InsideNoVACRE.com
InsideNoVACRE.com
Manassas, a historic city in Northern Virginia, continues to experience strong commercial real estate performance. As of Q4 2024, the overall vacancy rate stood at 3.6%, significantly below the regional average of 10.85%. The industrial sector saw a vacancy increase to 7.4% due to a major sublease, while office and retail spaces maintained low vacancies at approximately 3.0% and 3.4%, respectively. Market rents have been on an upward trajectory, with the average across all commercial property types reaching $21.75 per square foot.
Prince William County, Virginia, is a fast-growing, affluent Northern Virginia locality (over 480,000 residents) with a diversifying economy that includes a major data center boom. As of early 2025, the county’s commercial real estate market remains robust: industrial space is highly sought-after with vacancies under 5%; the office sector is relatively tight at around a 3% vacancy rate; and retail properties enjoy strong occupancy, with only about 2–3% of space vacant.
Fairfax County stands as Virginia’s largest office market, boasting nearly 120 million square feet of office space. Despite national trends of declining office demand, Fairfax has maintained a robust business environment, with over 43,000 establishments operating in the county. The industrial and flex space market is equally strong, offering nearly 40 million square feet concentrated in key submarkets like Springfield, Chantilly, and Lorton. The county’s commitment to innovation and infrastructure continues to attract diverse industries, reinforcing its position as a commercial real estate leader.
Loudoun County, Virginia—renowned as the global epicenter of data centers—continues to lead Northern Virginia’s commercial real estate market. As of early 2025, the county’s total taxable commercial property value surged by 45.3% year-over-year to $56.6 billion, driven largely by a 78.7% increase in data center valuations. The office sector is also thriving, with low vacancy rates and growing demand for high-quality, mixed-use developments. Loudoun’s strategic investments in infrastructure and innovation continue to attract a diverse range of businesses, reinforcing its status as a premier destination for commercial growth.
Historic Downtown Manassas started making its comeback in the early 1980s decades earlier than the average American city. Now, business locations are perpetually in high demand and Historic Downtown continues to be the cultural and commercial center for the Greater Manassas Region. The past six months have been no different.