Fairfax, VA - Office Market Overview
The Fairfax commercial real estate market includes the Courthouse Plaza, Fair Lakes, and Fairfax Associates office submarkets. While the City of Fairfax itself is home to less than 25,000 people, it is also part of the greater Washington D.C.- Northern Virginia metro area, which is home to over 6 million residents. Located just 17 miles from Washington D.C., the economy of Fairfax is driven by its proximity to the nation's capital.
As of mid-2017 the Greater Fairfax office market encompasses nearly 12.5 million square feet of existing office space in properties larger than 50,000 square feet. A strong and deep mix of business, including education, government, and technology, all help to drive the demand for commercial real estate in Fairfax, VA.
Fairfax, VA - Office Inventory Description
Recently rated as #3 among the top 25 places to live well by Forbes Magazine, Fairfax is able to almost effortlessly attract business of all types. The city also contributes more than its share to the Washington D.C. metro area's gross annual product of $436 billion. The demand for office space in Fairfax is consistently strong. Nearly 50% of the office space in Fairfax is Class A or A+, while Class B office space accounts for 46% of Fairfax office market inventory.
The Centerpointe office submarket in Fairfax is one of the many areas in the city that sees predictable demand from Class A tenants and professional commercial real estate investors. Located south of the Lee Jackson Memorial Highway between Route 608 and State Route 66, this part of Fairfax is home to Class A office buildings such as One Monument Place, Centerpointe II, and One Fair Oaks Plaza at 4114 Legato Road.
Fairfax, VA Commercial Inventory Breakdown
Total: 12,788,946 SF
By square footage range:
- 50k to 100k SF: 3,273,574 SF / 25.6% of total office
- 100k to 500k SF: 9,515,372 SF / 74.4% of total office
- Class A: 6,737,822 SF / 52.68% of total office
- Class B: 5,758,387 SF / 45.03% of total office
- Class C: 292,737 SF / 2.29% of total office
Top 10 Largest Office Buildings
|Office building||Address||Sqft||Year built|
|Prosperity Metro Plaza||2675 Prosperity Avenue, 22031||326,519||2001|
|12900 Federal Systems Park Drive||12900 Federal Systems Park Drive, 22033||309,757||1991|
|11250 Waples Mill Road||11250 Waples Mill Road, 22030||304,770||1989|
|Argon Plaza||12701 Fair Lakes Circle, 22033||273,539||1988|
|CGI Building||12601 Fair Lakes Circle, 22033||259,209||1995|
|Prosperity Medical Center I, II & III||8501 Arlington Blvd, 22031||253,293||2001|
|One Monument Place||12150 Monument Drive, 22033||221,538||1990|
|The Atrium at Fair Lakes||12902 Federal Systems Park Drive, 22033||220,045||1986|
|One Fair Oaks Plaza||4114 Legato Road, 22033||218,000||1986|
|Hunters Branch 2||9302 Lee Hwy, 22031||216,324||1989|
Most Recently-Built Office Buildings
|Office building||Address||Sqft||Year built|
|Fairfax Corner Commons East||4097 Monument Corner Drive, 22030||155,000||2018|
|Pender Professional Center||3901 Fair Ridge Drive, 22033||77,600||2015|
|Fairfax Falls Church Community Services Board - Merrifield Center||8221 Willow Oaks Corporate Drive, 22031||196,455||2014|
|Inova Fair Oaks Hospital - Medical Office Building IV||3580 Joseph Siewick Drive, 22033||112,482||2014|
|Inova Fair Oaks MOB 3||3620 Joseph Siewick Drive, 22033||100,952||2009|
|University Medical Building||3801 University Drive, 22030||25,000||2009|
|Old Town Plaza||3925 Chain Bridge Road, 22030||91,000||2007|
|Bridgewater Corporate Center||11325 Random Hills Road, 22030||198,062||2006|
|Fairfax Surgical Center||10730 Main Street, 22030||27,455||2006|
|Fair Lakes VII||12730 Fair Lakes Circle, 22033||152,507||2003|
Fairfax, VA - Green Office Space
The demand for energy-efficient office space is growing across the country, and developers in Fairfax are beginning to meet this demand. While there is currently a little less than 200,000 square feet of green office space in Fairfax, the city is home to some very impressive green office buildings. Among them is the Bridgewater Corporate Center on Random Hills Road. Built in 2006, this Class A office building brings over 198,000 square feet of LEED Gold-certified office space to the Random Hills commercial real estate submarket of Fairfax.
The National Green Building Adoption Index surveyed the top 30 office markets in the country to gauge how adoption of energy-efficient, green office space has changed over time. The reports looks at buildings that are classified as “green”, that hold a LEED certification or Energy Star rating. Since 2005, the percentage of green office space has increased to 38% across the top 30 office markets in the U.S.
Fairfax, VA's Top Office-Using Sectors
The Fairfax commercial real estate market is driven by the top office-using sectors of healthcare, education, technology, and large corporate office-users.
- Healthcare – The Fairfax Rehabilitation & Nursing Center, Inova Health System, and the Kaiser Health Foundation are some of the largest employers and users of white-collar office space in the Fairfax metro area.
- Education – George Mason University is Virginia's largest public educational institution and also attracts a large number of white collar office employers to Fairfax, Virginia.
- Technology – Demand for Class A office space comes from firms such as G4S Secure Solutions, Zeta Associates, and Multivision, Inc.
- Corporate Office – Companies in this top office-using sector in the Fairfax region include Dominion Energy, Amazon Web Services, and BAE Systems.
- Total Population23,580
- Male Population(49.3 %) 11,621
- Female Population(50.7 %) 11,959
- Median Age39.00
- Average Household Income$128,527
- Median Household Income$106,870
- Median Income Under 25$21,875
- Median Income 25-44$112,981
- Median Income 45-64$125,208
- Median Income Over 65$77,112
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Westport Capital Partners has completed the purchase of Tysons Executive Plaza I, a rare deal on the Greater DC office market. The 262,000-square-foot Class A Tysons Corner office building was originally built in 1985 and most recently refurbished in 2011. Although the 10-story office building m...
DC Metro Office Sales Up 46% in Q1 2017
April 12, 2017
Executive Summary 2017 records highest Q1 sales volume in the past 4 years average price per square foot drops 8.8% year-over-year to $300 largest office sales of Q1 closed by Asian investors three office developments on track for Q2 delivery Despite the tumultuous political environment of the p...