Commercial Real Estate
News and Insights

Northern Virginia Contractors Remain Active Amid Downturn

By John Andril (Washington, DC)

U.S. Defense Budget, up 32% Since 2015, Aligns Historically with Northern Virginia Office Growth

Q1 2020 Contract Awards Remain Unchanged YoY, Keeping Contractor Leasing Steady

75% of Prospective Office Tenants in Northern Virginia Remain Active

90% of Contractors Continue with Office Requirements Despite the Broader Downturn

U.S. Defense Budget Growth Suggests Contracts Will Grow 9% in 2020, fueling 3 Million sf of Absorption over the Next 24 Months

John Andril is a Data Manager in the company’s Washington, DC office.

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