Despite solid overall leasing activity, the Northern Virginia office market continues to face significant challenges in 2024, with net absorption over negative 1.5M square feet in the third quarter alone.
Following negative 2.9M square feet of absorption in 2023, the Northern Virginia market is on track to exceed the previous year with negative net absorption of 2.86M square feet through the third quarter of 2024.
Lack of organic tenant demand and entrenched hybrid work policies continue to hamper the leasing market, contributing to ongoing issues in occupancy rates.
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