The largest leases signed in Q3 include: US GSA’s 82,258 sq. ft. renewal at 8424-8462 Terminal Road (Newington), Crane Services’ 56,000 sq. ft. lease at 7760 Doane Drive (Route 29/I-66), and Leidos’ 47,040 sq. ft. lease at 22714 Glenn Drive (Route 29/I-66).
The Route 28/Dulles North submarket contributed the most Q3 occupancy gains with 157,326 sq. ft. of positive absorption, resulting in an 80 bps drop in its vacancy rate to 3.1% during the quarter, down 150 bps year-over-year.
The market is projected to deliver a total of 1.4 million sq. ft. of new construction by year-end, the market’s highest level of activity since 2014.