Vienna Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $35.22 2023 Avg. Asking Rent
  • -3.93% Y-o-Y Avg. Asking Rent Change
  • 25.55% 2023 Office Vacancy Rate
  • $49.2M2023 Total Office Sales
  • $74.97Avg. Sale Price/SF

Vienna office price per square foot in 2023 was $35.22 on average. This marked a -3.93% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 25.55% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $49.2M. Vienna office space commanded an average sale price per square foot of $74.97.

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

  • Vienna Class A & A+ Office Space$37.64
  • Vienna Class B Office Space$28.73
  • Virginia Class A & A+ Office Space$36.28
  • Virginia Class B Office Space$26.18
  • Virginia Class C Office Space$32.04

Vienna, VA Office Asking Rents by Class

2023 Office Vacancy Rates in Vienna

Submarket Asking Rents Vacancy Rates
Tysons Corner $37.29 22.97%
Merrifield $32.47 25.33%
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 Vienna market was 25.55% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Vienna was 22.97% in the Tysons Corner submarket, while the highest office vacancy in the market was 25.33%, recorded in Merrifield.

Office Spaces for Rent in Virginia

Vienna Office Sale Price per SF

  • $74.972023 Avg. Price per SF
  • $49.2M2023 Office Sales Volume
  • 32023 Number of Transactions

Vienna, VA Sale Price per SF Trend

  • Vienna Avg. Sale Price per SF in 2023$74.97
  • Virginia Avg. Sale Price per SF in 2023$147.91
The sale price for office space in Vienna averaged $74.97 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

  • Vienna, VA Total Office Sales Volume in 2023 $49.2M
  • Vienna, VA Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Vienna office market in 2023, adding up to a yearly sales volume of $49.2M. Notably, the largest transaction on the market saw Concourse, The change hands for $20,000,000 on 7/17/2023.
Data provided by Commercial Edge

Coworking Spaces in Virginia

2023 Office Construction in Vienna, VA

Largest Office Properties Recently Completed in Vienna
Office building Address SF Completed
Tysons West 1500 Cornerside Blvd, 22182 165,800 2013
Towers Crescent - 1850 Towers Crescent Drive 1850 Towers Crescent Plaza, 22182 295,031 2008
2826 Old Lee Hwy 2826 Old Lee Hwy, 22031 25,192 2004
Metro Place II 2600 Park Tower Drive, 22180 250,000 1999
7980 Quantum Dr 7980 Science Applications Ct, 22182 80,000 1997
Metroplace I 2650 Park Tower Drive, 22180 175,676 1991
Fairfax Square Tower II 8075 Leesburg Pike, 22180 125,400 1990
Fairfax Square Tower III 8045 Leesburg Pike, 22180 125,400 1990
Fairfax Square Tower I 8065 Leesburg Pike, 22180 124,600 1990
Plaza 1900 1900 Gallows Road, 22182 210,632 1989

Worth noting among recent office completions on the Vienna market is Tysons West, which is currently the largest new office development in the city, at 165,800 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 Vienna 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.