Northern Virginia office space is most expensive to rent on Wilson Blvd in Rosslyn, according to a study.
Commercial real estate firm JLL found that rents on the street in Rosslyn average between $56 and $65 per square foot, and that those rents are increasing.
The study found that average rent increase is due to new high-end “trophy class” offices coming online, as well as the unobstructed views of Washington, D.C. and the Potomac River. Those “trophy” offices include top amenities, good views of their surroundings and are connected to transit options like Metro and bus routes.
“The new trophy buildings not only deliver high-end modern office space, but will help transform Rosslyn from a sleepy 9-5 business district into a vibrant live-work-play neighborhood,” Michael Hartnett, senior research manager in JLL’s Northern Virginia office, said in a statement.
Across the region, average rents on office space remain high even as jurisdictions battle with a high vacancy rate. Arlington County’s office vacancy rate is just over 17 percent, even with the likes of Nestle moving to Rosslyn.
“Despite the U.S. office market posting 81 million square feet of net absorption the past 24 months and posting rent growth of 8.2 percent, the Metro D.C. market has posted nearly 700,000 square feet of occupancy losses and a rent decline of 6.9 percent,” John Sikaitis, managing director of research at JLL, said in a statement. “In this challenging market, there are an equal mix of winners and losers and on the demand side, these nuanced high-priced corridors at the intersection of Main and Main have attracted the most demand and been some of the more resilient segments of the market.”
Photo via Monday Properties
Recent Stories
Good Thursday evening, Arlington. Today we published articles that were read a total of 6850 times… so far. 📈 Top stories The following are the most-read articles for today —…
This past week saw 32 homes sold in Arlington. The least expensive condo, single-family home or townhouse sale over the past seven days was $205,000 while the most expensive was…
Tree canopy in Arlington County is lower than it was in 2016, according to a new privately-funded study paid for local residents.
Time is running out for your chance to win a National Landing prize package worth $500! Entries for ARLnow’s inaugural Big Night Out giveaway close tomorrow (Friday) at noon. The…
Is home ownership a goal of yours in 2023? Now is the time to make it happen! Grab a (virtual) drink with the area’s top Real Estate experts, learn all about the home buying process and on how you can get $1,500 towards your closing costs immediately!
Did you know the average Arlington renter will spend $150K in 5 years of renting? Stop paying down someone else’s mortgage! Join us for a Rent vs. Buy Happy Hour on Wednesday, April 5th at 6 p.m. via Zoom. If this time doesn’t work, we also are offering times convenient for your schedule!
A lot has happened in the local market since the beginning of the pandemic. Sip on your drink of choice and learn from Northern Virginia, Arlington and Washingtonian Magazines top producing agents! We will discuss the latest market updates, the home buying process and rent vs. buy cost savings. Please RSVP by clicking here.
Call/text Manavi at 703-869-6698 with any questions!
Synetic Theater Camps are a wildly fun, highly accessible choice for young people who love moving, playing games, and making memories. Registration is open now for Summer Camps (sessions June 20-August 25) and there are even a few spots left for Spring Break camp, April 3-7.
Located in National Landing, these performance-based camps are designed for students of all ages – no theater or performance experience required.
Led by professional teaching artists, campers learn acting, movement, and technical theater skills through the lens of Physical Theater. Physical Theater incorporates acting, movement, dance, mime, and acrobatics. If you’ve seen a Cirque du Soleil performance, you’ll find many similarities.
Most first-time campers are new to the performing arts, and teaching artists are well-versed in engaging students at all levels. Parents and campers report that one of the best parts of Synetic is the community, with many families returning year after year because they feel a strong sense of belonging.
WHS Spring Festival
Join us at the WHS Spring Festival on April 22, 2023, from 10am- 3pm at Wakefield High School(main parking lot). Come out to shop, play, and eat!
Shop local vendors, arts & crafts, new and used items, food vendors/trucks, and
District 27 Toastmasters 2023 Virtual Conference
District 27 Toastmasters invites you to its annual conference where you can hear phenomenal speakers, attend professional development and personal growth seminars about leadership, negotiation, communication, teamwork, and mentorship. Learn how to develop your personal story and how to improve
