Manassas Economic Development Department: “While the City remained insulated from major shocks in its office market coming out of the pandemic, the first half of 2023 showed signs that change may be coming. Vacancy in office space grew to 6% at the end of the second quarter, up from a historically low 2.7% a year prior.”
“The data change comes as several larger office leases expire or are set to expire and marketing for those properties began this quarter (including the City-occupied Piedmont Building). Despite the increase, 6% vacancy gives Manassas the lowest rate in the Northern Virginia region by far, which currently has a 19.6% overall office vacancy rate.”
“Asking price for office rent rose slightly to $24.93 per square foot, up 3% year over year. Notable leasing activity during the first half of the year includes Behavioral Innovation’s lease and Summit Bank’s 2,080 square foot new office at The Landing at Cannon Branch, several small law office renewals in the Downtown area, and a number of medical office leases on Sudley Road.”
