Amid shrinking demand for office space, Northern Virginia leasing companies are striking deals with tenants. Photo by Will Schermerhorn
As Northern Virginia has been hit hard by rising office vacancies during the pandemic, companies there are increasingly seeking more generous lease terms and benefits.
“There has been a shift toward short-term renewals of existing leases,” says David Ritchey, executive vice president of JBG Smith Properties, a real estate investment trust based in Bethesda, Maryland, that is partnering with Amazon.com Inc. on its HQ2 project in Arlington.
The trend will likely continue, he says, until vaccinations reach a point to allow large-scale returns to workplaces.
