Columbia Pike parcel changes hands

Cascade Realty Partners in 2015 acquired the office building at Columbia Pike and South Glebe Road in Arlington. The main tenant is Bank of America.

Who knows what the future may bring, but for the first quarter of 2020, the overall office-vacancy rate for Arlington showed improvement from a year before.

The overall vacancy rate of 16 percent was down from 17.4 percent during the first quarter of 2019 and has declined from a peak of about 20 percent several years ago.

Figures are from CoStar and were reported by Arlington Economic Development.

Arlington once had one of the lowest office-vacancy rates in the region, but increasing competition from other jurisdictions and the desire by the federal government to get out of higher-priced locations sent the vacancy rate rising. Despite recent declines, the vacancy rate still remains above the Northern Virginia average, which for the first quarter stood at 14 percent, down slightly from a year before.

Among the various sub-sectors of Arlington, the lowest vacancy rates were in Clarendon/Courthouse (13.1 percent) and Virginia Square (13.9 percent). Higher rates were reported in Crystal City (16.2 percent), Rosslyn (17.4 percent) and Ballston (22.3 percent).

(1) comment

CJE

Watch what happens when there's an effective CV19 vaccine and employers who pay big $$$ to lease office space find their employees are as productive or more productive working from home, with less stress from commuting and thousands saved from not having to drop kids off and pick them up at daycare.

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