|
FOR IMMEDIATE RELEASE
Alan Fogg,
Director of Communications
afogg@fceda.org, 703-790-0600
Office Space in Fairfax County Tops 82 Million Square Feet
11.4 million square feet of construction activity in 1998
Fairfax County, Virginia, March 25, 1999 — The Fairfax County commercial real estate market continued to grow with 11.4 million square feet of office space construction activity during 1998, adding an additional 2.6 million square feet of office space to the County by yearend 1998. The County’s office space inventory now stands at just over 82 million square feet, according to the Fairfax County Economic Development Authority’s Yearend 1998 Real Estate Report. Even with additional new office space, the vacancy rate stood at 4.1 percent at the end of 1998, just below the yearend 1997 figure of 4.3 percent.
The FCEDA’s Real Estate Report is published semi-annually and examines countywide leasing and construction activity in office and industrial/hybrid space. Other highlights of the Yearend 1998 Real Estate Report include:
- Office absorption (leasing activity) totaled nearly 7 million square feet in 1998.
- Forty-seven new office buildings totaling 8.8 million square feet were under construction at yearend 1998
- The current inventory of industrial/hybrid space is 36.2 million square feet.
- The industrial/hybrid vacancy rate decreased to 5.4 percent, down from 6.1 percent at yearend 1997.
- Industrial/hybrid absorption (leasing activity) for 1998 totaled 1.8 million square feet.
The Yearend 1998 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 a wide array of 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, provides information for employees relocating to Fairfax County and is a source for up-to-date demographic and economic statistics. For more information about the FCEDA’s programs and services, please visit the FCEDA’s Web page at www.FairfaxCountyEDA.org.
# # #
| 
