 333 John Carlyle Street.
10 Year Averages (2008 - 2017)
Total Absorption -100,961 SF / Year
Deliveries (SF) 103,771 SF / Year
Leasing Activity 847,588 SF / Year
Asking Rental Rates (Full Service)
2008: $33.88
PSF
2017: $33.82
PSF
YTD 2018: $33.74
PSF
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0.3
0.4
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0.8
YTD '18 '17'16'15'14'13'12'11'10'09'08
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Deliveries Under Construction
Lorem ipsum
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15
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25
YTD '18'17'16'15'14'13'12'11'10'09'08
Direct Vacancy Rate Total Vacancy Rate Asking Rate
Vaca
ncy
Rate
(%) A
sking Rate ($)
0
7
14
21
28
35
-0.5
0.0
0.5
1.0
1.5
YTD '18'17'16'15'14'13'12'11'10'09'08
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Leasing Activity Total Net Absorption
Market Spotlight
2nd Quarter 2018Alexandria
Market Stats
Inventory 17.2 M SF
Direct Vacancy 14.7%
Total Vacancy 15.1%
YTD 2018 Absorption 8,514 SF
YTD Leasing Activity 272,157 SF
Under Construction 100,000 SF
Percent Pre-Leased 100.0%
YTD 2018 Deliveries 0 SF
14lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Major Leases
Under Construction
Sales
Market Spotlight
2nd Quarter 2018Alexandria
Property Submarket Building Size Available Pre-leased Delivery Date Developer Major Tenants
3000 Potomac Ave Alexandria 100,000 SF 0 SF 100.0% 3Q 2018 NIB NIB, Kaiser Permanente
Carlyle Gateway I 333 John Carlyle Street
Tenant National Center for Missing and Exploited Children
Size 64,614 SF
Type Relet
2000 Duke Street
Tenant Spaces
Size 34,007 SF
Type Relet
Seven Skyline Place 5275 Leesburg Pike
Tenant Deloitte
Size 14,081 SF
Type Relet
Shirlington Tower 2900 S. Quincy Street
Tenant School Nutrition Association
Size 13,209 SF
Type Relet
Canal Center 4 99 Canal Center Plaza
Tenant Robbins-Gioia
Size 11,747 SF
Type Sublease
Property Submarket Date Sold Price Buyer Seller Class Occupancy Notes
Tavern Square411-423 King St, 121-123 N. Pitt Street & 110 & 130 N. Royal Street
Alexandria Jun 2018$50,350,000($294 psf)
Cambridge / Westport
The Pyne Companies
B 59.0% 5.10%
699 Prince Street Alexandria Apr 2018$13,200,000 ($264 psf)
CAS RieglerNational Centerfor Missing & Exploited Children
B 100.0%RedevelopmentProject
15 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
HighlightsDirect vacancy in Crystal City decreased from 17.5% in the first quarter 2018 to 16.9% in the second quarter 2018, and has decreased from 18.5% since second quarter 2017. Total vacancy decreased from 17.9% in the first quarter 2018 to 17.2% in the second quarter 2018, and has decreased from 18.8% since second quarter 2017.
The Crystal City submarket recorded 143,013 square feet of net absorption during the second quarter of 2018, bringing year-to-date absorption to 240,693 square feet. The positive absorption for the quarter was driven by a 53,062-square-foot move-in by the GSA at Presidential Tower - 2511 Jefferson Davis Highway and a 19,094-square-foot move-in by GSA-Department of Health and Human Services, also at Presidential Tower - 2511 Jefferson Davis Highway.
The largest lease signed in the Crystal City submarket in the second quarter 2018 was a 28,465-square-foot relet by March of Dimes at Crystal Square 2 - 1550 Crystal Drive. They are relocating their headquarter from New York. Also contributing to leasing activity in the Crystal City submarket this quarter was an 11,356-square-foot renewal by GSA-DoD at 1919 S. Eads Street.
10 Year Averages (2008 - 2017)
Total Absorption 12,136 SF / Year
Deliveries (SF) 75,312 SF / Year
Leasing Activity 1.0 M SF / Year
Asking Rental Rates (Full Service)
2008: $37.11
PSF
2017: $36.81
PSF
YTD 2018: $37.10
PSF
0.0
0.1
0.2
0.3
0.5
YTD '18'17 '16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Deliveries Under Construction
0
4
8
12
16
20
24
28
32
YTD '18'17'16'15'14'13'12'11'10'09'08
Direct Vacancy Rate Total Vacancy Rate Asking Rate
Vaca
ncy
Rate
(%) A
sking Rate ($)
0
6
12
18
24
30
36
42
48
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
YTD '18'17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Leasing Activity Total Net Absorption
Market Spotlight
2nd Quarter 2018Crystal City
Market Stats
Inventory 11.4 M SF
Direct Vacancy 16.9%
Total Vacancy 17.2%
YTD 2018 Absorption 240,693 SF
YTD Leasing Activity 314,395 SF
Under Construction 100,000 SF
Percent Pre-Leased 100.0%
YTD 2018 Deliveries 0 SF
16lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Major Leases
Under Construction
Sales
Market Spotlight
2nd Quarter 2018Crystal City
Property Submarket Building Size Available Pre-leased Delivery Date Developer Major Tenants
3000 Potomac Ave Crystal City 100,000 SF 0 SF 100.0% 3Q 2018 NIB NIB, Kaiser Permanente
Crystal Square 2 1550 Crystal Drive
Tenant March of Dimes
Size 28,465 SF
Type Relet
Property Submarket Date Sold Price Buyer Seller Class Occupancy Cap Rate
No new sales reported during the quarter Crystal City N/A N/A N/A N/A N/A N/A N/A
1919 S. Eads Street
Tenant GSA-DoD
Size 11,356 SF
Type Renewal
17 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
HighlightsDirect vacancy in Fairfax decreased from 19.7% in the first quarter 2018 to 18.9% in the second quarter 2018, and has decreased from 19.5% since second quarter 2017. Total vacancy decreased from 20.5% in the first quarter 2018 to 19.5% in the second quarter 2018, and has decreased from 20.5% since second quarter 2017.
The Fairfax submarket recorded 98,270 square feet of net absorption in the second quarter of 2018, bringing the year-to-date absorption to 119,444 square feet. The positive absorption for the quarter was driven by a 93,000-square-foot move-in by Apple Federal Credit Union at 4090-4097 Monument Corner Drive.
There were two sales transactions in the Fairfax submarket during the second quarter 2018. Argon Plaza - 12701 Fair Lakes Circle was acquired by Grubb Properties from C-III for $38,800,000 ($141 psf). The building was 72.0% leased at the time of sale, and traded at a 7.50% Cap Rate. C-III also sold WillowWood Plaza I & II - 10300 & 10306 Eaton Place to Polinger for $22,500,000 ($91 psf). The buildings were 50.5% leased at the time of sale.
The largest lease signed in the Fairfax submarket in second quarter 2018 was a 183,622-square-foot renewal by General Dynamics at Fair Lakes 2 - 12450 Fair Lakes Circle. Also contributing to leasing activity this quarter was a 26,749-square-foot relet by N-Ask at One Fair Oaks - 4114 Legato Road.
10 Year Averages (2008 - 2017)
Total Absorption -114,779 SF / Year
Deliveries (SF) 28,762 SF / Year
Leasing Activity 828,954 SF / Year
Asking Rental Rates (Full Service)
2008: $28.71
PSF
2017: $26.00
PSF
YTD 2018: $27.26
PSF
0.00
0.04
0.08
0.12
0.16
0.20
YTD '18'17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Deliveries Under Construction
0
4
8
12
16
20
24
YTD '18 '17'16'15'14'13'12'11'10'09'08
Direct Vacancy Rate Total Vacancy Rate Asking Rate
Vaca
ncy
Rate
(%) A
sking Rate ($)
0
5
10
15
20
25
30
-0.5
0.0
0.5
1.0
1.5
YTD '18'17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Leasing Activity Total Net Absorption
Market Spotlight
2nd Quarter 2018
Fairfax (Fairfax Center, Fairfax City, Oakton)
Market Stats
Inventory 12.5 M SF
Direct Vacancy 18.9%
Total Vacancy 19.5%
YTD 2018 Absorption 119,444 SF
YTD Leasing Activity 731,158 SF
Under Construction 0 SF
Percent Pre-Leased 0.0%
YTD 2018 Deliveries 0 SF
18lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Major Leases
Under Construction
Sales
Market Spotlight
2nd Quarter 2018
Fairfax (Fairfax Center, Fairfax City, Oakton)
Centerpointe One 4050 Legato Road
Tenant ECS Federal
Size 20,154 SF
Type Relet
Property Submarket Building Size Available Pre-leased Delivery Date Developer Major Tenants
No new construction reported this quarter Fairfax N/A N/A N/A N/A N/A N/A
One Monument Place 12150 Monument Drive
Tenant Vaxcom Services Inc.
Size 10,673 SF
Type Relet
One Fair Oaks 4114 Legato Road
Tenant N-Ask
Size 26,749 SF
Type Relet
Fair Lakes 2 12450 Fair Lakes Circle
Tenant General Dynamics
Size 183,622 SF
Type Renewal
Property Submarket Date Sold Price Buyer Seller Class Occupancy Cap Rate
Argon Plaza12701 Fair Lakes Circle
Fairfax May 2018$38,800,000 ($141 psf)
Grubb Properties C-III A 72.0% 7.50%
WillowWood Plaza I & II10300 & 10306 Eaton Place
Fairfax Jun 2018$22,500,000 ($91 psf)
Polinger C-III A 50.5% N/A
19 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
HighlightsDirect vacancy in Loudoun County decreased from 9.4% in the first quarter 2018 to 9.0% in the second quarter 2018, and has decreased from 11.5% since second quarter 2017. Total vacancy has decreased from 10.3% in the first quarter 2018 to 9.8% in the second quarter 2018, and has decreased from 12.6% since second quarter 2017.
Loudoun County recorded 123,791 square feet of net absorption in the second quarter of 2018, bringing the year-to-date absorption to 185,055 square feet. The positive absorption for the quarter was driven by a 25,192-square-foot move-in by Orbital ATK at One Steeplechase - 21700 Atlantic Boulevard.
One sales transaction occurred in the Loudoun County submarket during the second quarter 2018. Ridetop II at Loudoun Tech Center - 21641 Ridgetop Circle was purchased by Boyd Watterson from the Fairbridge Properties for $15,200,000 ($255 psf). The building was fully leased at the time of sale, and traded at a 6.60% Cap Rate.
The largest lease signed in the Loudoun submarket was a 17,600-square-foot relet by the GSA-TSA at Dulles East Bldg - 45045 Aviation Drive.
Loudoun County vacancy has decreased by over 54% in the last decade. In 2008, the direct vacancy in Loudoun County was 19.7%. The drastic decrease in vacancy over the years is due to a growing demand and limited supply for office space in the county.
10 Year Averages (2008 - 2017)
Total Absorption 304,621 SF / Year
Deliveries (SF) 262,501 SF / Year
Leasing Activity 874,286 SF / Year
Asking Rental Rates (Full Service)
2008: $26.83
PSF
2017: $24.59
PSF
YTD 2018: $25.73
PSF
0.0
0.1
0.2
0.3
0.5
0.6
0.7
0.8
1.0
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Deliveries Under Construction
0
4
8
12
16
20
24
YTD '18 '17'16'15'14'13'12'11'10'09'08
Direct Vacancy Rate Total Vacancy Rate Asking Rate
Vaca
ncy
Rate
(%) A
sking Rate ($)
0
5
10
15
20
25
30
-0.25
0.40
1.05
1.70
2.35
3.00
YTD '18'17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Leasing Activity Total Net Absorption
Market Spotlight
2nd Quarter 2018Loudoun County
Market Stats
Inventory 15.3 M SF
Direct Vacancy 9.0%
Total Vacancy 9.8%
YTD 2018 Absorption 185,055 SF
YTD Leasing Activity 708,579 SF
Under Construction 0 SF
Percent Pre-Leased 0.0%
YTD 2018 Deliveries 0 SF
20lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Major Leases
Under Construction
Sales
Market Spotlight
2nd Quarter 2018
Loudoun County
Property Submarket Building Size Available Pre-leased Delivery Date Developer Major Tenants
No new construction reported this quarter N/A N/A N/A N/A N/A N/A N/A
Property Submarket Date Sold Price Buyer Seller Class Occupancy Cap Rate
Ridgetop II at Loudoun Tech Center21641 Ridgetop Circle
Loudoun County
Jun 2018$15,200,000($255 psf)
Boyd Watterson
FairbridgeProperties
A 100.0% 6.60%
Dulles East Bldg 45045 Aviation Drive
Tenant GSA-TSA
Size 17,600 SF
Type Relet
21 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
HighlightsDirect vacancy in Merrifield decreased from 11.5% in the first quarter 2018 to 11.3% in the second quarter 2018, and has decreased from 13.8% since second quarter 2017. Total vacancy has decreased from 12.2% in the first quarter 2018 to 12.0% in the second quarter 2018, and has decreased from 14.6% since second quarter 2017.
The Merrifield submarket recorded 41,590 square feet of net absorption in the second quarter of 2018, bringing the year-to-date absorption to -9,815 square feet. Positive absorption was driven by a 10,119-square-foot move-in by Arctic Slope at 2941 Fairview Park Drive, and other small tenant move-ins.
The largest lease signed in the Merrifield submarket this quarter was a 51,323-square-foot relet by United Healthcare at 3160 Fairview Park 1 - 3160 Fairview Park Drive. Also contributing to leasing activity in the Merrifield submarket this quarter was a 13,337-square-foot relet by Deloitte at 2941 Fairview Park Drive. Enterprise Resource Performance Inc. also signed a 13,055-square-foot expansion at Prosperity at Merrifield - 2751 Prosperity Avenue.
10 Year Averages (2008 - 2017)
Total Absorption 8,167 SF / Year
Deliveries (SF) 54,733 SF / Year
Leasing Activity 632,336 SF / Year
Asking Rental Rates (Full Service)
2008: $35.34
PSF
2017: $31.16
PSF
YTD 2018: $30.50
PSF
0.00
0.05
0.10
0.15
0.20
0.25
0.30
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Deliveries Under Construction
Lorem ipsum
0
2
4
6
8
10
12
14
16
18
YTD '18'17'16'15'14'13'12'11'10'09'08
Direct Vacancy Rate Total Vacancy Rate Asking Rate
Vaca
ncy
Rate
(%) A
sking Rate ($)
0
5
10
15
20
25
30
35
40
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Leasing Activity Total Net Absorption
Market Spotlight
2nd Quarter 2018Merrifield
Market Stats
Inventory 9.3 M SF
Direct Vacancy 11.3%
Total Vacancy 12.0%
YTD 2018 Absorption -9,815 SF
YTD Leasing Activity 212,070 SF
Under Construction 0 SF
Percent Pre-Leased 0%
YTD 2018 Deliveries 0 SF
22lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Major Leases
Market Spotlight
2nd Quarter 2018Merrifield
Under Construction
Sales
Property Submarket Building Size Available Pre-leased Delivery Date Developer Major Tenants
No new construction reported this quarter Merrifield N/A N/A N/A N/A N/A N/A
2751 Prosperity Avenue
Tenant Enterprise Resource Performance Inc.
Size 13,055 SF
Type Expansion
2941 Fairview Park Drive
Tenant Deloitte
Size 13,337 SF
Type Relet
Property Submarket Date Sold Price Buyer Seller Class Occupancy Cap Rate
No new sales reported during the quarter Merrifield N/A N/A N/A N/A N/A N/A N/A
3110 Fairview Park Drive
Tenant IQVIA
Size 11,078 SF
Type Relet
3160 Fairview Park 1 3160 Fairview Park Drive
Tenant United Healthcare
Size 51,323 SF
Type Relet
23 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
HighlightsDirect vacancy in the Old Town Alexandria and Eisenhower Ave submarket decreased from 10.3% in the first quarter 2018 to 9.5% in the second quarter 2018, and has decreased from 10.4% since second quarter 2017. Total vacancy decreased from 11.1% in the first quarter 2018 to 10.0% in the second quarter 2018, and has decreased from 11.1% since second quarter 2017.
The Old Town Alexandria and Eisenhower Ave submarket recorded -43,028 square feet of net absorption in the second quarter of 2018, bringing year-to-date absorption to -29,463. Negative absorption was driven by a 64,614-square-foot move-out by Grant Thornton at Carlyle Gateway I - 333 John Carlyle Street.
The largest sale in the Old Town Alexandria and Eisenhower Ave during the second quarter 2018 was the sale of Tavern Square - 411-423 King Street, 121-123 N. Pitt Street, 110 & 130 N. Royal Street. Westport Capital Partners & Cambridge Property Group acquired the four buildings from The Pyne Companies for $50,350,000 ($294 psf). The buildings were 59.0% occupied at the time of sale, and traded at a 5.10% Cap Rate.
The largest lease signed in the Old Town Alexandria and Eisenhower Ave submarket in the second quarter was a 64,614-square-foot relet by the National Center for Missing and Exploited Children at Carlyle Gateway I - 333 John Carlyle Street. Also contributing to leasing activity this quarter was a 34,007-square-foot relet by Spaces at 2000 Duke Street.
10 Year Averages (2008 - 2017)
Total Absorption -26,027 SF / Year
Deliveries (SF) 103,771 SF / Year
Leasing Activity 660,187 SF / Year
Market Stats
Inventory 13.3 M SF
Direct Vacancy 9.5%
Total Vacancy 10.0%
YTD 2018 Absorption -29,463 SF
YTD Leasing Activity 229,831 SF
Under Construction 0 SF
Percent Pre-Leased 0.0%
YTD 2018 Deliveries 0 SF
Asking Rental Rates (Full Service)
2008: $34.78
PSF
2017: $36.52
PSF
YTD 2018: $36.35
PSF
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Deliveries Under Construction
0
4
8
12
16
20
YTD '18'17'16'15'14'13'12'11'10'09'08
Direct Vacancy Rate Total Vacancy Rate Asking Rate
Vaca
ncy
Rate
(%) A
sking Rate ($)
0
8
16
24
32
40
-1.0
-0.5
0.0
0.5
1.0
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Leasing Activity Total Net Absorption
Market Spotlight
2nd Quarter 2018Old Town/Eisenhower Ave
24lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Market Spotlight
2nd Quarter 2018Old Town/Eisenhower Ave
Major Leases
Under Construction
Sales
Property Submarket Building Size Available Pre-leased Delivery Date Developer Major Tenants
No new construction reported this quarter
Old Town/Eisenhower Ave
N/A N/A N/A N/A N/A N/A
Carlyle Gateway I 333 John Carlyle Street
Tenant National Center for Missing and Exploited Children
Size 64,614 SF
Type Relet
2000 Duke Street
Tenant Spaces
Size 34,007 SF
Type Relet
Canal Center 4 99 Canal Center Plaza
Tenant Robbins-Gioia
Size 11,747 SF
Type Sublease
Property Submarket Date Sold Price Buyer Seller Class Occupancy Notes
Tavern Square411-423 King Street, 121-123 N. Pitt Street & 110 & 130 N. Royal Street
Old Town/ Eisenhower Ave
Jun 2018$50,350,000($294 psf)
Cambridge / Westport
The Pyne Companies
B 59.0% 5.10%
699 Prince StreetOld Town/ Eisenhower Ave
Apr 2018$13,200,000 ($264 psf)
CAS RieglerNational Centerfor Missing & Exploited Children
B 100.0%RedevelopmentProject
25 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
HighlightsDirect vacancy increased from 11.8% in the first quarter 2018 to 12.3% the second quarter 2018, and has increased from 11.3% since second quarter 2017. Total vacancy has increased from 12.8% in the first quarter 2018 to 13.4% the second quarter 2018, and has increased from 12.7% since second quarter 2017. Year-to-date direct vacancy for Reston was 9.9% and total vacancy was 10.8%. Year-to-date direct vacancy for Herndon was 16.2% and total vacancy was 17.5%.
The Reston-Herndon submarket recorded -318,047 square feet of net absorption in the second quarter of 2018, bringing the year-to-date absorption to -62,222 square feet. The negative absorption for the quarter was driven by a 211,800-square-foot move-out by Charter Spectrum at South Lake at Dulles Corner - 13820 Sunrise Valley Drive, and a 77,473-square-foot move-out by Serco at Reston Town Center - Building C - 1818 Library Street.
The only sales transaction in the Reston-Herndon submarket for the second quarter was the sale of The Summit @ Reston 1 & 2 - 2000 & 2002 Edmund Halley Drive. Brookfield Office Properties acquired the buildings from JBG Smith for $95,000,000 ($327 psf). The buildings were fully leased at the time of sale, and traded at a 5.26% Cap Rate. The largest lease signed in the Reston-Herndon sub-market in the second quarter was a 74,000-square-foot expansion by College Board at Democracy Tower at Res-ton Town Center - 11955 Democracy Drive. Also contrib-uting to leasing activity this quarter was Akima signing a 69,489-square-foot relet at Dulles View South - 2553 Dulles View Drive.
10 Year Averages (2008 - 2017)
Total Absorption 128,297 SF / Year
Deliveries (SF) 189,641 SF / Year
Leasing Activity 2.6 M SF / Year
Asking Rental Rates (Full Service)
2008: $31.03
PSF
2017: $30.16
PSF
YTD 2018: $31.32
PSF
0.0
0.4
0.8
1.2
1.6
2.0
YTD '18'17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Deliveries Under Construction
0
5
10
15
20
25
YTD '18'17'16'15'14'13'12'11'10'09'08
Direct Vacancy Rate Total Vacancy Rate Asking Rate
Vaca
ncy
Rate
(%) A
sking Rate ($)
0
7
14
21
28
35
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Leasing Activity Total Net Absorption
Market Spotlight
2nd Quarter 2018Reston-Herndon
Market Stats
Inventory 30.6 M SF
Direct Vacancy 12.3%
Total Vacancy 13.4%
YTD 2018 Absorption -62,222 SF
YTD Leasing Activity 1.2 M SF
Under Construction 0 SF
Percent Pre-Leased 0.0%
YTD 2018 Deliveries 0 SF
26lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Major Leases
Under Construction
Sales
Market Spotlight
2nd Quarter 2018Reston-Herndon
Monument III @ Worldgate 12930 Worldgate Drive
Tenant Peraton
Size 28,270 SF
Type Sublease
South Pointe I 2350 Corporate Park Drive
Tenant Cogeco Peer 1
Size 21,218 SF
Type Renewal
Enterprise Office Park 2 220 Spring Street
Tenant Marine Spill Response Corporation
Size 19,229 SF
Type Renewal
Property Submarket Date Sold Price Buyer Seller Class Occupancy Cap Rate
The Summit 1 & 22000 & 2002 Edmund Halley Drive
Reston-Herndon Apr 2018$95,000,000 ($327 psf)
Brookfield OfficeProperties
JBG Smith A 100.0% 5.26%
Plaza America Tower 4 11730 Plaza America Drive
Tenant Sophos Group
Size 25,637 SF
Type Relet
Property Submarket Building Size Available Pre-leased Delivery Date Developer Major Tenants
No new construction reported this quarter Reston-Herndon N/A N/A N/A N/A N/A N/A
Dulles View South 2553 Dulles View Drive
Tenant Akima
Size 69,489 SF
Type Relet
Democracy Tower at Reston Town Center 11955 Democracy Drive
Tenant College Board
Size 74,000 SF
Type Expansion
Liberty Park - Building 8
13461 Sunrise Valley Drive
Tenant Blackhorse
Size 18,712 SF
Type Relet
Plaza America Tower 3 11720 Plaza America Drive
Tenant Bechtel
Size 22,288 SF
Type Renewal
27 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
HighlightsDirect vacancy in the Rosslyn-Ballston Corridor decreased from 18.7% in the first quarter 2018 to 18.1% in the second quarter 2018, and has increased from 16.2% since second quarter 2017. Total vacancy decreased from 20.3% in the first quarter 2018 to 19.6% in the second quarter 2018, and has increased from 17.0% since second quarter 2017.
The Rosslyn-Ballston Corridor recorded -80,959 square feet of net absorption during the second quarter of 2018, bringing the year-to-date absorption to 37,018 square feet. The primary driver for negative absorption was a 22,915-square-foot move-out by Supply Partnership at Rosslyn Overlook - 1616 N. Fort Myer Drive and an 18,881-square-foot move-out by Healthnet at Colonial Place III - 2107 Wilson Boulevard. The Carlyle Group announced they will be relocating from Rosslyn to Washington D.C. which will leave a substantial vacancy in the Rosslyn-Ballston Corridor submarket in the near future.
The largest lease signed in the Rosslyn-Ballston Corridor submarket was a 120,000-square-foot sublease by Deloitte at Waterview Tower - 1919 N. Lynn Street. Convene subleased 35,000 square feet at 1201 Wilson Boulevard. Also contributing to leasing activity in the Rosslyn-Ballston Corridor submarket this quarter was a 26,421-square-foot relet by AAMI at Arlington Gateway - 901 N. Glebe Road. Industrious also leased 25,634 square feet at Ballston Exchange I - 4201 Wilson Boulevard.
2311 Wilson Boulevard delivered this quarter. The 175,000-square-foot building is 62.3% leased to Opower, Bean Kinney, Air-Conditioning, Heating, & Refrigeration Institute (AHRI), and The Merit School.
10 Year Averages (2008 - 2017)
Total Absorption -152,877 SF / Year
Deliveries (SF) 250,683 SF / Year
Leasing Activity 2.0 M SF / Year
Asking Rental Rates (Full Service)
2008: $37.77
PSF
2017: $41.52
PSF
YTD 2018: $42.27
PSF
0.0
0.2
0.4
0.6
0.8
1.0
1.2
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Deliveries Under Construction
0
3
6
9
12
15
18
21
24
27
YTD '18'17'16'15'14'13'12'11'10'09'08
Direct Vacancy Rate Total Vacancy Rate Asking Rate
Vaca
ncy
Rate
(%) A
sking Rate ($)
0
5
10
15
20
25
30
35
40
45
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
YTD '18'17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Leasing Activity Total Net Absorption
Market Spotlight
2nd Quarter 2018Rosslyn-Ballston Corridor
Market Stats
Inventory 25.5 M SF
Direct Vacancy 18.1%
Total Vacancy 19.6%
YTD 2018 Absorption 37,018 SF
YTD Leasing Activity 1.2 M SF
Under Construction 240,000 SF
Percent Pre-Leased 55.8%
YTD 2018 Deliveries 175,000 SF
28lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Major Leases
Under Construction
Sales
Market Spotlight
2nd Quarter 2018
Rosslyn-Ballston Corridor
Property Submarket Building Size Available Pre-leased Delivery Date Developer Major Tenants
4040 Wilson Boulevard RB Corridor 240,000 SF 116,979 SF 51.3% 4Q 2019 Shooshan Avalon Bay & Vida Fitness
DeliveriesProperty Submarket Building Size Available Pre-leased Delivery Date Developer Major Tenants
2311 Wilson Boulevard RB Corridor 175,000 SF 66,027 SF 62.3% 2Q 2018 CarrOpower/Bean Kinney/AHRI
Property Submarket Date Sold Price Buyer Seller Class Occupancy Cap Rate
No new sales reported during the quarter RB Corridor N/A N/A N/A N/A N/A N/A N/A
Potomac Tower 1001 N. 19th Street
Tenant KIMC
Size 18,898 SF
Type Renewal
Ballston Exchange I 4201 Wilson Boulevard
Tenant Industrious
Size 25,634 SF
Type Relet
3001 Washington Boulevard
Tenant FP1 Strategies LLC
Size 19,318 SF
Type Relet
Waterview Tower 1919 N. Lynn Street
Tenant Deloitte
Size 120,000 SF
Type Sublease
Ballston Point 4300 Wilson Boulevard
Tenant National Apartment Association
Size 23,564 SF
Type Renewal
1201 Wilson Boulevard
Tenant Convene
Size 35,000 SF
Type Sublease
Ballston Station 4301 N. Fairfax Drive
Tenant St. Mary’s Institute for Educational Excellence
Size 22,316 SF
Type Sublease
Arlington Gateway 901 N. Glebe Road
Tenant AAMI
Size 26,421 SF
Type Relet
29 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Highlights
Direct vacancy in the Route 28 North submarket decreased from 11.8% in the first quarter 2018 to 11.3% in the second quarter 2018, and has decreased from 14.6% since second quarter 2017. Total vacancy decreased from 12.7% in the first quarter 2018 to 12.2% in the second quarter 2018, and has decreased from 15.7% since second quarter 2017.
The Route 28 North submarket recorded 61,996 square feet of net absorption in the second quarter of 2018, bringing the year-to-date absorption to 104,056 square feet. The primary driver of positive absorption was a 25,192-square-foot move-in by Orbital ATK at One Steeplechase - 21700 Atlantic Boulevard.
One sales transaction occurred in the Route 28 North submarket during the second quarter 2018. Ridgetop II at Loudoun Tech Center - 21641 Ridgetop Circle was purchased by Boyd Watterson from Fairbridge Properties for $15,200,000 ($255 psf). The building was fully leased at the time of sale, and traded at a 6.60% Cap Rate.
The largest lease signed in the Route 28 North submarket was a 17,600-square-foot relet by the GSA-TSA at Dulles East Bldg - 45045 Aviation Drive.
10 Year Averages (2008 - 2017)
Total Absorption 117,650 SF / Year
Deliveries (SF) 90,108 SF / Year
Leasing Activity 620,599 SF / Year
Asking Rental Rates (Full Service)
2008: $25.41
PSF
2017: $23.76
PSF
YTD 2018: $25.16
PSF
0.0
0.1
0.2
0.3
0.4
0.5
0.6
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Deliveries Under Construction
0
5
10
15
20
25
YTD '18'17'16'15'14'13'12'11'10'09'08
Direct Vacancy Rate Total Vacancy Rate Asking Rate
Vaca
ncy
Rate
(%) A
sking Rate ($)
0
6
12
18
24
30
-0.25
0.40
1.05
1.70
2.35
3.00
YTD '18 '17'16'15'13'13'12'11'10'09'08
SF (M
illio
ns)
Leasing Activity Total Net Absorption
Market Spotlight
2nd Quarter 2018Route 28 North
Market Stats
Inventory 9.5 M SF
Direct Vacancy 11.3%
Total Vacancy 12.2%
YTD 2018 Absorption 104,056 SF
YTD Leasing Activity 603,112 SF
Under Construction 0 SF
Percent Pre-Leased 0%
YTD 2018 Deliveries 0 SF
30lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Market Spotlight
2nd Quarter 2018Route 28 North
Under ConstructionProperty Submarket Building Size Available Pre-leased Delivery Date Developer Major Tenants
No new construction reported during the quarter Rt 28 North N/A N/A N/A N/A N/A N/A
Major Leases
Sales
Property Submarket Date Sold Price Buyer Seller Class Occupancy Cap Rate
Ridgetop II at Loudoun Tech Center21641 Ridgetop Circle Rt 28 North Jun 2018
$15,200,000($255 psf)
Boyd Watterson
FairbridgeProperties
A 100.0% 6.60%
Dulles East Bldg 45045 Aviation Drive
Tenant GSA-TSA
Size 17,600 SF
Type Relet
31 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
HighlightsDirect vacancy in the Route 28 South submarket has increased from 11.4% in the first quarter 2018 to 14.4% in the second quarter 2018, and has increased from 12.8% in the second quarter 2017. Total vacancy has increased from 12.6% in the first quarter 2017 to 15.6% the second quarter 2018, and has increased from 13.3% since second quarter 2017.
The Route 28 South submarket recorded -230,172 square feet of net absorption in the second quarter of 2018, bringing the year-to-date absorption to -280,288 square feet. Negative absorption was driven by a 243,314-square-foot addition to the market by UNICOM at UNICOM Technology Park I - 15000 Conference Center Drive.
One sales transaction occurred in the Route 28 South submarket during the second quarter 2018. Commonwealth Centre - 14360 & 14370 Newbrook Drive were acquired by Hines from Equus for $97,750,000 ($306 psf). The buildings were fully leased at the time of sale, and traded at a 6.50% Cap Rate.
The largest lease signed in the Route 28 South submarketthis quarter was a 24,609-square-foot relet by Engility at Stonecroft at Westfields 4803 - 4803 Stonecroft Boulevard.
The 425,000-square-foot building at Dulles Discovery South - 13900 Air and Space Museum Parkway will deliver in the third quarter of 2018. The building is fully leased to the GSA-CIA.
10 Year Averages (2008 - 2017)
Total Absorption 222,842 SF / Year
Deliveries (SF) 201,181 SF / Year
Leasing Activity 815,274 SF / Year
Asking Rental Rates (Full Service)
2008: $28.87
PSF
2017: $25.28
PSF
YTD 2018: $26.38
PSF
0.0
0.2
0.4
0.6
0.8
1.0
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Deliveries Under Construction
0
5
10
15
20
25
YTD '18 '17'16'15'14'13'12'11'10'09'08
Direct Vacancy Rate Total Vacancy Rate Asking Rate
Vaca
ncy
Rate
(%) A
sking Rate ($)
0
6
12
18
24
30
-0.5
0.0
0.5
1.0
1.5
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Leasing Activity Total Net Absorption
Market Spotlight
2nd Quarter 2018Route 28 South
Market Stats
Inventory 13.8 M SF
Direct Vacancy 14.4%
Total Vacancy 15.6%
YTD 2018 Absorption -280,288 SF
YTD Leasing Activity 343,544 SF
Under Construction 425,000 SF
Percent Pre-Leased 100.0%
YTD 2018 Deliveries 0 SF
32lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Major Leases
Under Construction
Sales
Market Spotlight
2nd Quarter 2018Route 28 South
Property Submarket Building Size Available Pre-leased Delivery Date Developer Major Tenants
Dulles Discovery South13900 Air and Space Museum Parkway
Route 28 South 425,000 SF 0 SF 100.0% 3Q 2018 Peterson Co. GSA - CIA
Property Submarket Date Sold Price Buyer Seller Class Occupancy Cap Rate
Commonwealth Centre14360 & 14370 Newbrook Drive
Rt 28 South Apr 2018$97,750,000 ($306 psf)
Hines Equus A 100.0% 6.50%
Stonecroft at Westfields 4803
4803 Stonecroft Boulevard
Tenant Engility
Size 24,609 SF
Type Relet
33 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Highlights
Direct vacancy in the Springfield submarket decreased from 21.9% in the first quarter 2018 to 21.5% in the second quarter 2018, and has increased from 20.2% since second quarter 2017. Total vacancy decreased from 22.1% in the first quarter 2018 to 21.8% in the second quarter 2018, and has increased from 20.5% since second quarter 2017.
The Springfield submarket recorded 48,920 square feet of net absorption in the second quarter of 2018, bringing the year-to-date absorption to -21,280. The positive absorption was primarily driven by a 47,350-square-foot move-in by Vencorp at Lake Building 4 - 6860 Commercial Drive.
The largest lease signed in the Springfield submarket in the second quarter 2018 was a 26,187-square-foot renewal by Xator Corp at Kingstowne Ridge - 5680 King Centre Drive. Also contributing to leasing activity this quarter was a 10,060-square-foot relet by Samson Companies, LLC at MetroPark 5 - 6363 Walker Lane.
10 Year Averages (2008 - 2017)
Total Absorption 56,128 SF / Year
Deliveries (SF) 127,578 SF / Year
Leasing Activity 309,825 SF / Year
Asking Rental Rates (Full Service)
2008: $29.87
PSF
2017: $29.76
PSF
YTD 2018: $29.50
PSF
0.0
0.1
0.2
0.3
0.4
0.5
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Deliveries Under Construction
0
6
12
18
24
30
YTD '18 '17'16'15'14'13'12'11'10'09'08
Direct Vacancy Rate Total Vacancy Rate Asking Rate
Vaca
ncy
Rate
(%) A
sking Rate ($)
0
7
14
21
28
35
-0.25
0.00
0.25
0.50
0.75
1.00
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Leasing Activity Total Net Absorption
Market Spotlight
2nd Quarter 2018Springfield
Market Stats
Inventory 6.1 M SF
Direct Vacancy 21.5%
Total Vacancy 21.8%
YTD 2018 Absorption -21,280 SF
YTD Leasing Activity 51,608 SF
Under Construction 0 SF
Percent Pre-Leased 0%
YTD 2018 Deliveries 0 SF
34lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Major Leases
Market Spotlight
2nd Quarter 2018Springfield
Under Construction
Sales
Property Submarket Building Size Available Pre-leased Delivery Date Developer Major Tenants
No new construction reported this quarter
Springfield N/A N/A N/A N/A N/A N/A
Property Submarket Date Sold Price Buyer Seller Class Occupancy Cap Rate
No new sales reported during the quarter Springfield N/A N/A N/A N/A N/A N/A N/A
Kingstowne Ridge 5680 King Centre Drive
Tenant Xator Corp
Size 26,187 SF
Type Renewal
MetroPark5 6363 Walker Lane
Tenant Samson Companies, LLC
Size 10,060 SF
Type Relet
35 lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
HighlightsDirect vacancy in the Tysons Corner submarket decreased from 15.8% in the first quarter 2018 to 15.2% in the second quarter 2018, and has decreased from 16.8% the second quarter 2017. Total vacancy decreased from 16.3% in the first quarter 2018 to 15.8% in the second quarter 2018, and has decreased from 17.5% the second quarter 2017.
The Tysons Corner submarket recorded -48,091 square feet of net absorption in the second quarter of 2018, bringing the year-to-date absorption to -8,446 square feet. Negative absorption was driven by a 25,000-square-foot downsize by CHS at International Gateway 1 - 8100 Boone Boulevard.
The two largest sales transactions of the quarter for Norther Virginia occurred in the Tysons Corner submar-ket. Boro Station I-III - 1765, 1775 & 1785 Greensboro Station Place were acquired by MetLife from Meridi-an Group for $244,000,000 ($380 psf). The buildings were 95.0% occupied at the time of sale, and traded at a 4.75% Cap Rate. Greensboro Park - 8180 & 8200 Greensboro Drive also traded this quarter. Altus Group / Velocis purchased the two buildings from Beacon Cap-ital Partners for $142,000,000 ($281 psf). The buildings were 83.0% occupied at the time of sale, and traded at a 5.60% Cap Rate.
The largest lease signed in the Tysons Corner submarket this quarter was a 204,547-square-foot relet by Appian at Valo Park - 7950 Jones Branch Drive. Another top lease in the Tysons Corner submarket this quarter was a 110,571-square-foot renewal signed by Cvent at Boro Station I - 1765 Greensboro Station Place.
10 Year Averages (2008 - 2017)
Total Absorption -10,713 SF / Year
Deliveries (SF) 229,019 SF / Year
Leasing Activity 2.0 M SF / Year
Asking Rental Rates (Full Service)
2008: $32.59
PSF
2017: $33.19
PSF
YTD 2018: $34.25
PSF
0.0
0.5
1.0
1.5
2.0
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Deliveries Under Construction
0
4
8
12
16
20
YTD '18'17'16'15'14'13'12'11'10'09'08
Direct Vacancy Rate Total Vacancy Rate Asking Rate
Vaca
ncy
Rate
(%) A
sking Rate ($)
0
7
14
21
28
35
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
YTD '18 '17'16'15'14'13'12'11'10'09'08
SF (M
illio
ns)
Leasing Activity Total Net Absorption
Market Spotlight
2nd Quarter 2018Tysons Corner
Market Stats
Inventory 29.2 M SF
Direct Vacancy 15.2%
Total Vacancy 15.8%
YTD 2018 Absorption -8,446 SF
YTD Leasing Activity 1.3 M SF
Under Construction 1.6 M SF
Percent Pre-Leased 71.5%
YTD 2018 Deliveries 0 SF
36lpcwashingtondc.com101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.67001530 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.46008120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300
Major Leases
Market Spotlight
2nd Quarter 2018Tysons Corner
Under Construction
Sales
Property Submarket Building Size Available Pre-leased Delivery Date Developer Major Tenants
Capital One Campus - Building 3Capital One Drive N. Tysons Corner 975,000 SF 0 SF 100.0% 3Q 2018 Capital One Capital One
The Boro Tower8350 Broad Street Tysons Corner 438,169 SF 331,800 SF 24.3% 1Q 2019 Meridian
Tegna/Hogan Lovells
Boro Loft1640 Boro Place Tysons Corner 143,606 SF 111,642 SF 22.3% 1Q 2019 Meridian Whole Foods
Property Submarket Date Sold Price Buyer Seller Class Occupancy Cap Rate
Boro Station I-III 1765, 1775 & 1785 GreensboroStation Place
Tysons Corner Apr 2018$244,000,000 ($380 PSF)
MetLifeMeridian Group
A 95.0% 4.75%
Greensboro Park 8180 & 8200 Greensboro Drive Tysons Corner Jun 2018
$142,000,000 ($281 PSF)
Altus Group /Velocis
Beacon CapitalPartners
A 83.0% 5.60%
Boro Station I 1765 Greensboro Station Place
Tenant Cvent
Size 110,571 SF
Type Renewal
Valo Park 7950 Jones Branch Drive
Tenant Appian
Size 204,547 SF
Type Relet
Boro Station III 1785 Greensboro Station Place
Tenant OneWeb
Size 71,834 SF
Type Relet
Boro Station III 1785 Greensboro Station Place
Tenant OneWeb
Size 85,932 SF
Type Sublease
1660 International Drive
Tenant Industrious
Size 26,591 SF
Type Relet
Fairfax Square II 8075 Leesburg Pike
Tenant New York Life
Size 32, 966 SF
Type Relet