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Contact: Alan Fogg, Director, Communications
afogg@fceda.org, 703-790-0600 (o) or 571-213-5065 (m)
Fairfax County office vacancies drop to 10.1 percent; inventory up to 102.5 million square feet
Office construction on the upswing in first half of 2005
Fairfax County, Virginia USA, August 31, 2005 – Office space vacancies in Fairfax County dropped to 10.1 percent as of mid-year 2005, down from 11.6 percent at the end of 2004 and a high of 18.8 percent in 2002, according to data compiled by the Fairfax County Economic Development Authority (FCEDA). The current vacancy rate includes space available through landlords and subleases.
Real estate industry experts generally consider a 10 percent vacancy rate an indication of a healthy commercial market. The vacancy rate will be one number included in a detailed mid-year commercial real estate report to be issued on the FCEDA Web site, www.FairfaxCountyEDA.org, in late September.
“It is great to see that we are bringing the vacancy rate down from the high three years ago, because a strong commercial tax base is necessary to provide the revenue that the county will need to provide services for a population that is expected to grow 20 percent over the next 20 years,” said Gerald L. Gordon, Ph.D., president and CEO of the FCEDA.
Information that will be in the mid-year report:
- Office space in Fairfax County rose slightly in the first half of 2005 to almost 102.5 million square feet, which maintains Fairfax County’s status as the largest suburban office market in the Washington, D.C., area and one of the largest suburban office markets in the United States.
- 4.9 million square feet of office space was leased during the first half of 2005.
- Five buildings with 360,668 square feet of office space were completed during the first half of 2005.
- New construction rose for the third straight six-month reporting period. About 2.3 million square feet of new space in 21 buildings was under construction as of mid-year 2005, up from 1.6 million square feet at the close of 2004.
Growth in the commercial office market helps Fairfax County fund services such as a top-ranked public school system and library, public safety, social services and park systems that improve the quality of life. Fairfax County offers diverse real estate opportunities near Washington, D.C., access to domestic and international markets through Washington Dulles International Airport, a business community based on technology and professional services, and a well-educated workforce.
The Fairfax County Economic Development Authority (www.FairfaxCountyEDA.org), which has been recognized by Site Selection magazine as one of the top economic development groups, 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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