2023 Office Space Rent & Sales
- $29.00 2023 Avg. Asking Rent
- 3.23% Y-o-Y Avg. Asking Rent Change
- 23.69% 2023 Office Vacancy Rate
Falls Church office price per square foot in 2023 was $29.00 on average. This marked a +3.23% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 23.69% across all asset classes combined.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Falls Church Class A & A+ Office Space$29.51
- Falls Church Class B Office Space$30.45
- Falls Church Class C Office Space$18.00
- Virginia Class A & A+ Office Space$36.28
- Virginia Class B Office Space$26.18
- Virginia Class C Office Space$32.04
Falls Church, VA Office Asking Rents by Class
Average office rent in Falls Church rested at $29.00 per square foot in 2023. 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 Falls Church averaged $29.51 per square foot. Across all submarkets, class B office space recorded an average asking rent of $30.45 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.00 per square foot, on average. Comparably, statewide Virginia average office rents by class in 2023 were: $36.28 per square foot for class A office space; $26.18 per square foot for class B office space; $32.04 per square foot for class C office space.
2023 Office Vacancy Rates in Falls Church
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
I-395 Corridor | $39.05 | 41.21% |
Tysons Corner | $37.29 | 22.97% |
Merrifield | $32.47 | 25.33% |
Annandale | $30.20 | 26.86% |
Falls Church | $18.00 | 2.29% |
Coworking Spaces in Virginia
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2023 Office Construction in Falls Church, VA
- Falls Church, VA Total SF completed in 2023 125,000
During 2023, 125,000 square feet of new office space were delivered across the market. At the close of 2023, the Falls Church office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 125,000 square feet of office space.
Office building | Address | SF | Completed |
---|---|---|---|
101 E Annandale Rd | 101 E Annandale Rd, 22046 | 20,000 | 2012 |
One Mosaic | 2910 District Avenue, 22031 | 72,531 | 2011 |
3023 Hamaker Court | 3023 Hamaker Court, 22031 | 120,000 | 2009 |
Fairview Park North - 2941 Fairview Park Drive | 2941 Fairview Park Drive, 22042 | 335,704 | 2000 |
Fairview Park | 3130 Fairview Park Drive, 22042 | 183,097 | 1999 |
Falls Church Corporate Center - 6402 Arlington Blvd | 6402 Arlington Blvd, 22042 | 196,586 | 1987 |
East Building | 7600 Leesburg Pike, 22043 | 112,000 | 1987 |
7799 Leesburg Pike | 7799 Leesburg Pike, 22043 | 386,000 | 1986 |
Fairview Park - 3110 Fairview Park Drive | 3110 Fairview Park Drive, 22042 | 254,490 | 1986 |
Fairview Park - 3160 Fairview Park Drive | 3160 Fairview Park Drive, 22042 | 116,000 | 1986 |
Worth noting among recent office completions on the Falls Church market is 101 E Annandale Rd, which is currently the largest new office development in the city, at 20,000 square feet.
See reports for other markets
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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Falls Church 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.