As of June 2021, the Alexandria market was holding fairly steady, with expected adjustments due to pandemic recovery alongside a promising return to low unemployment.
The hardest industries continue to be tourism, restaurants, and retail, and the data presented here don’t reflect the uncertainty that the Delta and Omicron variants of COVID-19 continue to inject into recovery efforts and predictions. But we at AEDP are optimistic that we will continue to see slow but continued progress, as our city and local businesses as well as those all over the country continue to adapt.
Key Stats (as of June 2021)
- Direct vacancy rate of 15.9%, which is a jump from 13.1% last. year and was expected to continue to rise in the immediate term.
- Average Alexandria rental rate of $33.78/SF, which is a small decrease that is all expected to continue falling until mid-2022, according to commercial real estate group CBRE.
- Net Absorption 367,465 SF, a number to watch as leases come up and buildings are sold during this uncertain period.
- Alexandria’s unemployment rate is down to 4.3%.
- Average weekly wages in Alexandria are up 4.51% to $1,575.
- Alexandria’s job count is up about 3% to 94,608.
Download and read the full report for more updates on specific local projects and a more detailed examination of trends in regional and local development, office space, retail, economics, and the residential market.