Reston, VA - Office Market Overview
Reston neighbors the Alexandria, Chantilly Town, and Falls Church commercial real estate markets. While the City of Reston itself has a population just over 60,000 residents, the city is also part of the Washington D.C. metro area, which is home to over 6 million people. The economy of Reston is driven by a wide variety of business and industry that collectively create demand for white-collar office employment in Reston.
As of mid-2017, the Reston office market encompasses over 17 million square feet of existing office space in properties larger than 50,000 square feet. Located near the Dulles Technology Corridor, the commercial real estate market in Reston, VA, sees a large amount of activity from the professional, scientific, and technology industry sectors.
Reston, VA - Office Inventory Description
Located less than 10 miles from Tyson's Corner, the Washington D.C. Capital Beltway, and the Washington Dulles International Airport, the city is near the center of demand for office space, from business of all sizes. Reston does its part to contribute to the $436 billion in annual gross metropolitan product of the Washington D.C. metro area. Nearly 60% of the office space in Reston is Class A or A+, with Class B office space adding another 40% of product to the office market inventory in Reston.
Some of the most robust demand for Class A office space in Reston comes from portfolio-quality office buildings such as Fountain Square on Freedom Drive, the SCS Engineers Building, and Reston Plaza I at 12030 Sunrise Valley Drive in Reston.
Reston, VA Commercial Inventory Breakdown
Total: 22,669,993 SF
By square footage range:
- 50k to 100k SF: 2,916,559 SF / 12.87% of total office
- 100k to 500k SF: 16,400,880 SF / 72.35% of total office
- 500k to 1M SF: 3,352,554 SF / 14.79% of total office
- Class A+: 1,437,000 SF / 6.34% of total office
- Class A: 11,980,523 SF / 52.85% of total office
- Class B: 5,577,380 SF / 24.6% of total office
- Class C: 680,884 SF / 3% of total office
Top 10 Largest Office Buildings
|Office building||Address||Sqft||Year built|
|Reston Gateway - Building A||NEC Sunset Hills Road & Town Center Pkwy, 20190||807,000||2022|
|Fountain Square||11921 Freedom Drive, 20190||755,554||1990|
|RTC West - Phase II||NWC Sunset Hills Road & Town Center Pkwy, 20190||650,000||n/a|
|Reston Gateway - Building B||NEC Sunset Hills Road & Town Center Pkwy, 20190||630,000||2022|
|Reston Crossing - Building 4||2001 Edmund Halley Drive, 20190||510,000||n/a|
|One Freedom Square||11951 Freedom Drive, 20190||432,581||2000|
|Two Freedom Square||11955 Freedom Drive, 20190||421,757||2001|
|One Reston Town Center||1760 Reston Pkwy, 20191||420,000||n/a|
|Reston Crossing - Building 1||2001 Edmund Halley Drive, 20190||405,000||n/a|
|11600 American Dream Way||11600 American Dream Way, 20190||400,664||1996|
Most Recently-Built Office Buildings
|Office building||Address||Sqft||Year built|
|Reston Station - 1900 Reston Metro Plaza||1900 Reston Station Blvd, 20190||373,479||2017|
|Reston Hospital Center - Pavilion II Medical Office Building||1850 Town Center Drive, 20190||180,000||2014|
|Democracy Tower||11955 Democracy Drive, 20190||259,441||2009|
|South of Market - 1875 Explorer Street||1875 Explorer Street, 20190||253,643||2008|
|South of Market - 1818 Library Street||1818 Library Street, 20190||248,870||2008|
|South of Market - 11950 Democracy Drive||11950 Democracy Drive, 20190||121,153||2008|
|One Dulles Corridor||10740 Parkridge Blvd, 20191||215,579||2007|
|Reston Eastpointe||11091 Sunset Hills Road, 20190||203,620||2007|
|Two Reston Crescent||12018 Sunrise Valley Drive, 20191||185,600||2007|
|Reston Square||11790 Sunrise Valley Drive, 20191||139,071||2007|
Reston, VA - Green Office Space
With the high number of technology and venture capital firms in Reston, it comes as no surprise that there is a growing amount of green office space in town. There are twenty-one office buildings in Reston that are larger than 50,000 square feet and are labeled green office buildings (hold a LEED certificate or are EPA Energy Star-rated). Combined, these properties add over 3.5 million square feet of green office space to the Reston market.
A great example of a LEED-certified office building in Reston is the Reston Square office building on Sunrise Valley Drive. Constructed in 2007, this Class A property contributes over 139,000 square feet of LEED Silver-certified office space to the City of Reston.
In 2017, the National Green Building Adoption Index surveyed the top 30 office markets in the U.S. and learned that over the past 12 years the percentage of green office space has increased by more than 33% nationwide.
Reston, VA's Top Office-Using Sectors
The Reston office market receives significant demand from top office-using sectors like government, technology, venture capital, and large corporate office users.
- Government – Organizations such as Google Federal Services, the United States Geological Survey, and the National Wildlife Federation are part of this top office-using sector in Reston.
- Technology – Large amounts of white-collar office employment come from firms such as Carahsoft, ComScore, Leidos, Maximus, NVR, Verisign, and Learning Tree International.
- Venture Capital – Demand for Class A office space in Reston, Virginia comes from companies such as Updata Partners, Ventana Capital, and New Atlantic Ventures.
- Corporate Office – Gate Group, CNRI, NII, and the American College of Radiology are some of the many large Class A office users in Reston, VA.
- Total Population60,352
- Male Population(48.1 %) 29,041
- Female Population(51.9 %) 31,311
- Median Age39.90
- Average Household Income$143,266
- Median Household Income$113,708
- Median Income Under 25$68,056
- Median Income 25-44$119,407
- Median Income 45-64$126,704
- Median Income Over 65$87,375