Office Vacancy Rate Falls for First Time Since 2010

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Arlington’s office vacancy rate has fallen for the first time in more than five years, county officials announced this week, but it continues to hover at more than 20 percent.

The countywide vacancy rate stood at 20.8 percent on Sept. 30, the end of the third quarter of 2015. It fell by 1.6 percent from the rate on Jan. 1, 2015, when it was 22.4 percent, according to a county statement.

Mark Schwartz, the acting county manager, attributed the decrease to an improving economy and to a boost in efforts by the county to attract and retain businesses. “We’ve made progress, but there is much more work to be done,” he said in the statement.

For years, Arlington has depended on the Pentagon and the federal government to draw prime contractors and Fortune 500 firms to the county’s numerous office buildings. But with recent cutbacks in federal and defense spending, the county is trying to diversify, working to attract “fast-growth tech companies” and other private firms, according to the statement.

Arlington has closed 30 deals so far this year, representing nearly 3,000 new or retained jobs and more than 800,000 square feet of office space, the statement said. Arlington Economic Development, a county agency, “is pursuing new marketing initiatives ... from promotion at national and international events to competitions encouraging startups to bring their business to Arlington,” the statement added.

Arlington Economic Development presented an overview Tuesday of its marketing efforts and the county’s office market to the Board of Supervisors. To check it out, please click here.