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Quarterly Market Report

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Quarterly Market Report 1 Northern Virginia Quarterly Market Report 2nd Quarter 2020 lpcwashingtondc.com Northern Virginia Leasing & Market Research Neil Alt Senior Vice President [email protected] | 703.284.5868 Doug McLearn Senior Vice President [email protected] | 703.284.5862 Gary Cook Table of Contents Senior Vice President [email protected] | 703.284.3379 Chris Dyson Metropolitan D.C. Market Overview .....................................3 Senior Vice President Northern Virginia Quarterly Overview .................................5 [email protected] | 703.284.3633 Northern Virginia Top Ten Leases ........................................ 8 Eamon McCrann Senior Vice President Northern Virginia Sales Transactions................................... 9 [email protected] | 703.284.5861 Jae Lee Market Spotlight, 2Q 2020: Senior Vice President [email protected] | 202.513.6700 Northern Virginia .................................................................10 Alexandria ............................................................................. 12 Stoddie Nibley Senior Vice President Fairfax .................................................................................... 14 [email protected] | 703.284.5884 Loudoun County .................................................................16 Correll Caulfield Merrifield ...............................................................................18 Vice President [email protected] | 703.284.5886 National Landing....................................................................20 Jed Prossner Old Town Alexandria/Eisenhower Avenue..................22 Vice President Reston - Herndon .............................................................. 24 [email protected] | 703.284.5864 Rosslyn - Ballston Corridor ............................................. 26 Jack Redmond Senior Associate Route 28 North ................................................................... 28 [email protected] | 703.284.5880 Route 28 South.......................................................................30 Brenda Sosa Springfield.................................................................................32 Leasing Associate [email protected] | 703.284.5881 Tysons Corner ..................................................................... 34 13 Ben Hickey Leasing Associate [email protected] | 703.284.3364 Sarah Rossero Market Research Associate [email protected] | 703.284.3354 Jacqueline Spross Market Research Associate [email protected] | 703.284.3635 2 Metropolitan D.C. Market Overview 2nd Quarter 2020 Overall Market Summary The Washington, DC Metropolitan commercial real estate market is comprised of approximately 429.6 million square feet of rentable office space located in the District of Columbia, Northern Virginia, and Suburban Maryland. this quarter; while five buildings, totaling 928,957 square feet, delivered. The largest addition was The total vacancy rate ticked up to 14.0% at the end 1750 Presidents Street - 17Fifty delivering 276,000 of the second quarter, while the market recorded square feet (100% leased to LEIDOS) to the Reston 364,843 square feet of net absorption. Northern submarket in VA. Virginia and Suburban Maryland both posted positive net absorption for the quarter with a There were six sale transactions in the second combined 396,089 square feet absorbed. quarter, totaling $328.75 million. The largest sale was 1530 Wilson Boulevard trading for $71,400,000 ($427 Leasing activity for the quarter totaled 3,447,954 psf) in the RB Corridor of VA. square feet. The largest lease executed was a 396,740-square-foot relet by Microsoft at 11955 Average asking rental rates increased $0.34 to $39.50 Freedom Drive - Two Freedom Square @ RTC, in per square foot, Full Service. Northern Virginia. From May 2019-May 2020 the DC Metropolitan At the end of the quarter, there was 6,876,206 Statistical Area (MSA) lost 67,200 jobs, representing square feet under construction, with 69% of the a contraction of 8.5%% YOY, while the unemployment space pre-leased. No buildings broke ground rate increased to 9.0%. Metro DC VA MD Area (YTD) Direct Vacancy 12.0% 13.8% 13.1% 13.0% (2Q 2020) Total Vacancy 13.2% 14.5% 14.0% 14.0% (2Q 2020) Total Net Absorption -474,256 -792 -352,443 -121,021 (YTD 2020) SF Leasing Activity 3,452,820 3,396,769 1,441,094 8.3 M SF (YTD 2020) 101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.6700 lpcwashingtondc.com 3 4300 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.4600 8120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300 Metropolitan D.C. Market Overview 2nd Quarter 2020 Market Outlook / COVID-19 Market fundamentals for the Metropolitan The impact of the COVID-19 pandemic on Washington, DC office market continued to soften our daily lives, and commercial real estate, is in the second quarter 2020 due to the COVID-19 extremely fluid. The DC region is currently in pandemic. Even though close to 365,000 square Phase 2 of re-opening, including the re-opening feet was absorbed in the second quarter, total of non-essential retail and the voluntary return vacancy ticked up to 14.0% for the metro area for office workers. While office buildings have re- (absorption is still negative for the region YTD opened, the vast majority of DC area employees, 2020). Despite the pandemic, leasing activity was including the government, continue to telework only down 29% quarter-over-quarter, as velocity (less than 20% have returned to the office). was driven by an increase of sizable tenant Upticks in vacancy and decreased net absorption renewals across the metro. Investment sales, as are expected for the next two quarters, as tenants expected, were few, as most negotiations have and the CRE industry continue to whether the stalled. A very limited amount of new buildings, if pandemic. The DC area has seemed to ‘flatten any, are expected to come to market near term. the curve” while most of the South and West of The region lost 67,200 jobs YOY ending May 2020 the country have seen a recent spike in cases and with the Leisure & Hospitality sector suffering the have re-imposed some business closures. While majority of these losses (49,600 jobs). The current industry experts remain hopeful that the economy unemployment rate increased to 9.0% in the DC will improve by late 2020 or early 2021, locally, Metro, but it is still lower than the 11.1% nationalSublease Added 2Q the2020 next (SF) few weeks will decide if the DC area is average. Incredibly, the Washington, DCSan MSAFrancisco ready1,400,000 to move into Phase 3, plateau on Phase 2, ranks 4th nationally in unemployment (in MSAs or possibly regress due to an influx in COVID-19 New York 1,300,000 over 1 million in population). cases. Boston 1,200,000 Los Angeles 905,000 The COVID-19 pandemic Atlantahas caused a substantial increase800,000 of sublease space available on the market nationally. ChicagoThe DC Metro area added 334,000425,000 square feet of available sublease space to the marketDC Metro in the second quarter 2020.334,000 However, DC has added the least amount of available sublease space compared to other major markets (see chart below). Sublease Space Added 2Q 2020 (SF) DC Metro 334,000 Chicago 425,000 Atlanta 800,000 Los Angeles 905,000 Boston 1,200,000 New York 1,300,000 San Francisco 1,400,000 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.6700 lpcwashingtondc.com 4 4300 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.4600 8120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300 Northern Virginia 2nd Quarter 2020 Market Summary The Northern Virginia office market consists of 2Q 2020 1Q 2020 2Q 2019 1,532 buildings over 25,000 square feet, totaling approximately 188.2 million square feet of rentable space. Direct 13.8% 13.3% 13.5% The largest non-GSA lease signed during the Vacancy second quarter was a 396,740-square-foot relet by Microsoft Corporation at Two Freedom Square Total - 11955 Freedom Drive. This requirement represents 14.5% 14.0% 14.1% primarily new growth to the market for Microsoft. Vacancy The largest lease signed by the GSA was a Net 61,256-square-foot renewal at Crystal Park Five - Absorption -352,443 SF -712,680 SF 1.1 M SF 2451 Crystal Drive. (YTD) Building sales volume totaled $175,750,000 during the second quarter 2020. The largest transaction Leasing was the sale of 1530 Wilson in the Rosslyn- Activity 3.4 M SF 1.9 M SF 6.0 M SF Ballston Corridor submarket. Velocis acquired the (YTD) building from Invesco for $71,400,000 ($416.64 psf). The asset was 71.0% occupied at the time of Under 2.8 M SF 3.5 M SF 3.2 M SF sale. The second largest sale was John Marshall Construction II - 8283 Greensboro Drive in the Tysons Corner submarket. The Meridian Group acquired the building from Washington Real Estate Investment Deliveries 1.1 M SF 298,460 SF 484,171 SF Trust for $57,000,000 ($255.62 psf). The building (YTD) was 100.0% occupied at the time of sale. The third largest sale was Center for Innovative Technology - 2214 Rock Hill Road in the Reston-Herndon submarket. Origami acquired the building from VA Rental Rates $33.03 PSF $33.04 PSF $33.11 Department of General Services for $47,350,000 ($316.90 psf). The building was 100.0% occupied at the time of sale. U/C Percent 76.2% 78.8% 71.1% Pre-Leased Inside the Beltway, there were 44 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the first and second quarter 2020. Outside the Beltway, there were 81 buildings marketing 50,000 square feet or greater of contiguous space available at the end of the second quarter 2020 compared to 75 from the first quarter 2020. 101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.6700 lpcwashingtondc.com 4300 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.4600 5 8120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300 Northern Virginia 2nd Quarter 2020 Vacancy Rate Deliveries vs. Under Construction Total vacancy in Northern Virginia increased from 14.0% in the first quarter 2020 to 14.5% in the second quarter 5 2020, and has increased from 14.1% since second quarter 2019.
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