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FOR IMMEDIATE RELEASE
Contacts: Alan Fogg, FCEDA
afogg@fceda.org, 703-790-0600 (o); 571-213-5065 (m)
Commercial office space in Fairfax County
tops 102 million square feet
Office space vacancy rate drops to 11.6 percent
Fairfax County , Virginia, April 4, 2005 — The Fairfax County commercial real estate market is continuing its rebound, according to the latest figures from the Fairfax County Economic Development Authority (FCEDA). In calendar year 2004, office space inventory stood at more than 102 million square feet with a vacancy rate of 11.6 percent. In 2003, the inventory was 101.5 million square feet and a vacancy rate of 15.6 percent.
Increased federal government spending and contracting leading to the growth of local technology firms attributed to the four percent drop in vacancy rate. As the vacancy rate declined in many submarkets, lease rates stabilized and began to increase. Total leasing activity in 2004 was the second highest total ever recorded in Fairfax County. More than 10.8 million square feet of space was leased, which was second only to 12.7 million square feet leased in 2000.
A good office space market builds a strong commercial tax base for the county. Business growth helps Fairfax County fund public services such as the nation’s top-rated public school systems that contribute to the quality of life. Fairfax County offers businesses a state-of-the-art telecommunications infrastructure, access to domestic and international markets through Washington Dulles International Airport and a well-educated workforce.
“Fairfax County led the nation in the rate of job growth in 2004 and that translates to a lower office space vacancy rate and a larger commercial tax base that helps the Fairfax County Board of Supervisors fund the kind of services that a growing population expects,” said Gerald L. Gordon, Ph.D., president and CEO of the Fairfax County Economic Development Authority.
Tysons Corner remains the largest office space submarket in Fairfax County with 25.4 million square feet. Reston (18 million square feet), Merrifield (9.8 million square feet), Fairfax Center (9.1 million square feet) and Chantilly (7.8 million square feet) round out the top five office space submarkets in the county.
The Fairfax County Economic Development Authority (www.FairfaxCountyEDA.org) promotes Fairfax County as a business and technology center. The FCEDA assists businesses by identifying possible sites and facilities, and provides demographic and economic statistics. The FCEDA’s Capital Attraction Program links technology entrepreneurs with potential investors, and another program supports the growth of small and minority-owned companies. The FCEDA maintains overseas offices in Bangalore, Frankfurt, London, Seoul and Tel Aviv.
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