Northern Virginia office availability reaches lowest level since 2019
Fundamentals continued to improve in the Northern Virginia office market, with availability declining for the seventh consecutive quarter. At 20.0%, the availability rate fell by 280 basis points over the last year, reaching its lowest level since Q4 2019. Although leasing activity moderated slightly in Q3 2026, year-over-year volume reached one of its highest levels in recent years at 9.3 million square feet (msf). Conversion activity and a shrinking sublease market also contributed to declining availability. Over the last year, more than 9.0 msf was removed from the inventory, while sublease availability declined by approximately 37.0%.