2023 Office Space Rent & Sales
- $39.02 2023 Avg. Asking Rent
- 0.60% Y-o-Y Avg. Asking Rent Change
- 17.93% 2023 Office Vacancy Rate
Mc Lean office price per square foot in 2023 was $39.02 on average. This marked a +0.60% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.93% 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
- Mc Lean Class A & A+ Office Space$40.40
- Mc Lean Class B Office Space$29.99
- Mc Lean Class C Office Space$22.41
- Virginia Class A & A+ Office Space$36.28
- Virginia Class B Office Space$26.18
- Virginia Class C Office Space$32.04
Mc Lean, VA Office Asking Rents by Class
Average office rent in Mc Lean rested at $39.02 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 Mc Lean averaged $40.40 per square foot. Across all submarkets, class B office space recorded an average asking rent of $29.99 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $22.41 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 Mc Lean
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Tysons Corner | $37.29 | 22.97% |
| McLean | $23.98 | 2.92% |
Office Spaces for Rent in Virginia
Coworking Spaces in Virginia
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2023 Office Construction in Mc Lean, VA
- Mc Lean, VA Total SF completed in 2023 850,000
During 2023, 850,000 square feet of new office space were delivered across the market. At the close of 2023, the Mc Lean office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 850,000 square feet of office space.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 1750 Tysons Central Street | 1750 Tysons Central Street, 22182 | 360,237 | 2022 |
| Boro Tower | 8350 Broad Street, 22102 | 450,000 | 2019 |
| The Corporate Office Centre at Tysons II - 1775 Tysons Blvd | 1775 Tysons Blvd, 22102 | 476,875 | 2016 |
| Park Place II | 7930 Jones Branch Drive, 22102 | 323,698 | 2008 |
| The Corporate Office Centre at Tysons II - 1800 Tysons Blvd | 1800 Tysons Blvd, 22102 | 320,000 | 2005 |
| The Corporate Office Centre at Tysons II - 1750 Tysons Blvd | 1750 Tysons Blvd, 22102 | 405,000 | 1999 |
| 1676 International Drive | 1676 International Drive, 22102 | 299,387 | 1999 |
| Shenandoah Building | 7901 Jones Branch Drive, 22102 | 197,000 | 1999 |
| 1660 International Drive | 1660 International Drive, 22102 | 194,000 | 1999 |
| The Corporate Office Centre at Tysons II - 1650 Tysons Blvd | 1650 Tysons Blvd, 22102 | 395,000 | 1989 |
Worth noting among recent office completions on the Mc Lean market is 1750 Tysons Central Street, which is currently the largest new office development in the city, at 360,237 square feet.
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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 Mc Lean 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.