Washington Metropolitan Area Market Report

Q2 - 2021

Northern Virginia - Office

Both vacancies and rents are at decade long highs in Northern Virginia. Covid-19 is still causing moveouts and downsizing as office users remain virtual. Construction is high, but not necessarily a source of risk.

Suburban Maryland - Office

Office buildings in suburban Maryland have seen rising vacancies over the past 12-18 months especially in B & C class space. Despite slow demand, year-over-year rent growth remains marginally positive in most areas.

District of Columbia - Office

Washington, D.C. office investors have suffered the brunt of the pandemic’s effect. The flight to quality that was ongoing before the pandemic had softened the market before employees switched their desks with their dining rooms.

Northern Virginia - Industrial/Flex

Demand for industrial space in Northern Virginia has driven rent growth far beyond historical norms. The e-commerce boom and data center expansion has paved the way for one of the tightest industrial markets on record.

Suburban Maryland - Industrial/Flex

Online retailers and logistics firms have required more industrial space over the past year than ever before. Flex space for bio-tech growth has also been in high demand. These conditions fueled explosive rent growths in Suburban Maryland.

CONTACT

Emiliano
Morales Flores
Market Research Analyst
emorales@edgecre.com
703.334.5631

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