Northern Virginia Industrial Figures Q3 2026

The industrial market in Northern Virginia remains tight, showcasing steady occupancy gains and active leasing alongside continued new supply in Q3 2026. Net absorption totaled 266,000 sq. ft., with vacancy increasing slightly to 3.9%. A total of 283,000 sq. ft. was completed during the quarter, with about 61% of newly delivered space still available. Following the deliveries, just one project remains under construction. The average asking rent increased to $18.10 per sq. ft., continuing the upward trend in pricing.

Over the past decade, the market trended toward lower vacancy, which fell from 7.6% in Q3 2016 to 3.9% in Q3 2026, a 370 basis points (bps) decline. Most quarters recorded positive net absorption, including every quarter since Q4 2023. Rates rose steadily and limited new construction leased up quickly, reflecting the consistent competitiveness of the Northern Virginia industrial market. The market continues to post strong fundamentals through the first three quarters of 2026.