Alexandria Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $36.25 2023 Avg. Asking Rent
  • 3.34% Y-o-Y Avg. Asking Rent Change
  • 21.84% 2023 Office Vacancy Rate
  • $58M2023 Total Office Sales
  • $167.01Avg. Sale Price/SF

Alexandria office price per square foot in 2023 was $36.25 on average. This marked a +3.34% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 21.84% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $58M. Alexandria office space commanded an average sale price per square foot of $167.01.

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

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Alexandria Class A & A+ Office Space$42.94
  • Alexandria Class B Office Space$30.34
  • Alexandria Class C Office Space$29.56
  • Virginia Class A & A+ Office Space$36.28
  • Virginia Class B Office Space$26.18
  • Virginia Class C Office Space$32.04

Alexandria, VA Office Asking Rents by Class

Average office rent in Alexandria rested at $36.25 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 Alexandria averaged $42.94 per square foot. Across all submarkets, class B office space recorded an average asking rent of $30.34 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $29.56 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 Alexandria

Submarket Asking Rents Vacancy Rates
I-395 Corridor $39.05 41.21%
Eisenhower Ave Corridor $37.90 22.53%
Alexandria $31.08 16.85%
Annandale $30.20 26.86%
Springfield - Burke $24.61 14.28%
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 Alexandria market was 21.84% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Alexandria was 14.28% in the Springfield - Burke submarket, while the highest office vacancy in the market was 41.21%, recorded in I-395 Corridor.

Office Spaces for Rent in Virginia

Alexandria Office Sale Price per SF

  • $167.012023 Avg. Price per SF
  • 10.74%Y-o-Y Avg. PpSF Change
  • $58M2023 Office Sales Volume
  • 32023 Number of Transactions

Alexandria, VA Sale Price per SF Trend

  • Alexandria Avg. Sale Price per SF in 2023$167.01
  • Virginia Avg. Sale Price per SF in 2023$147.91
Alexandria office space cost in 2023 marked a +10.74% change compared to the previous year. The sale price for office space in Alexandria averaged $167.01 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Virginia average office sale price during the same time period was $147.91 per square foot.

2023 Office Sales Volume

  • Alexandria, VA Total Office Sales Volume in 2023 $58M
  • Alexandria, VA Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Alexandria office market in 2023, adding up to a yearly sales volume of $58M. Notably, the largest transaction on the market saw Courthouse Square change hands for $29,500,000 on 7/27/2023.
Data provided by Commercial Edge

Coworking Spaces in Virginia

2023 Office Construction in Alexandria, VA

  • Alexandria, VA Total SF completed in 2023 433,453
  • Alexandria, VA Total SF under construction in 2024 393,864

During 2023, 433,453 square feet of new office space were delivered across the market. At the close of 2023, the Alexandria office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 433,453 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 393,864 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Alexandria
Office building Address SF Completed
1701 Duke Street 1701 Duke Street, 22314 113,786 2009
Carlyle Overlook 2318 Mill Road, 22314 250,000 2008
2331 Mill Road 2331 Mill Road, 22314 90,955 2007
Eisenhower Center III 2331 Mill Road, 22314 90,955 2007
Randolph Bldg 401 Dulany St, 22314 386,606 2004
Remsen Bldg 400 Dulany St, 22314 393,380 2003
Crescent at Carlyle - 1940 Duke Street 1940 Duke Street, 22314 216,577 2003
5270 Shawnee Road 5270 Shawnee Road, 22312 37,500 2002
330 John Carlyle Street 330 John Carlyle Street, 22314 64,561 2001
Kingstowne Center - Building H 5695 King Centre Drive, 22315 44,262 2001

Worth noting among recent office completions on the Alexandria market is 1701 Duke Street, which is currently the largest new office development in the city, at 113,786 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 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 Alexandria 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.