Second quarter leasing activity wanes after a robust start to 2024

Leasing activity in the Northern Virginia office market for Q2 2024 decreased on the quarter by 20.7% and totaled 1.8 million square feet (msf). However, with the exception of the same period last year, Q2 leasing volume outpaced every other quarter in 2023 in part due to a few large renewals in the market. As varied working trends within an uncertain economy continue to play a major role in office leasing activity, many companies are choosing to stay in place and extend their current leases with renewals accounting for over 63% of transaction volume. The largest transaction of the quarter was a renewal for Northrop Grumman for 309,757 square feet (sf) at 12900 Federal Systems Park Drive in Fairfax.

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