Herndon Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $29.67 2023 Avg. Asking Rent
  • -2.17% Y-o-Y Avg. Asking Rent Change
  • 12.65% 2023 Office Vacancy Rate
  • $245.3M2023 Total Office Sales
  • $199.94Avg. Sale Price/SF

Herndon office price per square foot in 2023 was $29.67 on average. This marked a -2.17% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 12.65% across all asset classes combined. The 7 transactions that closed here throughout 2023 amounted to a total sale volume of $245.3M. Herndon office space commanded an average sale price per square foot of $199.94.

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

  • Herndon Class A & A+ Office Space$35.35
  • Herndon Class B Office Space$27.77
  • Herndon Class C Office Space$23.72
  • Virginia Class A & A+ Office Space$36.28
  • Virginia Class B Office Space$26.18
  • Virginia Class C Office Space$32.04

Herndon, VA Office Asking Rents by Class

Average office rent in Herndon rested at $29.67 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 Herndon averaged $35.35 per square foot. Across all submarkets, class B office space recorded an average asking rent of $27.77 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $23.72 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 Herndon

Submarket Asking Rents Vacancy Rates
Reston $30.21 14.48%
Herndon $29.08 15.86%
Rt 28 Corridor South $26.97 11.75%
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 Herndon market was 12.65% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Herndon was 11.75% in the Rt 28 Corridor South submarket, while the highest office vacancy in the market was 15.86%, recorded in Herndon.

Office Spaces for Rent in Virginia

Herndon Office Sale Price per SF

  • $199.942023 Avg. Price per SF
  • -44.51%Y-o-Y Avg. PpSF Change
  • $245.3M2023 Office Sales Volume
  • 72023 Number of Transactions

Herndon, VA Sale Price per SF Trend

  • Herndon Avg. Sale Price per SF in 2023$199.94
  • Virginia Avg. Sale Price per SF in 2023$147.91
Herndon office space cost in 2023 marked a -44.51% change compared to the previous year. The sale price for office space in Herndon averaged $199.94 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

  • Herndon, VA Total Office Sales Volume in 2023 $245.3M
  • Herndon, VA Total Number of Office Sales Closed in 2023 7
A total of 7 deals closed on the Herndon office market in 2023, adding up to a yearly sales volume of $245.3M. Notably, the largest transaction on the market saw South Lake at Dulles Corner change hands for $110,250,000 on 3/2/2023.
Data provided by Commercial Edge

Coworking Spaces in Virginia

Largest Office Properties Recently Completed in Herndon
Office building Address SF Completed
Dulles View 2551 Dulles View Drive, 20171 355,543 2008
Dulles Station West I 2300 Dulles Station Blvd, 20171 180,000 2008
Overlook Towers at Dulles Corner 2550 Wasser Terrace, 20171 217,074 2007
Monument III at Worldgate 12930 Worldgate Drive, 20170 193,138 2007
Woodland Pointe 2200 Woodland Pointe Avenue, 20171 184,747 2007
Dulles Station West 2300 Dulles Station Blvd, 20171 180,000 2007
Lincoln Park II - Building B 3076 Centreville Road, 20171 97,148 2006
Dulles Metro Center 2325 Dulles Corner Boulevard, 20171 212,000 2001
Enterprise Office Park 2 220 Spring Street, 20170 148,214 2001
Dulles Plaza I & II 13530, 13560 Dulles Technology Drive, 20171 384,336 2000

Worth noting among recent office completions on the Herndon market is Dulles View, which is currently the largest new office development in the city, at 355,543 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 Herndon 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.