Reston Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $30.21 2023 Avg. Asking Rent
  • -2.90% Y-o-Y Avg. Asking Rent Change
  • 14.92% 2023 Office Vacancy Rate
  • $94.4M2023 Total Office Sales
  • $139.89Avg. Sale Price/SF

Reston office price per square foot in 2023 was $30.21 on average. This marked a -2.90% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.92% across all asset classes combined. The 6 transactions that closed here throughout 2023 amounted to a total sale volume of $94.4M. Reston office space commanded an average sale price per square foot of $139.89.

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

  • Reston Class A & A+ Office Space$36.33
  • Reston Class B Office Space$26.14
  • Reston Class C Office Space$17.86
  • Virginia Class A & A+ Office Space$36.28
  • Virginia Class B Office Space$26.18
  • Virginia Class C Office Space$32.04

Reston, VA Office Asking Rents by Class

Average office rent in Reston rested at $30.21 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 Reston averaged $36.33 per square foot. Across all submarkets, class B office space recorded an average asking rent of $26.14 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.86 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.

Office Spaces for Rent in Virginia

Reston Office Sale Price per SF

  • $139.892023 Avg. Price per SF
  • -43.43%Y-o-Y Avg. PpSF Change
  • $94.4M2023 Office Sales Volume
  • 62023 Number of Transactions

Reston, VA Sale Price per SF Trend

  • Reston Avg. Sale Price per SF in 2023$139.89
  • Virginia Avg. Sale Price per SF in 2023$147.91
Reston office space cost in 2023 marked a -43.43% change compared to the previous year. The sale price for office space in Reston averaged $139.89 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

  • Reston, VA Total Office Sales Volume in 2023 $94.4M
  • Reston, VA Total Number of Office Sales Closed in 2023 6
A total of 6 deals closed on the Reston office market in 2023, adding up to a yearly sales volume of $94.4M. Notably, the largest transaction on the market saw 1881 Campus Commons Drive change hands for $25,100,000 on 9/22/2023.
Data provided by Commercial Edge

Coworking Spaces in Virginia

2023 Office Construction in Reston, VA

  • Reston, VA Total SF under construction in 2024 322,000
Largest Office Properties Recently Completed in Reston
Office building Address SF Completed
Reston Station - 1900 Reston Metro Plaza 1900 Reston Station Blvd, 20190 373,479 2017
One Dulles Corner 10740 Parkridge Blvd, 20191 215,722 2008
Reston EastPointe 11091 Sunset Hills Road, 20190 195,384 2007
Two Halley Rise 12018 Sunrise Valley Drive, 20191 185,600 2007
Sunrise Professional Center Condo 12359 Sunrise Valley Dr. Ste. 130, 20191 5,143 2003
1886 Metro Center Drive 1886 Metro Center Drive, 20190 89,223 2001
Reston Sunrise Two 12220 Sunrise Valley Drive, 20191 83,934 2001
11111 Sunset Hills Road 11111 Sunset Hills Road, 20190 216,469 2000
Campus Commons 1881 Campus Commons Drive, 20191 250,000 1999
Plaza America Tower 1 11700 Plaza America Drive, 20190 234,784 1999

Worth noting among recent office completions on the Reston market is Reston Station - 1900 Reston Metro Plaza, which is currently the largest new office development in the city, at 373,479 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 Reston 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.