An increase in demand for the start of 2024 kicks off the year with elevated leasing activity

Following a year of subdued leasing momentum, the commencement of 2024 witnessed a significant surge in leasing volume, showing a 58.1% increase in leased square footage compared to the previous quarter. This notable uptick in activity is primarily fueled by several major lease renewals, including the quarter's five largest lease transactions. The quarter concluded with leasing transactions totaling 2.3 million square feet (msf), just under the five-year average of 2.4 msf. The quarter's most prominent deal was secured by Booz Allen, who renewed their lease at 8283 and 8285 Greensboro Drive in Tysons Corner, amassing 431,208 square feet (sf), committing to two additional years of term.

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