CHARLOTTESVILLE, VA—Office REITs that have a presence the Washington DC area are more likely to own assets in the Virginia suburbs, according to an analysis by SNL Financial using data from Real Capital Analytics. It finds that 56.1% of the office properties in the Washington, DC area that are owned by REITs are located in the Virginia suburbs.

Downtown DC totaled 17.8 million square feet, or 24.5%, while the Maryland suburbs aggregated 14.2 million square feet, or 19.5%, it also found.

It is an interesting finding because of the inherent strength of the District's office market, at least compared to the suburbs. JLL noted this trend in its first-quarter 2015 metro Washington, D.C., Office Insight -- a report that apparently got SNL thinking. SNL noted that the JLL report discussed how the robust tenant demand in the market was concentrated in the District of Columbia, while the suburban markets struggled due to consolidation activity and urban migration.

So, SNL concluded, "the distinction of where diversified and office REITs own office properties in the Washington, DC market is a significant one."

It pointed to market occupancy rates in Washington, DC and the Maryland suburbs that have gradually increased, to 90.9% and 90.2%, respectively, as of the fourth quarter of 2014, from 90.3% and 87.6% in the 2013 fourth quarter.

"The Virginia suburbs, meanwhile, recorded an occupancy rate of almost 84.0% as of the fourth quarter of 2014, down from 86.5% in the same period in 2013, reflecting a 2.6-percentage-point decrease year over year."

This is not to say these REITs are blind to these stats. Rather, their Virginia presence most likely reflects a value-add long-term bet on this part of the market.

For example, the SNL report points to comments Mitchell Schear, president of Vornado's Washington, DC division, made about the company's leasing efforts in Crystal City, a suburban Virginia market. "[I]n 2014, we enjoyed the continuing influx of associations and nonprofits into Crystal City," Schear said, according to a transcript of the call. "DC has long been a hub for associations and nonprofits seeking proximity to Capitol Hill." The executive said Vornado has "successfully positioned Crystal City as a great alternative for these groups."