Northern Virginia affirms reputation for resiliency with strong demand through Q2

The months-long shutdown in Northern Virginia caused by the COVID-19 pandemic has begun to reverse course with a phased economic and business reopening. During the second quarter, many markets watched businesses put real estate decisions on a “pandemic pause,” effectively halting office leasing activity. Northern Virginia, however, lived up to its reputation for resiliency and leasing volume not only sustained at 2.8 million square feet (msf) in the second quarter but was above the market’s five-year quarterly average of 2.5 msf. Transaction velocity remained robust due to the technology, advertising, marketing and information (TAMI) sector which made up 34.3% of leasing, followed by the professional services sector – which is largely made up of government contractors (25.8%) and the government sector (18.0%).

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