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Submitted by Steve on Mon, 2006-02-27 15:50.[gmap |id=map |center=-77.0965576171875, 39.04051963289309 |zoom=9 |width=500 |height=350 |align=None |control=Large |type=Hybrid]
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State of Northern Virginia Office Buildings
Submitted by Steve on Mon, 2006-02-27 23:29.Market Microcosm
Point West Plaza Illustrates State of Northern Virginia Office Buildings
By Dana Hedgpeth
Washington Post Staff Writer
Monday, May 9, 2005; E01
To understand the dynamics of the commercial real estate market in Northern Virginia, it helps to examine Point West Plaza, an eight-story building just off Route 7 in Tysons Corner.
Almost two years ago, its major tenant moved out. New tenants did not take their place. The building was soon in bankruptcy, surrounded by other empty office buildings abandoned after the tech bust.
Now Northern Virginia is again booming. Federal contracting money is flowing. Although vacancy rates have not hit the lows of the tech boom years nor have lease rates reached the highs, they are headed in the right directions. Dozens of prospective tenants have been knocking on the door of Point West Plaza, which is less than a block from where a Metro stop is proposed. Two have negotiated seriously with the owner.
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