Key Highlights:
- A 13.84M SF conversion pipeline is reshaping Northern Virginia’s office inventory. Across 88 buildings, close to 9% of competitive inventory could be moving toward residential, data center, and other non-office uses.
- Supply removal is only half the story. Roughly 3.80M SF of the approved and proposed pipeline is still leased, turning tenants who will need to relocate into future backfill demand for the rest of the market.
- Conversions pull vacancy down from two directions. By shrinking supply and generating new absorption at the same time, the trend is quietly tightening the competitive market as the pipeline continues to grow.
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