David J. Barton
A new market report from Cushman & Wakefield says new deals for office leases in the Northern Virginia area during the most recent quarter was the highest recorded since 2011.
The two earlier quarters this year were down so much that year to date leasing has dropped a total of 37 percent from this time last year, according to Cushman & Wakefield.
The report added that Tysons Corner leads Virginia leasing activity with a proportion of 20 percent.
Cushman & Wakefield attributed the uptick in the latest quarter to record high vacancy, tenant consolidations and generous incentive packages.
Vacancies in Northern Virginia continue to climb and is up one percent since last year, with the rate now at at 20.6 percent and at a consistent rise over the past three years, according to the report.
The Cushman & Wakefield market snapshot adds that investor confidence in Northern Virginia rental buildings is high, giving the example of the 1776 Wilson Blvd building purchase.
