Alexandria, VA - Office Market Overview
The Alexandria market includes the Alexandria West, Braddock Road Metro, and Eisenhower East office space submarkets. While the city itself is home to about 156,000 residents, Alexandria is also part of the Washington, D.C., metropolitan region, which is home to over 6 million people. The economy of Alexandria is largely driven by the defense and federal government sectors, creating a dynamic demand for white collar office employment in Alexandria.
As of mid-2017, the Greater Alexandria office market encompasses nearly 16.5 million square feet of existing office space in properties larger than 50,000 square feet. Demand for office space and commercial real estate in Alexandria is predictably consistent, due to the large amount of stable employment generated by the U.S. federal government.
Alexandria, VA - Office Inventory Description
Located along the western shore of the Potomac River, Alexandria is a scant seven miles from Washington, D.C. As part of the Washington - Arlington - Alexandria metropolitan area, the city contributes its share to the region's nearly $436 billion in annual gross metropolitan product. Over 55% of the office space in Alexandria is Class A or A+, with another 45% of product brought to the market in the form of Class B office space.
The Old Town North office submarket in Alexandria consistently sees some of the strongest demand for office space in the region. Located immediately east of the George Washington Memorial Parkway, along the Potomac River, this area is home to Class A portfolio office buildings such as the Parkway Building, 44 Canal Center Plaza, and the 1199 North Fairfax Street office building.
Alexandria, VA Commercial Inventory Breakdown
Office Spaces
Total: 22,866,809 SF
By square footage range:
- 50k to 100k SF: 3,482,387 SF / 15.23% of total office
- 100k to 500k SF: 15,227,531 SF / 66.59% of total office
- 500k to 1M SF: 4,156,891 SF / 18.18% of total office
By class:
- Class A: 9,667,544 SF / 42.28% of total office
- Class B: 6,797,576 SF / 29.73% of total office
- Class C: 57,816 SF / 0.25% of total office
Top 10 Largest Office Buildings
in Alexandria
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| US Patent and Trademark Office - Madison East & West | 600 Dulany Street, 22314 | 906,235 | 2005 |
| Liberty View at Springfield Metro | 6900 Beulah Avenue, 22310 | 750,000 | n/a |
| National Science Foundation Headquarters | 2415 Eisenhower Avenue, 22314 | 695,817 | 2017 |
| Hoffman Town Center - Block 2 | 315 Stovall Street, 22314 | 631,427 | n/a |
| Victory Center at 5001 Eisenhower | 5001 Eisenhower Avenue, 22304 | 605,998 | 2007 |
| Huntington Club Redevelopment | 2601 Indian Drive, 22303 | 567,414 | n/a |
| Hoffman Town Center - Block 9A | NEC Southern Street & Stovall Street, 22314 | 465,000 | n/a |
| Hoffman Town Center - Block 6 - Carlyle Tower | 2461 Eisenhower Avenue, 22331 | 389,005 | 1969 |
| US Patent and Trademark Office - Henry Remsen Jr. Building | 400 Dulany Street, 22314 | 381,728 | 2005 |
| US Patent and Trademark Office - Edmund Randolph Building | 401 Dulany Street, 22314 | 381,722 | 2004 |
Most Recently-Built Office Buildings
in Alexandria
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| National Science Foundation Headquarters | 2415 Eisenhower Avenue, 22314 | 695,817 | 2017 |
| Kingstowne Ridge | 5680 King Centre Drive, 22315 | 110,000 | 2013 |
| Beulah Street II | 6400 Beulah Street, 22310 | 36,504 | 2013 |
| Metro Park VII | 6348 Walker Lane, 22310 | 94,405 | 2012 |
| 815 & 817 Slaters Lane | 815 Slaters Lane, 22314 | 38,590 | 2012 |
| Metro Park VI | 6361 Walker Lane, 22310 | 330,797 | 2011 |
| Metro Park VIII | 6909 Metro Park Drive, 22310 | 154,707 | 2009 |
| 1701 Duke Street | 1701 Duke Street, 22314 | 113,786 | 2009 |
| Carlyle Overlook | 2318 Mill Road, 22314 | 249,711 | 2008 |
| 2050 Ballenger Avenue | 2050 Ballenger Avenue, 22314 | 68,356 | 2008 |
Alexandria, VA - Green Office Space
Since 2005, the percentage of green office buildings, LEED certified, and EPA Energy Star certified office buildings in the top 30 major U.S. office markets has grown by about 33%. This is according to the most recent 2017 National Green Building Adoption Index. In Alexandria alone, over 17% of the office buildings larger than 50,000 square feet are green office buildings, representing over 4 million square feet of green office space in Alexandria VA.
An excellent example of a LEED-certified office building in Alexandria is the King Street Station III on Duke Street in Alexandria. Located in the King St. Metro commercial real estate submarket, this building was constructed in 1989 and offers 148,000 square feet of Class A office space with a LEED Gold certification.
Alexandria, VA's Top Office-Using Sectors
The Alexandria, VA, commercial real estate market and Class A office market is driven by the top office-using sectors of government, healthcare, defense, and large corporate office users.
- Government – The U.S. Department of Commerce, the U.S. Department of Agriculture, the City of Alexandria, and the Washington Metropolitan Area Transit Authority are some of the largest employers and creators of white collar office employment in this top office-using sector.
- Healthcare – Institutions such as Inova Health System help to generate demand for white collar office space in Alexandria.
- Defense – The U.S. Department of Defense, the Institute for Defense Analysis, and the United States Department of Homeland Security are three of the largest employers in this sector and users of office space in Alexandria.
- Corporate Office – Grant Thornton LLP, The Home Depot, Oblon, and Giant Food all help to create demand for commercial real estate and office space in Alexandria, Virginia.
Alexandria Demographics
Population
- Total Population154,710
- Male Population(48.2 %) 74,501
- Female Population(51.8 %) 80,209
- Median Age36.40
Income/Financial
- Average Household Income$123,341
- Median Household Income$93,370
- Median Income Under 25$49,121
- Median Income 25-44$94,057
- Median Income 45-64$102,974
- Median Income Over 65$77,860
News
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Neighborhoods
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