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FOR IMMEDIATE RELEASE
Alan Fogg,
Director of Communications
afogg@fceda.org, 703-790-0600
Fairfax County Office Space Vacancy Rate Lowest in 12 Years
Fairfax County, Virginia, July 21, 1997 — The yearend 1996 office space vacancy rate in Fairfax County decreased to 6.2 percent — the lowest rate in 12 years — according to the Fairfax County Economic Development Authority (FCEDA) Yearend 1996 Real Estate Report. The report, published semi-annually, examines County-wide leasing and construction activity in office and industrial/hybrid space for the last six months of 1996.
The County, with a current office space inventory of 78.3 million square feet, had an office vacancy rate of 6.9 percent at mid year 1996 and an 8.5 percent rate at yearend 1995. This marks the twelfth consecutive reporting period Fairfax County's office vacancy rate has declined since reaching a high of 18.3 percent at yearend 1990.
The following are among the highlights of the Yearend 1996 Real Estate Report.
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The vacancy rate for the industrial/hybrid market decreased to 8.6 percent at yearend 1996, down from 9.2 percent at midyear 1996 and only slightly higher than the yearend 1995 rate of 8 percent. Industrial/hybrid leasing activity (absorption) in 1996 was the third highest total ever recorded by the FCEDA.
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Office absorption for 1996 hit a record one-year total of 7 million square feet. Average monthly absorption increased by 34 percent over the 1995 total to 586,673 square feet per month.
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Previously occupied (relet) space available for lease in office buildings at yearend 1996 decreased by 1.3 million square feet or 21 percent from yearend 1995. The yearend 1996 total represents the largest one-year decrease ever recorded by the FCEDA.
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At yearend 1996, there were no office buildings offering 50,000 or more contiguous square feet of new space.
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Commercial office construction activity topped 3 million square feet in 1996. Office projects were under construction in Chantilly, Dulles, Merrifield and Vienna at the close of 1996. Additional projects are due to break ground during 1997 in the Chantilly, Dulles, Merrifield, Reston and Tysons Corner submarkets. Industrial/hybrid construction totaled 660,000 square feet during the year.
The Yearend 1996 Real Estate Market Report is available from the FCEDA by calling (703) 790-0600 and will soon be available on the FCEDA website at: www.FairfaxCountyEDA.org.
The Fairfax County Economic Development Authority works to attract businesses to the County and to retain existing businesses. It promotes business growth in the County as well as provides up-to-date demographic and economic information. For more information on the FCEDA's programs and services, visit their website at: www.FairfaxCountyEDA.org.
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