The largest leases signed in Q1 2019 include: JK Moving’s 110,000 sq. ft. lease at Old Ox Road (Route 28/Dulles North), A&A Transfer’s 64,000 sq. ft. renewal/expansion at 13860-13986 Redskin Drive (Route 28/Dulles South), and L&W Supply’s 53,315 sq. ft. renewal at 5757 Tiros Drive (Springfield).
The Route 28/Dulles North submarket contributed the most Q1 occupancy gains with 215,641 sq. ft. of positive absorption, in large part due to the delivery of Prologis’ two build-to-suits at Old Ox Road totaling 300,000 sq. ft.
Construction activity remains robust. With 403,440 sq. ft. delivered in Q1 and another 912,892 sq. ft. under construction (36.5% preleased), the market is slated to add over 1 million sq. ft. for the second consecutive year.