2022 Office Space Rent & Sales
- $35.08 2022 Avg. Asking Rent
- -2.38% Y-o-Y Avg. Asking Rent Change
- 21.17% 2022 Office Vacancy Rate
- $74.2M2022 Total Office Sales
- $150.82Avg. Sale Price/SF
Alexandria office price per square foot in 2022 was $35.08 on average. This marked a -2.38% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 21.17% across all asset classes combined. The 7 transactions that closed here throughout 2022 amounted to a total sale volume of $74.2M. Alexandria office space commanded an average sale price per square foot of $150.82.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Alexandria Class A & A+ Office Space$43.74
- Alexandria Class B Office Space$29.34
- Alexandria Class C Office Space$23.32
- Virginia Class A & A+ Office Space$38.01
- Virginia Class B Office Space$27.47
- Virginia Class C Office Space$19.02
Alexandria, VA Office Asking Rents by Class
Average office rent in Alexandria rested at $35.08 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Alexandria averaged $43.74 per square foot. Across all submarkets, class B office space recorded an average asking rent of $29.34 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $23.32 per square foot, on average. Comparably, statewide Virginia average office rents by class in 2022 were: $38.01 per square foot for class A office space; $27.47 per square foot for class B office space; $19.02 per square foot for class C office space.
2022 Office Vacancy Rates in Alexandria
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
I-395 Corridor | $39.46 | 31.65% |
Eisenhower Ave Corridor | $38.22 | 8.68% |
Annandale | $29.92 | 17.08% |
Alexandria | $28.29 | 23.90% |
Huntington - Mt Vernon | $25.50 | 20.49% |
Springfield - Burke | $24.21 | 18.49% |
Alexandria Office Sale Price per SF
- $150.822022 Avg. Price per SF
- -35.61%Y-o-Y Avg. PpSF Change
- $74.2M2022 Office Sales Volume
- 72022 Number of Transactions
Alexandria, VA Sale Price per SF Trend
- Alexandria Avg. Sale Price per SF in 2022$150.82
- Virginia Avg. Sale Price per SF in 2022$189.12
2022 Office Sales Volume
- Alexandria, VA Total Office Sales Volume in 2022 $74.2M
- Alexandria, VA Total Number of Office Sales Closed in 2022 7
Largest Alexandria Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
Kingstowne Ridge | 5680 King Centre Drive | 7/11/2022 | $22,000,000 |
515 King Street | 515 King Street | 4/29/2022 | $12,000,000 |
Mark Center 1901 | 1901 North Beauregard Street | 7/21/2022 | $10,300,000 |
Mark Center 1801 | 1801 North Beauregard Street | 7/21/2022 | $10,300,000 |
1555 King Street | 1555 King Street | 8/18/2022 | $10,000,000 |
Coworking Spaces in Virginia
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2022 Office Construction in Alexandria, VA
- Alexandria, VA Total SF under construction in 2023 490,000
Office building | Address | SF | Completed |
---|---|---|---|
Eisenhower Center III | 2331 Mill Road, 22314 | 90,955 | 2007 |
Crescent at Carlyle - 1940 Duke Street | 1940 Duke Street, 22314 | 216,577 | 2003 |
5270 Shawnee Road | 5270 Shawnee Road, 22312 | 37,500 | 2002 |
330 John Carlyle Street | 330 John Carlyle Street, 22314 | 64,561 | 2001 |
330 John Carlyle Street | 330 John Carlyle Street, 22314 | 12,920 | 2001 |
Washington Square | 615 North Washington Street, 22314 | 235,542 | 2000 |
Washington Square | 625 & 675 N Washington Street, 22314 | 231,280 | 2000 |
4825 Mark Center Drive | 4825 Mark Center Drive, 22311 | 216,482 | 2000 |
Carlyle Gateway I | 333 John Carlyle Street, 22314 | 152,510 | 1999 |
King Street Metroplace | 1737 King Street, 22314 | 141,000 | 1998 |
Worth noting among recent office completions on the Alexandria market is Eisenhower Center III, which is currently the largest new office development in the city, at 90,955 square feet.
See reports for other markets
- Richmond Office Rent Price
- Arlington Office Rent Price
- Virginia Beach Office Rent Price
- Reston Office Rent Price
- Fairfax Office Rent Price
- Mc Lean Office Rent Price
- Herndon Office Rent Price
- Henrico Office Rent Price
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Alexandria commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.