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FOR IMMEDIATE RELEASE
Alan Fogg,
Director of Communications
afogg@fceda.org, 703-790-0600
Fairfax County office vacancy rate lowest in 14 years
Construction activity grows
Fairfax County, Virginia, May 13, 1998 — The Fairfax County office space market continues to expand significantly, according to the Fairfax County Economic Development Authority's Yearend 1997 Real Estate Report. The office space vacancy rate stood at 4.3 percent at the end of 1997, the lowest level since 1984. During the same period, the level of office construction grew to 4.6 million square feet which is more than the previous six years combined. Over half of the new office space under construction during 1997 was speculative.
The current inventory of office space in the County stands at 79.6 million square feet, making it the fifth major office market in the United States. The FCEDA's Real Estate Report is published semi-annually and examines County-wide leasing and construction activity in office and industrial/hybrid space.
The following are among the highlights of the Yearend 1997 Real Estate Report:
- Office absorption (leasing activity) totaled 6.1 million square feet in 1997.
- At yearend 1997, 3.4 million square feet of existing space (or 4.3 percent of the total inventory) was vacant.
- At yearend 1997, there were no office buildings offering 50,000 or more square feet of new space in Fairfax County.
- The industrial/hybrid vacancy rate decreased to 6.1 percent, down from 8.2 percent at midyear 1997 and 8.6 percent at yearend 1996. The current inventory of industrial/hybrid space is 35.7 million square feet.
- Industrial/hybrid absorption (leasing activity) for 1997 totaled 1.9 million square feet.
- Industrial/hybrid construction activity totaled just under 550,000 square feet during 1997.
The Yearend 1997 Real Estate Report is available from the FCEDA by calling (703) 790-0600 or sending an e-mail to info@fceda.org. The report will also be available on the FCEDA's Web site at: www.FairfaxCountyEDA.org.
The Fairfax County Economic Development Authority provides services and information designed to promote Fairfax County as a business location for domestic and international companies and organizations. The FCEDA assists businesses by identifying possible sites and facilities and is a source for up-to-date demographic and economic statistics. For more information, visit the FCEDA's Web page at www.FairfaxCountyEDA.org.
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