Notable leases signed in Q4 include: Gatekeeper Security’s 26,094 sq. ft. lease at 22720 Ladbrook Drive (Route 28/Dulles North), Two Marines Moving’s 26,030 sq. ft. lease at 6308 Gravel Avenue (I-395 Corridor), and TruGreen’s 23,265 sq. ft. renewal at 106 Executive Drive (Route 28/Dulles North).
The Route 28/Dulles North submarket contributed the most 2019 occupancy gains with 846,763 sq. ft. of positive absorption, resulting in a 100 bps drop in its vacancy rate to 3.0% year-over-year.
Robust tenant demand led to 1,280,175 sq. ft. of occupancy gains in the warehouse sector during 2019, driving the vacancy rate down 70 bps year-over-year to 5.1%.