Fairfax Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $29.26 2023 Avg. Asking Rent
  • -1.98% Y-o-Y Avg. Asking Rent Change
  • 20.98% 2023 Office Vacancy Rate
  • $37.5M2023 Total Office Sales
  • $96.19Avg. Sale Price/SF

Fairfax office price per square foot in 2023 was $29.26 on average. This marked a -1.98% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 20.98% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $37.5M. Fairfax office space commanded an average sale price per square foot of $96.19.

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

  • Fairfax Class A & A+ Office Space$31.94
  • Fairfax Class B Office Space$27.34
  • Fairfax Class C Office Space$20.42
  • Virginia Class A & A+ Office Space$36.28
  • Virginia Class B Office Space$26.18
  • Virginia Class C Office Space$32.04

Fairfax, VA Office Asking Rents by Class

Average office rent in Fairfax rested at $29.26 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 Fairfax averaged $31.94 per square foot. Across all submarkets, class B office space recorded an average asking rent of $27.34 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.42 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 Fairfax

Submarket Asking Rents Vacancy Rates
Merrifield $32.47 25.33%
Fairfax Center $31.06 20.62%
Oakton $26.13 31.04%
Fairfax City $26.07 14.98%
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 Fairfax market was 20.98% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Fairfax was 14.98% in the Fairfax City submarket, while the highest office vacancy in the market was 31.04%, recorded in Oakton.

Office Spaces for Rent in Virginia

Fairfax Office Sale Price per SF

  • $96.192023 Avg. Price per SF
  • -38.17%Y-o-Y Avg. PpSF Change
  • $37.5M2023 Office Sales Volume
  • 42023 Number of Transactions

Fairfax, VA Sale Price per SF Trend

  • Fairfax Avg. Sale Price per SF in 2023$96.19
  • Virginia Avg. Sale Price per SF in 2023$147.91
Fairfax office space cost in 2023 marked a -38.17% change compared to the previous year. The sale price for office space in Fairfax averaged $96.19 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

  • Fairfax, VA Total Office Sales Volume in 2023 $37.5M
  • Fairfax, VA Total Number of Office Sales Closed in 2023 4
A total of 4 deals closed on the Fairfax office market in 2023, adding up to a yearly sales volume of $37.5M. Notably, the largest transaction on the market saw Gatewood Plaza change hands for $12,500,000 on 8/10/2023.
Data provided by Commercial Edge

Coworking Spaces in Virginia

2023 Office Construction in Fairfax, VA

Largest Office Properties Recently Completed in Fairfax
Office building Address SF Completed
Canfield Village 4290 Chain Bridge Road, 22030 20,664 2015
Canfield Village 4290 Chain Bridge Road, 22030 20,664 2015
Inova Fair Oaks Hospital - Medical Office Building IV 3580 Joseph Siewick Drive, 22033 112,482 2014
Old Town Plaza 3925 Chain Bridge Road, 22030 91,000 2007
Bridgewater Corporate Center 11325 Random Hills Road, 22030 198,062 2006
Fair Lakes VII 12730 Fair Lakes Circle, 22033 152,507 2003
Fair Lakes 7 12730 Fair Lakes Circle, 22033 150,000 2003
Prosperity Medical Center I, II & III 8501 Arlington Blvd, 22031 253,293 2001
WillowWood Plaza 3 10304 Eaton Pl, 22030 270,793 2000
12601 Fair Lakes Circle 12601 Fair Lakes Circle, 22033 261,127 1995

Worth noting among recent office completions on the Fairfax market is Canfield Village, which is currently the largest new office development in the city, at 20,664 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 Fairfax 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.