The lease rate for the 138,155-sf, eight-story building, she tells GlobeSt.com, was $35.73 per sf. The bureau is the sole occupant of the building, Test adds. Located at 4401 N. Fairfax Dr., Arlington Square received an Energy Star label earlier this year.
This transaction is illustrative of two significant trends in the DC area: One, of course, is the stabilizing role the federal government's presence has in the markets. Two, is the more recent trend towards renewals. Tenants are opting to remain in place until the economy stabilizes, recent figures by JLL show. Renewals have nearly doubled over the past eight months, JLL has found, with shorter-term renewals--three-to-five years--most common. It also reports that sublease space has increased approximately 8.7% over the past 12 months.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
