2022 Office Space Rent & Sales
- $29.85 2022 Avg. Asking Rent
- 2.80% Y-o-Y Avg. Asking Rent Change
- 18.52% 2022 Office Vacancy Rate
- $233.2M2022 Total Office Sales
- $155.57Avg. Sale Price/SF
Fairfax office price per square foot in 2022 was $29.85 on average. This marked a +2.80% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 18.52% across all asset classes combined. The 12 transactions that closed here throughout 2022 amounted to a total sale volume of $233.2M. Fairfax office space commanded an average sale price per square foot of $155.57.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Fairfax Class A & A+ Office Space$31.47
- Fairfax Class B Office Space$27.25
- Fairfax Class C Office Space$21.33
- Virginia Class A & A+ Office Space$38.01
- Virginia Class B Office Space$27.47
- Virginia Class C Office Space$19.02
Fairfax, VA Office Asking Rents by Class
Average office rent in Fairfax rested at $29.85 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 Fairfax averaged $31.47 per square foot. Across all submarkets, class B office space recorded an average asking rent of $27.25 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $21.33 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 Fairfax
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Merrifield | $34.20 | 20.01% |
Fairfax Center | $30.69 | 21.30% |
Fairfax City | $28.18 | 9.39% |
Oakton | $25.03 | 12.55% |
Fairfax Office Sale Price per SF
- $155.572022 Avg. Price per SF
- -19.36%Y-o-Y Avg. PpSF Change
- $233.2M2022 Office Sales Volume
- 122022 Number of Transactions
Fairfax, VA Sale Price per SF Trend
- Fairfax Avg. Sale Price per SF in 2022$155.57
- Virginia Avg. Sale Price per SF in 2022$189.12
2022 Office Sales Volume
- Fairfax, VA Total Office Sales Volume in 2022 $233.2M
- Fairfax, VA Total Number of Office Sales Closed in 2022 12
Largest Fairfax Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
Fair Lakes II | 12450 Fair Lakes Circle | 8/1/2022 | $42,000,000 |
Fair Oaks Plaza | 11350 Random Hills Road | 9/28/2022 | $23,250,000 |
Redwood Plaza I, II & III | 10600 Arrowhead Drive | 6/30/2022 | $23,000,000 |
Prosperity Plaza 1 | 3020 Hamaker Court | 5/12/2022 | $21,000,000 |
Fair Oaks Business Park at Pender | 3949 Pender Drive | 5/16/2022 | $19,884,000 |
Coworking Spaces in Virginia
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2022 Office Construction in Fairfax, VA
Office building | Address | SF | Completed |
---|---|---|---|
Bridgewater Corporate Center | 11325 Random Hills Road, 22030 | 198,062 | 2006 |
Fair Lakes VII | 12730 Fair Lakes Circle, 22033 | 152,507 | 2003 |
Fair Lakes 7 | 12730 Fair Lakes Circle, 22033 | 150,000 | 2003 |
Fairfax Corner | 4100 Monument Corner Drive, 22030 | 300,000 | 2001 |
Prosperity Medical Center I, II & III | 8501 Arlington Blvd, 22031 | 253,293 | 2001 |
MetroPlace 3 | 2675 Prosperity Ave, 22031 | 158,585 | 2001 |
WillowWood Plaza 3 | 10304 Eaton Pl, 22030 | 270,793 | 2000 |
Willowwood Plaza - Building 3 | 10304 Eaton Place, 22030 | 125,000 | 1999 |
12601 Fair Lakes Circle | 12601 Fair Lakes Circle, 22033 | 261,127 | 1995 |
One Monument Place | 12150 Monument Drive, 22033 | 221,538 | 1990 |
Worth noting among recent office completions on the Fairfax market is Bridgewater Corporate Center, which is currently the largest new office development in the city, at 198,062 square feet.
See reports for other markets
- Richmond Office Rent Price
- Alexandria Office Rent Price
- Arlington Office Rent Price
- Virginia Beach Office Rent Price
- Reston Office Rent Price
- Mc Lean Office Rent Price
- Herndon Office Rent Price
- Henrico Office Rent Price
- Norfolk Office Rent Price
- Chantilly 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 Fairfax 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.