Rental rates are roughly equivalent to Reston. The Route 28 Corridor inventory has grown 53 percent since the end of 1997, with nearly three million square feet currently under construction. This corridor, which encompasses the area immediately to the north and south of Dulles Airport, has an existing inventory of more than 11 million square feet, with a vacancy rate of 8.3 percent. In most of the Northern Virginia submarkets, landlords are granting fewer concessions and are becoming more stringent about credit requirements as companies compete for space. In most new buildings, owners typically seek lease terms of at least 10 years.
Shorter terms are available on second generation or sublease space.
Additionally, market dynamics are such that there are often several parties vying for the same space, forcing tenants to act quickly and decisively. Where Growth Comes From The growth of the Northern Virginia market is being fueled by the influx of a wide variety of tenants. More than a dozen additional major law firms are searching for space. High-tech companies, such as Teligent, are also searching the Northern Virginia market for space. Additionally, Winstar recently signed for 700,000 square feet, and will join other local technology companies such as MicroStrategy, Net2000, Network Access Solutions, OnePoint Communications, Roadrunner, Usinternetworking, Appnet and e.spire in the Northern Virginia real estate market.