Microsoft’s growth in the midst of the pandemic demonstrates confidence in the future of the office

The ongoing public health crisis has been wearing away at Northern Virginia’s market stability and leasing was down for the third consecutive quarter with only 1.6 million square feet (msf) leased in Q1. The top transaction of the quarter was a new lease completed by Microsoft at 1300 Wilson Boulevard in Rosslyn for 182,000 square feet (sf). This marks the fourth lease the company has completed within the market over the last year for a total of 0.8 msf. Of the four transactions signed, only one was a renewal and expansion, the remaining 0.6 msf has been made up of new leases. The technology advertising, media and information (TAMI) sector, has provided the most net new growth within the market of any industry and during a period of record low demand. TAMI transactions made up 36.1% of leasing volume in Q1, followed closely by government transactions (30.9%) which have been crucial to sustained leasing activity throughout the pandemic.

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