(Updated at 9:05 a.m. on 7/26/2023) Fairfax County is currently the second largest suburban office market in the nation, with an inventory of 120 million square feet.
However, the current office vacancy rate sits at 16.7% — topping the county’s previous 10-year high, according to Stephen Tarditi, director of market intelligence at the Fairfax County Economic Development Authority.
He called the office market “a lagging economic indicator” when presenting the data last Tuesday (July 18) to the Board of Supervisors economic advisory committee.
Despite the county’s vacancy rate, Tarditi said the demand for office leasing is increasing.
“Last year, we had 6.6 million-square-feet of office space leased, so we’re 37% below our pre-pandemic average,” he said. “And comparing that to 2021, we were about 4.5 million square feet.”
Almost half of the county’s office inventory was built before 1990, and Tarditi said the county is seeing a bifurcation in its office market, where older buildings are not being leased at the same rate as newer buildings.
Almost 5.9 million square feet of office space is slated to be demolished or converted into another use, most of it built before 1990, according to the presentation.
“The class B, class C inventory — that’s not seeing your net new tenant demand. It’s your trophy office buildings. In fact, the trophy office vacancy rate for Fairfax County is right around 10%, which is very healthy,” Tarditi said.
According to the data, coworking space is another strong sector in the office market, with demand increasing among more small businesses.
“I think more and more building operators — if there is vacant space and newer buildings — they’re looking to incorporate coworking space and have them graduate in that space,” Tarditi said.
National economic indicators that could have a potential effect on the county’s office market include mass layoffs and interest rates. Although the county is seeing a high vacancy rate, Tarditi highlighted some statistics that could indicate growth in office demand in the future.
Fairfax County now has 42,000 employee establishments (companies with employees and payroll) — a record number for the county, according to Victor Hoskins, CEO of the Fairfax County Economic Development Authority.
“That shows that there would be future office demand as a new company is established,” Tarditi said.
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FREE Leadership Sessions will be conducted at the George Mason University –Arlington Campus for High School Latinas. The program runs from Monday 7/15 through Friday 7/19 from 10:00AM to 3:00PM EST each day (1-week).
Las sesiones de liderazgo GRATUITAS se llevarán a cabo en el campus de George Mason University – Arlington para latinas de secundaria. El programa se desarrollará desde el lunes 15 de julio hasta el viernes 19 de julio, de 10:00 a.m. a 3:00 p.m. EST cada día (1 semana).
Our goal is to equip students with the fundamentals of self-promotion and guide them in shaping their personal brand for future success. What sets this program apart is its integration of self-awareness activities and mentorship by seasoned professionals.
Sessions begin with a thorough assessment of leadership dynamics on July 15th, participants delve into the intricacies of personal branding and etiquette on July 16th, followed by practical guidance on crafting compelling LinkedIn profiles and resumes on July 17th. July 18th emphasizes the art of storytelling through personal statements, while July 19th culminates in portfolio presentations, allowing participants to showcase their newfound skills. The program concludes on July 20th with a memorable graduation ceremony, celebrating the accomplishments of the ELITE Academy’s graduates and their journey towards leadership excellence.
Finding a gift for moms can be difficult. Google “Mother’s Day gifts,” and you’ll scroll through endless lists of beauty products, candles and fuzzy robes. Sure, those are sweet, but sometimes it’s fun to surprise loved ones with something a little more, well, practical!
Here’s one idea: Give her a gift certificate for a home cleaning from Well-Paid Maids. It’s the perfect “thank you,” “I love you” or “you’ve got this” for any mom. She can schedule the home cleaning at her convenience and breathe easy knowing she has one less thing to do.
Our cleaners will take care of everything, including vacuuming and mopping as well as cleaning and dusting countertops, tables, mirrors, appliances and more. Sinks, toilets, showers and appliance exteriors also get a good scrub.
Plus, when you buy a gift certificate from Well-Paid Maids, you’re supporting a living-wage cleaning company. That means cleaners get paid a starting wage of $24 an hour and get access to benefits, like 24 days of PTO and health insurance.
Air Layering: Propagating Difficult to Root Plants
Air Layering Workshop: Propagating Difficult-to-Root Plants
Sunday, May 19, 2024
1:00-3:00pm
Pedal with Petals Family Bike Ride
Join us on Saturday, May 11th and ride into spring during our Pedal with Petals Family Bike Ride. Back for its second year, Pedal with Petals is going to be bigger than ever. This year’s event will include both an
