Sterling Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $22.26 2023 Avg. Asking Rent
  • 1.14% Y-o-Y Avg. Asking Rent Change
  • 8.97% 2023 Office Vacancy Rate
  • $61.6M2023 Total Office Sales
  • $170.82Avg. Sale Price/SF

Sterling office price per square foot in 2023 was $22.26 on average. This marked a +1.14% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 8.97% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $61.6M. Sterling office space commanded an average sale price per square foot of $170.82.

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

Sterling, VA Office Asking Rents by Class

2023 Office Vacancy Rates in Sterling

Submarket Asking Rents Vacancy Rates
Rt 7 Corridor $22.37 15.47%
Rt 28 Corridor North $21.92 7.63%
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 Sterling market was 8.97% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Sterling was 7.63% in the Rt 28 Corridor North submarket, while the highest office vacancy in the market was 15.47%, recorded in Rt 7 Corridor.

Office Spaces for Rent in Virginia

Sterling Office Sale Price per SF

  • $170.822023 Avg. Price per SF
  • -2.41%Y-o-Y Avg. PpSF Change
  • $61.6M2023 Office Sales Volume
  • 42023 Number of Transactions

Sterling, VA Sale Price per SF Trend

  • Sterling Avg. Sale Price per SF in 2023$170.82
  • Virginia Avg. Sale Price per SF in 2023$147.91
Sterling office space cost in 2023 marked a -2.41% change compared to the previous year. The sale price for office space in Sterling averaged $170.82 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

  • Sterling, VA Total Office Sales Volume in 2023 $61.6M
  • Sterling, VA Total Number of Office Sales Closed in 2023 4
A total of 4 deals closed on the Sterling office market in 2023, adding up to a yearly sales volume of $61.6M. Notably, the largest transaction on the market saw Dulles Trail Office Park change hands for $27,500,000 on 2/22/2023.
Data provided by Commercial Edge

Coworking Spaces in Virginia

Largest Office Properties Recently Completed in Sterling
Office building Address SF Completed
StoneSprings Hospital Center - Physicians Office Building 24430 Stone Springs Blvd, 20166 100,000 2015
23560 Pebble Run Pl 23560 Pebble Run Pl, 20166 16,394 2009
Loudoun Gateway V 22970 Indian Creek Drive, 20166 128,011 2008
Atlantic Corporate Park 45600 Woodland Road, 20166 219,374 2007
Ridgetop III @ Loudoun Tech Center 21575 Ridgetop Circle, 20166 93,314 2007
21430 Cedar Dr 21430 Cedar Dr, 20164 57,000 2007
23475 Rock Haven Way #255 23475 Rock Haven Way #255, 20166 3,284 2007
Ridgeview 21351 Gentry Drive, 20166 53,070 2005
Broad Run Professional Building 22375 Broderick Drive, 20166 65,544 2001
21475 Ridgetop Circle 21475 Ridgetop Circle, 20166 45,678 2001

Worth noting among recent office completions on the Sterling market is StoneSprings Hospital Center - Physicians Office Building, which is currently the largest new office development in the city, at 100,000 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 Sterling 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.