Herndon Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $25.32 2024 Avg. Asking Rent
  • 16.67% 2024 Office Vacancy Rate
  • $134.3M2024 Total Office Sales
  • $108.73Avg. Sale Price/SF

Herndon office price per square foot in 2024 was $25.32 on average. The local office market recorded an average vacancy rate of 16.67% across all asset classes combined. The 7 transactions that closed here throughout 2024 amounted to a total sale volume of $134.3M. Herndon office space commanded an average sale price per square foot of $108.73.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Virginia Class A & A+ Office Space$35.61
  • Virginia Class B Office Space$25.93
  • Virginia Class C Office Space$20.32

Herndon, VA Office Asking Rents by Class

2024 Office Vacancy Rates in Herndon

Submarket Asking Rents Vacancy Rates
Reston $32.69 21.00%
Rt 28 Corridor South $26.23 17.25%
Herndon $25.02 15.76%
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 Herndon market was 16.67% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Herndon was 15.76% in the Herndon submarket, while the highest office vacancy in the market was 21.00%, recorded in Reston.

Office Spaces for Rent in Virginia

Herndon Office Sale Price per SF

  • $108.732024 Avg. Price per SF
  • -45.60%Y-o-Y Avg. PpSF Change
  • $134.3M2024 Office Sales Volume
  • 72024 Number of Transactions

Herndon, VA Sale Price per SF Trend

  • Herndon Avg. Sale Price per SF in 2024$108.73
  • Virginia Avg. Sale Price per SF in 2024$170.19
Herndon office space cost in 2024 marked a -45.60% change compared to the previous year. The sale price for office space in Herndon averaged $108.73 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Virginia average office sale price during the same time period was $170.19 per square foot.

2024 Office Sales Volume

  • Herndon, VA Total Office Sales Volume in 2024 $134.3M
  • Herndon, VA Total Number of Office Sales Closed in 2024 7
A total of 7 deals closed on the Herndon office market in 2024, adding up to a yearly sales volume of $134.3M. Notably, the largest transaction on the market saw Lincoln Park change hands for $35,775,000 on 9/20/2024.
Data provided by Commercial Edge

Coworking Spaces in Virginia

2024 Office Construction in Herndon, VA

  • Herndon, VA Total SF completed in 2024 514,000

During 2024, 514,000 square feet of new office space were delivered across the market. At the close of 2024, the Herndon office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 514,000 square feet of office space.

Largest Office Properties Recently Completed in Herndon
Office building Address SF Completed
Dulles View 2551 Dulles View Drive, 20171 355,543 2008
Dulles Station West I 2300 Dulles Station Blvd, 20171 180,000 2008
Overlook Towers at Dulles Corner 2550 Wasser Terrace, 20171 217,074 2007
Monument III at Worldgate 12930 Worldgate Drive, 20170 193,138 2007
Woodland Pointe 2200 Woodland Pointe Avenue, 20171 184,747 2007
Dulles Station West 2300 Dulles Station Blvd, 20171 180,000 2007
Lincoln Park II - Building B 3076 Centreville Road, 20171 97,148 2006
Dulles Metro Center 2325 Dulles Corner Boulevard, 20171 212,000 2001
Enterprise Office Park 2 220 Spring Street, 20170 148,214 2001
Dulles Plaza I & II 13530, 13560 Dulles Technology Drive, 20171 384,336 2000

Worth noting among recent office completions on the Herndon market is Dulles View, which is currently the largest new office development in the city, at 355,543 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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Herndon 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.