While much of Northern Virginia is seeing office vacancy rates of more than 25 percent, Reston Town Center is a bright spot in the market. For the third quarter, it had a vacancy rate of 1.4 percent.
According to a market report from Cushman/Wakefield, offices at the center are consistently near full occupancy and command some of the highest rents in the region, at $45 per square foot,. The reason? The center’s strong amenity base.
The report notes that in addition to 2.8 million square feet of office space, Reston Town Center is home to 50 retail shops, 30 restaurants and three residential high-rise projects. Even with a suburban location 20 miles outside of Washington, D.C., and a lack of Metro accessibility until at least 2018, the center’s density, mixed-uses and walkability give the center an urban feel that attracts tenants and residents, the report said.
Major tenants include Leidos, the company that was created when McLean-based SAIC split into two companies. It relocated from Tysons Corner early this year.