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4401 Fairfax Drive. Photo by Google View

ARLINGTON, VA–Software company OpenWater has taken 5,000-square feet on the 2nd floor of 4401 N Fairfax Dr. Clearly the lease is not on par with, to name one example, the 244,000 square feet that Nestle took in Rosslyn last year. But the tiny lease is notable for what it represents: Ballston’s vacancy rate is on the rise due to a few relocations out of the submarket. With OpenWater we have a company relocating from the District, where it has been for eight years, into Ballston. With the move the company has expanded its footprint by 120%.

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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.

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