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Market Report

Washington, D.C. Retail Market Report

3Q 2022

Retailers and Developers are Flocking to D.C.'s Growing
Suburban Residential Neighborhoods

Northern Virginia garners the lion's share of leasing activity. Strong levels of population and job growth have spurred dynamic single- and multifamily development in Northern Virginia. Additionally, hybrid and remote work schedules boosted midweek foot traffic in the region's growing suburban nodes, and both retailers and developers have taken notice. Virginia submarkets accounted for more than 70 percent of new supply additions and nearly 90 percent of total net absorption metrowide over the past year ending in June. Locales like Fairfax County, Manassas, Fredericksburg, Alexandria, Woodbridge and Leesburg noted strong demand from a variety of tenants, including grocers, gyms, restaurants, discount retailers, outdoor suppliers, drug stores and indoor entertainment centers.
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