Northern Virginia Office MarketBeat Q1 2026

Northern Virginia's office market recorded new leasing of 530,000 square feet in Q1 2026, down from 1.1 million square feet in Q1 2025, with overall vacancy rising to 24.0% and asking rents reaching $35.81 per square foot on a full-service basis. Class A assets captured 85% of new leasing and 95% of renewals, with Fairfax leading regional activity at 348,000 square feet of new leasing, while net absorption remained slightly negative at negative 27,000 square feet for the quarter.