Arlington officials say they continue to chip away at the county’s office-vacancy rate, which peaked four years ago.
The vacancy rate for the second quarter of 2019 was calculated at 16.6 percent, down from a high of 21 percent in 2015, according to new data released by Arlington Economic Development, a department within the Arlington government.
During the fiscal year that ended in June, the office reported closing 26 economic-development deals representing 7.2 million square feet and 43,000 jobs – much of that from the planned Amazon HQ2.
“The Amazon headquarters will continue to help to decrease Arlington’s office vacancy rate in the coming years, creating even more commercial tax revenue for the county,” officials said, pegging the impact of reducing the office-vacancy rate at $3.4 million in annual commercial-tax revenue for each percentage-point reduction.
The spike in Arlington’s office-vacancy rate, which peaked in 2015, was due to a number of market factors, including the departure of a number of government agencies for less-expensive office space elsewhere and the changing nature of the workplace, which has led to less space needed for workers.
The Rosslyn and Ballston corridors continue to see office-vacancy rates of more than 20 percent, according to county data. Across Northern Virginia as a whole, the office-vacancy rate stands at about 15 percent.