Falls Church Office Rent Price & Sales Report

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.

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

  • 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

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%
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 Falls Church market was 23.69% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Falls Church 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

Coworking Spaces in Virginia

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.

Largest Office Properties Recently Completed in Falls Church
Office building Address SF Completed
One Mosaic 2910 District Avenue, 22031 102,879 2011
3023 Hamaker Court 3023 Hamaker Court, 22031 120,000 2009
Seven Skyline Place 5275 Leesburg Pike, 22041 398,139 2001
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
3190 Fairview Park Drive 3190 Fairview Park Drive, 22042 228,657 1990
Falls Church Corporate Center - 6402 Arlington Blvd 6402 Arlington Blvd, 22042 196,586 1987
George Mason Square 101, 103 & 105 W Broad St, 22046 87,715 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

Worth noting among recent office completions on the Falls Church market is One Mosaic, which is currently the largest new office development in the city, at 102,879 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 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.