FY 24 Budget Q&A #037: How does our most recently measured office and retail vacancy rate compare to our regional neighbors and/or other relevant comparators?

Page updated on September 20, 2024 at 11:17 AM
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Question: How does our most recently measured office and retail vacancy rate compare to our regional neighbors and/or other relevant comparators? (Councilwoman Bagley)

Response: 

The Alexandria Economic Development Partnership (AEDP) uses a variety of sources to accurately track commercial vacancies.  The AEDP Market Report, published biannually, reports that the Year End 2022 Office Vacancy rate in Alexandria was 14.2%. 

There is no reliable source that tracks retail vacancy rates outside of shopping centers (so individually owned "main street" retail spaces are not captured in those statistics).  As a result, AEDP did not report a retail vacancy rate as of Year End 2022.

The following information from outside sources is provided with notes for important context.

FY 24 BM 037 Table 1.PNG

    Source: CBRE

Notes: CBRE methodology does not include owner occupied office buildings under 30,000 SF in their statistics.

FY 24 BM 037 Table 2.PNG

   Source: Costar

Notes: Costar’s submarkets mix assets from Fairfax County (FFX), City of Alexandria (ALX) and Arlington County (ARL) and groups them by submarket. ‘Crystal City’ includes Alexandria’s Potomac Yard office assets, ‘I-395’ includes ALX, ARL, & FFX properties.

Vacancy = only includes spaces that are not leased by a tenant

Availability = includes spaces where tenant has indicated plans to vacate and spaces where tenant is actively trying to sublet.

FY 24 BM 037 Table 3.PNG

Attachment: CY 2022 Alexandria Year-End Market Report

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