The Northern Virginia office market posted the seventh consecutive quarter of occupancy gain in Q1 2019—the longest stretch of growth since 2008 for a total of 1.2 million sq. ft.
Technology and business services firms continue to drive demand in the market, accounting for 340,000 sq. ft. of positive absorption during the quarter. Since the beginning of 2018, the two sectors have contributed 450,000 sq. ft. and 350,000 sq. ft. of net new demand respectively.
Following the Amazon HQ2 announcement this past November, Crystal City has experienced a notable uptick in leasing activity. The submarket accounted for 22.9% of total market leasing volume in Q1 2019 (366,000 sq. ft.), while only constituting 6.7% of the total inventory.