Ending the year strong, Northern Virginia posted its 10th consecutive quarter of occupancy gains for a total of 2.9 million sq. ft. during this continuous stretch of growth.
Submarkets with the most occupancy gains in 2019 were Herndon, Route 28 South and Tysons, all outside the Beltway and together contributing 1.2 million sq. ft. of net absorption - 67% of the total growth in the market.
The coworking sector continues to expand in Northern Virginia, with six new leases signed in 2019 totaling 231,000 sq. ft. In total, the market is now served by 1.4 million sq. ft. of coworking product across 54 locations.