Fairfax Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $29.04 2021 Avg. Asking Rent
  • 2.40% Y-o-Y Avg. Asking Rent Change
  • 15.65% 2021 Office Vacancy Rate
  • $278.3M2021 Total Office Sales
  • $192.91Avg. Sale Price/SF

Fairfax office price per square foot in 2021 was $29.04 on average. This marked a +2.40% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.65% across all asset classes combined. The 9 transactions that closed here throughout 2021 amounted to a total sale volume of $278.3M. Fairfax office space commanded an average sale price per square foot of $192.91.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Fairfax Class A & A+ Office Space$31.20
  • Fairfax Class B Office Space$26.40
  • Fairfax Class C Office Space$21.80
  • Virginia Class A & A+ Office Space$38.50
  • Virginia Class B Office Space$28.05
  • Virginia Class C Office Space$21.39

Fairfax, VA Office Asking Rents by Class

Average office rent in Fairfax rested at $29.04 per square foot in 2021. 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 $31.20 per square foot. Across all submarkets, class B office space recorded an average asking rent of $26.40 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $21.80 per square foot, on average. Comparably, statewide Virginia average office rents by class in 2021 were: $38.50 per square foot for class A office space; $28.05 per square foot for class B office space; $21.39 per square foot for class C office space.

2021 Office Vacancy Rates in Fairfax

Submarket Asking Rents Vacancy Rates
Merrifield $31.78 7.00%
Fairfax Center $29.75 21.97%
Fairfax City $25.56 11.62%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Fairfax market was 15.65% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Fairfax was 7.00% in the Merrifield submarket, while the highest office vacancy in the market was 21.97%, recorded in Fairfax Center.

Office Spaces for Rent in Virginia

Fairfax Office Sale Price per SF

  • $192.912021 Avg. Price per SF
  • 13.42%Y-o-Y Avg. PpSF Change
  • $278.3M2021 Office Sales Volume
  • 92021 Number of Transactions

Fairfax, VA Sale Price per SF Trend

  • Fairfax Avg. Sale Price per SF in 2021$192.91
  • Virginia Avg. Sale Price per SF in 2021$243.94
Fairfax office space cost in 2021 marked a +13.42% change compared to the previous year. The sale price for office space in Fairfax averaged $192.91 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide Virginia average office sale price during the same time period was $243.94 per square foot.

2021 Office Sales Volume

  • Fairfax, VA Total Office Sales Volume in 2021 $278.3M
  • Fairfax, VA Total Number of Office Sales Closed in 2021 9
A total of 9 deals closed on the Fairfax office market in 2021, adding up to a yearly sales volume of $278.3M. Notably, the largest transaction on the market saw Willow Oaks Corporate Center - Willow Oaks III change hands for $63,000,000 on 12/9/2021.

Largest Fairfax Office Sales in 2021

Property name Address Date Price
Willow Oaks Corporate Center - Willow Oaks III 8270 Willow Oaks Corporate Drive 12/9/2021 $63,000,000
CGI Building 12601 Fair Lakes Circle 10/5/2021 $55,300,000
CGI Building 12601 Fair Lakes Circle 10/5/2021 $53,500,000
Fair Lakes VII 12730 Fair Lakes Circle 8/13/2021 $28,200,000
Willow Oaks Corporate Center - Willow Oaks II 8280 Willow Oaks Corporate Drive 12/9/2021 $22,750,310
Data provided by Commercial Edge

Coworking Spaces in Virginia

2021 Office Construction in Fairfax, VA

Largest Office Properties Recently Completed in Fairfax
Office building Address SF Completed
9508-9512 Lee Hwy 9508-9512 Lee Hwy, 22031 7,674 2017
9508-9512 Lee Hwy 9508-9512 Lee Hwy, 22031 7,674 2017
2815 Old Lee Hwy 2815 Old Lee Hwy, 22031 21,000 2009
Bridgewater Corporate Center 11325 Random Hills Road, 22030 198,062 2006
Bridgewater Corporate Center 11325 Random Hills Road, 22030 198,062 2006
12730 Fair Lakes Circle 12730 Fair Lakes Circle, 22033 150,000 2003
MetroPlace 3 2675 Prosperity Ave, 22031 158,585 2001
Willowwood Plaza - Building 3 10304 Eaton Place, 22030 125,000 1999
10513-10519 Braddock Rd 10513-10519 Braddock Rd, 22032 15,864 1999
12601 Fair Lakes Circle 12601 Fair Lakes Circle, 22033 261,127 1995

Worth noting among recent office completions on the Fairfax market is 9508-9512 Lee Hwy, which is currently the largest new office development in the city, at 7,674 square feet.

Data provided by Commercial Edge

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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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. 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.