Arlington Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $41.96 2023 Avg. Asking Rent
  • -0.18% Y-o-Y Avg. Asking Rent Change
  • 22.84% 2023 Office Vacancy Rate
  • $165M2023 Total Office Sales
  • $179.24Avg. Sale Price/SF

Arlington office price per square foot in 2023 was $41.96 on average. This marked a -0.18% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 22.84% across all asset classes combined. The 8 transactions that closed here throughout 2023 amounted to a total sale volume of $165M. Arlington office space commanded an average sale price per square foot of $179.24.

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

  • Arlington Class A & A+ Office Space$42.90
  • Arlington Class B Office Space$36.56
  • Virginia Class A & A+ Office Space$36.28
  • Virginia Class B Office Space$26.18
  • Virginia Class C Office Space$32.04

Arlington, VA Office Asking Rents by Class

2023 Office Vacancy Rates in Arlington

Submarket Asking Rents Vacancy Rates
Clarendon $44.39 15.85%
Rosslyn $42.87 25.14%
Virginia Square $42.76 22.65%
I-395 Corridor $39.05 41.21%
Crystal City $37.26 27.45%
McLean $23.98 2.92%
Falls Church $18.00 2.29%
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 Arlington market was 22.84% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Arlington was 2.29% in the Falls Church submarket, while the highest office vacancy in the market was 41.21%, recorded in I-395 Corridor.

Office Spaces for Rent in Virginia

Arlington Office Sale Price per SF

  • $179.242023 Avg. Price per SF
  • $165M2023 Office Sales Volume
  • 82023 Number of Transactions

Arlington, VA Sale Price per SF Trend

  • Arlington Avg. Sale Price per SF in 2023$179.24
  • Virginia Avg. Sale Price per SF in 2023$147.91
The sale price for office space in Arlington averaged $179.24 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

  • Arlington, VA Total Office Sales Volume in 2023 $165M
  • Arlington, VA Total Number of Office Sales Closed in 2023 8
A total of 8 deals closed on the Arlington office market in 2023, adding up to a yearly sales volume of $165M. Notably, the largest transaction on the market saw Arlington Plaza change hands for $45,768,870 on 6/12/2023.
Data provided by Commercial Edge

Coworking Spaces in Virginia

2023 Office Construction in Arlington, VA

  • Arlington, VA Total SF completed in 2023 2,124,233
  • Arlington, VA Total SF under construction in 2024 401,622

During 2023, 2,124,233 square feet of new office space were delivered across the market. At the close of 2023, the Arlington office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 2,124,233 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 401,622 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Arlington
Office building Address SF Completed
4040 Wilson 4040 Wilson Boulevard, 22203 224,545 2020
Central Place Tower 1201 Wilson Blvd, 22209 533,800 2017
1812 North Moore 1812 North Moore Street, 22209 537,000 2013
1400 Crystal 1400 Crystal Drive, 22202 308,898 2013
1400 Crystal 1400 Crystal Drive, 22202 308,000 2013
1776 Wilson Boulevard 1776 Wilson Boulevard, 22209 138,000 2012
National Gateway 3550 S Clark St, 22202 221,686 2010
Clarendon Center - North Block 3000 Wilson Blvd., 22201 112,175 2010
Two Liberty Center 4075 Wilson Blvd, 22203 177,046 2007
The Regent 950 North Glebe Road, 22203 247,232 2006

Worth noting among recent office completions on the Arlington market is 4040 Wilson, which is currently the largest new office development in the city, at 224,545 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 Arlington 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.