GWCAR 2004 Year-End Market Report
A Statistical Snapshot of the Greater Washington Area Commercial Real Estate Market in 2004.

Northern Virginia Office Report CMRC Consensus
  
Total Inventory: 145,018,351 SF
New Deliveries and Completed Renovations: 2,780,668 SF
Net Absorption: 5,927,963 SF
Vacancy Rate (Excluding Sublet) 9.8%
Vacancy Rate (With Sublet) 12.0%
Class "A" Average "Asking Rate" PSF Full Service $28.07 PSF
Class "B" Average "Asking Rate" PSF Full Service $25.19 PSF
  
Total Office Space Available: 17,381,775 SF
Direct (New & Relet): 14,148,011 SF
Sublet: 14,148,011 SF
  
Total Office Space Under Construction/Renovation: 4,894,892 SF
Total Available Office Space Under Construction/Renovation: 1,649,606 SF
Percentage Under Construction/Renovation Pre-Leased: 66.3%
  
Under Construction (u/c) and Under Renovation (u/r) Square Feet
Arlington County
 
901 North Glebe Road (Arlington Gateway) 325,460
2777 Crystal Drive (One Potomac Yard - South Tower) 318,418
875 North Randolph Street (One Liberty Center) 316,000
2733 Crystal Drive (Two Potomac Yard - North) 310,741
4401 Wilson Boulevard 250,652
2300 Wilson Boulevard (Navy League Building) 214,000
3434 North Washington Street 200,000
2900 Clarendon Boulevard (Station Square at Clarendon) 78,623
  
City of Alexandria  
501 Dulany Street (Knox Building) 333,529
1900 Jamieson Avenue 175,000
  
Fairfax County  
1800 Tysons Boulevard (The Corporate Office Centre @ Tysons II) 318,714
15010 Conference Center Drive (Washington Technology Park II) 216,000
6363 Walker Lane (MetroPark 5) 176,485
5911 Kingstowne Village Parkway 150,000
Avion Business Park (Integic Building) 132,265
4851 Stonecroft Boulevard (Greens III) 88,094
4803 Stonecroft Boulevard 82,782
14900 Bogle Drive 65,710
1984 Isaac Newton Square (Fairway Executive Center) 60,800
3680 Centerview Drive (The Coleman Building) 59,767
14426 Albemarle Point Place 33,182
  
Loudoun County  
Janelia Farm Boulevard (Howard Hughes Medical Center) 750,000
44121 Harry Byrd Highway (The Jefferson Building) 84,000
44045 Riverside Parkway (Loudoun Medical Building) 71,600
21351 Gentry Drive (Ridgeview One) 53,070
46169 Westlake Drive 30,000
  
Prince William County  
Total Square Footage Under Construction & Renovation: 4,894,892 SF
  
2004 Buildings Taken Out of Inventory: Square Feet
Total Square Footage Taken Out of Inventory: 0 SF
  
New Deliveries & Completed Renovations Square Feet
Arlington County:  
  
City of Alexandria:  
600 Dulany Street (Madison Building) 1,074,565 SF
401 Dulany Street (Randolph Building) 358,845 SF
500 Dulany Street (Jefferson Building) 333,529 SF
2051 Jamieson Avenue (Carlyle Place) 113,556 SF
  
Fairfax County:
 
1500 Tysons-McLean Boulevard 434,822 SF
499 Grove Street 255,506 SF
12061 Bluemont Way 240,000 SF
3684 Centerview Drive (The Powers Building) 54,506 SF
13880 Braddock Road 45,000 SF
3914 Centreville Road (Chantilly Professional Office Building) 42,700 SF
1860 Town Center Drive (Parkway Medical Tower) 35,000 SF
6101 Old Centerview Road (Redwood Square Center) 29,277 SF
2826 Old Lee Highway (Merrifield Medical Office Building) 26,821 SF
6094 Centreville Road (Redwood Square) 24,000 SF
  
Loudoun County:  
19415 Deerfield Avenue 77,500 SF
19955 Highland Vista Drive 53,728 SF
46175 Westlake Drive 39,880 SF
42882 Truro Parish Drive 30,950 SF
46179 Westlake Drive 29,801 SF
  
Prince William County:  
Total Square Footage New Deliveries & Completed Renovations: 3,299,986 SF
Top Ten Largest Non-Renewal Lease Transactions:  
Tenant Address Square Feet
Corporate Executive Board N Lynn St @ N 19th Street 620,000 SF
Environmental Protection Agency (EPA) 2777 & 2733 Crystal Drive 405,117 SF
Booz Allen & Hamilton 13200 Woodland Park Road 400,000 SF
Federal Supply Service 2200 Crystal Drive 254,336 SF
SRA International, Inc 3434 North Washington Boulevard 191,029 SF
Lockheed Martin Corporation 13560 Dulles Technology Drive 189,768 SF
PriceWaterhouseCoopers 1800 Tysons Boulevard 184,000 SF
Northrop Grumman Corporation 15036 Conference Center Drive 166,477 SF
BAE Systems 2235 Monroe Street 161,359 SF
GSA - Defense Information Systems Agency 5600 Columbia Pike 156,000 SF
   
Top Ten Largest Office Sales Transactions:    
Address Purchaser Sales Price
1300 Wilson Boulevard (Commonwealth Tower) CarrAmerica Realty Corporation $131,200,000
2450 Crystal Drive & 2461 Clark Street (Century I and II) Lowe Enterprises $124,370,000
7901-7915 Jones Branch Drive & 1760 Old Meadow Road TIAA-CREF $121,000,000
13861 Sunrise Valley Drive & 2525 Network Place Republic Properties $114,500,000
1751-1753 Pinnacle Drive (Pinnacle Towers) Corporate Office Properties Trust $112,500,000
1001 North 19th Street (Potomac Tower) Brookfield Properties Corporation $106,000,000
8300 Greensboro Drive & 1600 International Drive American Realty Advisors $98,000,000
3150 Fairview Park Drive Clarion Partners $92,800,000
2070 Chain Bridge Road (Tycon Courthouse) TA Associates Realty $92,665,000
2675-2677 Prosperity Avenue (Metro Place III and IV) Prosperity Metro Plaza of Virginia $85,000,000