The office vacancy rate in the Rosslyn-Ballston corridor continued to recover in 2017, with new tenants moving in this year expected to maintain that recovery.
Commercial real estate firm JLL found that the recovery continued for the third straight year, after tenants moved out in droves from 2009 to 2014 following BRAC and sequestration at the federal level. That contributed to Arlington County’s total office vacancy rate being at 22.7 percent in 2017.
And this year, JLL said the arrival of Nestle in Rosslyn as well as the redevelopment of the Ballston Exchange — formerly known as Stafford Place and the previous headquarters of the National Science Foundation — and Ballston Quarter Mall will help drive down that office vacancy rate.
Rosslyn is set to add occupants in 500,000 square feet of vacant office space this year, including the likes of the Grocery Manufacturers Association, which is relocating from D.C. Although with a 29 percent office vacancy rate at the extremes of the corridor, it is not all good news.
A previous JLL report found that office rent is highest on Wilson Blvd in Rosslyn and increasing, due to new high-end “trophy class” offices coming online, as well as the unobstructed views of Washington, D.C. and the Potomac River.
And locating close to Metro stations is still pushing rent up on office space across Northern Virginia by up to 34 percent, according to JLL. It also found that all of the new office space being constructed is close to Metro.
But despite the positives, the Northern Virginia region as a whole is still struggling, with a 20-year historical high for office vacancies and not much improvement forecast in the coming years. Fairfax County’s office vacancy rate of 21.1 percent is second behind Arlington, followed by Alexandria (19 percent), Loudoun County (16.6 percent) and Prince William County (15.6 percent).
The lowest vacancy rate close to D.C. is in Frederick County, Maryland, which has a 9.1 percent vacancy rate.
“The forecast broadly is not likely to shift greatly from today as slower demand caused by limited near-term lease expirations, limited economic diversification outside of the core government and contractor drivers and a dysfunctional Congress will keep supply-demand fundamentals relatively flat,” John Sikaitis, managing director for research at JLL, wrote in a presentation on the findings.
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St. Charles offers a play-based curriculum in a welcoming, Christ-centered environment.
Our program focuses on socio-emotional development and kindergarten readiness through hands-on and engaging activities. Our programs offer different schedules ranging from 7:30 am-5:30 pm for students, ages 2-5. We feature a full-day Jr. kindergarten class for older 4’s/5’s. Our facility includes a full-sized gymnasium, school chapel, and library. All of our students enjoy music and physical education weekly. Children have an opportunity to participate in enrichment classes such as soccer, basketball, ballet, and science.
We offer Summer Camp with weekly themes and twice a week water play, including Fun Friday moon bounce. Please join us for our Open House Feb. 3 at 9:30 am and 11:00 am. Click here to sign-up.
For more information or to schedule a tour, visit us at www.stcharlesarlington.org or call (703) 527-0608.
If you are a lifelong learner over 50+ who wants to make new friends, power up your brain, and enjoy a wide-variety college-level courses, Encore Learning is for you. An Arlington based nonprofit, Encore Learning offers courses in the arts, theater, literature, history, technology and more. This semester we offer our most popular course, Global Hot Spots as well as 25 new courses. Courses are presented either online or in-person at George Mason University at Virginia Square and other Arlington locations.
Join the free presentation to learn about courses and meet the instructors. This is Encore Learning’s signature event to highlight the upcoming semester with brief presentations by each instructor.
The Spring Course Preview event is Thursday, February 2nd at 9:30 AM via Zoom:
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