Fairfax, VA Economic Overview
Just 17 miles west of Washington, D.C., Fairfax is home to a little over 24,000 people, not counting George Mason University’s almost 34,000 students. GMU is located in unincorporated Fairfax County, of which Fairfax City is an enclave. Forbes has ranked Fairfax third on its list of “Top 25 Places to Live Well” due to the high local median salary of roughly $70,000/year, as well as Fairfax having the highest percentage of business owner residents in Northern Virginia, as well as nationwide.
The Fairfax commercial real estate market stays vibrant, whatever the national economic environment.
Fairfax, VA Commercial Real Estate Market
The city of Fairfax sprawls over 6.3 square miles. The Downtown Fairfax commercial real estate market is experiencing large-scale redevelopment across the retail and restaurant, office and multifamily sectors.
Fairfax’s location at the intersection of three major highways, as well as its proximity to Washington, D.C., make it a prominent trade area, which appeals to businesses of all sizes. Furthermore, the city’s economic environment is beneficial to start-ups, as Fairfax has some of the lowest taxes in the state.
Proximity to George Mason University and its student population of over 30,000 makes for a highly accessible, skilled and educated labor pool.
Fairfax, VA Office Sales Volume
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
Fairfax, VA Office Transactions
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
Fairfax, VA Commercial Inventory Breakdown
Office Spaces
Total: 12,720,041 SF
By square footage range:
- 50k to 100k SF: 3,336,669 SF / 26.23% of total office
- 100k to 500k SF: 9,383,372 SF / 73.77% of total office
By class:
- Class A: 6,605,822 SF / 51.93% of total office
- Class B: 5,759,482 SF / 45.28% of total office
- Class C: 292,737 SF / 2.3% of total office
Industrial
Total: 638,987 SF
By square footage range:
- 50k to 100k SF: 494,852 SF / 77.44% of total industrial
- 100k to 500k SF: 144,135 SF / 22.56% of total industrial
By class:
- Class B: 422,744 SF / 66.16% of total industrial
Office Spaces with Retail
Total: 7,279,331 SF
By square footage range:
- 50k to 100k SF: 1,029,787 SF / 14.15% of total office with retail
- 100k to 500k SF: 5,210,167 SF / 71.57% of total office with retail
- > 1M SF: 1,039,377 SF / 14.28% of total office with retail
Employment in Fairfax, VA
Whether you are a business owner or a prospective employee, Fairfax presents lots of opportunities. Almost 91% of the local workforce is employed in white-collar jobs, of which roughly 12.63% work in administration, 9.77% in sales, and 12.98% in management.
Neighboring George Mason University has an industry-specific scheme, to ensure its graduates are quickly and successfully integrated in the industry of their choice. GMU maintains an extensive and carefully matched online database of jobs and internship programs.
In addition, businesses in Fairfax have a strong online presence, offering valuable and efficient resources to not only target customers, but also employees and other local residents. Consequently, Google has included Fairfax in its yearly list of “Digital Capitals of America,” with the special honor of “Commonwealth of Virginia’s e-City of the Year.”
Online retail giant Amazon chose Fairfax for its East Coast corporate campus, attracted by the city’s business climate and rich talent pool, bringing an estimated 1,500 new jobs to the area. Fairfax’s top employer is international security services company GS4 Secure Solutions.
Education in Fairfax, VA
Half of Fairfax’s residents hold at least a Bachelor’s degree, graduate or other professional degree. Not surprisingly, Fairfax City public schools frequently score among the best in the nation. Notable private schools include Boyd School, Kellar School, and Oak Valley Center.
Formerly an extension of the University of Virginia, George Mason University has come into its own, praised for its excellent programs in business, economics, computer science, and law. Its prestigious faculty even includes twice-Nobel Prize honorees in Economics. George Mason University is now the largest university in the Commonwealth of Virginia, by enrollment.
Commuting Time in Fairfax, VA
Despite its relatively small population, Fairfax residents have to deal with long commutes–the average commute time here is 31.64 minutes, even as most Fairfax residents use public transport (subway, bus).
Fairfax Demographics
Population
- Total Population23,531
- Male Population(48.6 %) 11,444
- Female Population(51.4 %) 12,087
- Median Age38.20
Income/Financial
- Average Household Income$138,288
- Median Household Income$116,979
- Median Income Under 25$27,125
- Median Income 25-44$122,739
- Median Income 45-64$136,250
- Median Income Over 65$91,406
News
HSS Hudson Yards Now Live; City of Hope Starts Cancer Campus in Irvine; CommunityMed Opens 7th North Texas Practice
June 16, 2020
City of Hope plans call for an acute care cancer hospital on the undeveloped acreage, which would be the first hospital in Orange County that is dedicated exclusively to the treatment of cancer, and is estimated to deliver in 2025.
Westport Capital Partners has completed the purchase of Tysons Executive Plaza I, a rare deal on the Greater DC office market. The 262,000-square-foot Class A Tysons Corner office building was originally built in 1985 and most recently refurbished in 2011. Although the 10-story office building m...
Executive Summary 2017 records highest Q1 sales volume in the past 4 years average price per square foot drops 8.8% year-over-year to $300 largest office sales of Q1 closed by Asian investors three office developments on track for Q2 delivery Despite the tumultuous political environment of the p...