Moreover, an additional 5.4 million sf of telecom space is underconstruction, with only 18.5% of it pre-leased. And substantialamounts of sublease space were returned to market as many companiesdeclared bankruptcy and others downsized and tried to subleasetheir space to conserve cash.
The Washington market, particularly Northern Virginia, has feltthe pain of the telecom downturn acutely. Local Grubb & Ellisresearch manager Keith Lavey reported that in Loudoun County alone,one of the biggest suburban tech submarkets, there is a vacancyrate of 34.5%. There is 2.2 million sf of space in that county, but740,195 sf is vacant.
In Northern Virginia, which for Lavey consists of Loudoun andFairfax Counties, there is nearly 1.6 million sf of vacant telecomspace.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
