Commercial Real Estate Fairfax, VA - 141 Commercial Properties

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: 12,788,946 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

50k to 100k SF: 3,273,574 SF / 25.6% of total office
100k to 500k SF: 9,515,372 SF / 74.4% of total office

By class:

Class A: 6,689,867 SF / 52.31% of total office
Class B: 5,337,977 SF / 41.74% of total office
Class C: 180,419 SF / 1.41% of total office

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 Population23,580
Male Population(49.3 %) 11,621
Female Population(50.7 %) 11,959
Median Age39.00

Income/Financial

Average Household Income$128,527
Median Household Income$106,870
Median Income Under 25$21,875
Median Income 25-44$112,981
Median Income 45-64$125,208
Median Income Over 65$77,112

Residential Rents in Fairfax, VA

When choosing the best place for a business, location research is very important – not only for the office, but also for the employees’ convenience.

In a city where the median household income is roughly $70,000/year and most of the population is white-collar, the cost of living higher, compared to the state or even national averages.

A studio apartment rents for roughly $1,291 in the Washington, D.C., metro area and $929 on average in the state of Virginia, while in Fairfax City, the average rent is $1,440/month.

A one-bedroom apartment can go for roughly $1,510/month, while a two-bedroom apartment in Fairfax commands, on average, $1,750/month.

Fairfax, VA Average Rental Price, July 2019

$ 1,819/mo
Studio: $ 1,543
1 Bedroom: $ 1,643
2 Bedrooms: $ 1,925

Fairfax, VA Rent Trends

News

Westport Lands a Steal of an Office Deal in DC

June 20, 2017

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...

DC Metro Office Sales Up 46% in Q1 2017

April 12, 2017

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...

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Commercial Real Estate in Fairfax, VA - 141 Properties Available