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: 12,718,946 SF
By square footage range:
- 50k to 100k SF: 3,335,574 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 / 51.94% of total office
- Class B: 5,758,387 SF / 45.27% of total office
- Class C: 292,737 SF / 2.3% of total office
Industrial
Total: 241,297 SF
By square footage range:
- 50k to 100k SF: 97,162 SF / 40.27% of total industrial
- 100k to 500k SF: 144,135 SF / 59.73% of total industrial
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
Cities near Fairfax, VA
- Annandale Commercial Real Estate
- Annandale Town Commercial Real Estate
- Burke Commercial Real Estate
- Burke Centre Commercial Real Estate
- Burke Town Commercial Real Estate
- Chantilly Town Commercial Real Estate
- Fairfax Station Commercial Real Estate
- Fairfax Station Town Commercial Real Estate
- Floris Commercial Real Estate
- Franklin Farm Commercial Real Estate
- Herndon Commercial Real Estate
- Idylwood Commercial Real Estate
- Kings Park Commercial Real Estate
- McNair Commercial Real Estate
- Oakton Commercial Real Estate
- Ravensworth Commercial Real Estate
- Reston Commercial Real Estate
- Springfield Commercial Real Estate
- Tysons Corner Commercial Real Estate
- Vienna Commercial Real Estate
- Vienna Town Commercial Real Estate
- West Falls Church Commercial Real Estate
- West Springfield Commercial Real Estate
- Woodburn Commercial Real Estate
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