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Commercial Real Estate
Fairfax County
Fairfax County the 4th largest suburban office market in the U.S. and the largest commercial office market in the metropolitan Washington D.C. area, according to the latest figures from the Fairfax County Economic Development Authority.
Fairfax County has more than 90 million square feet of office space and another 36.5 million square feet of industrial/hybrid space. There are about 15,000 acres of land planned for commercial or industrial development. The office space inventory, when viewed as a single market, represents the fifth largest in the country. It has a growing core of Internet backbone and service providers that routes more than half the world's Internet traffic; and it has an outstanding quality of life with a public school system consistently ranked one of the nation's best. Here is a snapshot of development statistics as of May 2006:
Fairfax County
- 103.5 million square feet of office space
- Increase in speculative building
- Vacancy rate down 2% in 2005
- Lease rates are up $.50-$1.50/sf each six months
- Only 36 buildings with 50,000+ sf contiguous space vacancy
- Only 2 buildings with 200,000+ sf contiguous space vacancy
- Only 6% of the total FC land is zoned commercial
- 13,500 acres of total space; 3,000 still vacant
- Industrial/flex space = 37.7 million sf
- Retail is 38.5 million sf
- Hotels are over 10 million sf. 87 hotels contain over 15,000 rooms total
- Springfield will be reconstituting itself into a town center concept
Herndon-Reston-Dulles
- 20.4 million sf of office space
- 3.2 million sf of flex/industrial space
- 5.4 million sf of retail space
- 18 hotels
- Vacancy = 10.9%
- 7 buildings in construction, including: Dulles Station: 77 acres of mixed use (office and condos) Dulles Discovery: 77 acres (Federal HQ station)
- Monument III Worldgate has 193,000 sf, all spec
- Reston Town Center has 850,000 sf
- Metro West has 56 acres, including 250,000 sf for residential and office
Town of Herndon
Most of Herndon's commercial space has been built during the past decade and is as modern as any in the United States. Gleaming office towers, two-story office campuses amid natural settings, and an historic downtown with quaint retail shops and restaurants meet the needs of Fortune 500 corporations and start-up companies alike.
"Value" best describes what businesses find in Herndon's 5.8 million square-foot commercial real estate market. Rapid growth in the community in recent years has resulted in an abundance of quality space at consistently lower sale and leasing costs than surrounding areas.
- Office - 5,717,707 sq. ft.
- Industrial / Hybrid - 734,610 sq. ft.
- Retail - 2,015,800 sq. ft.
- Lodging ( approx. 1600 rooms) - 621,000 sq. ft.
- Total = 9,089,117 square feet
For more information on the real estate market, click here: www.fairfaxcountyeda.org
Tax Climate
Businesses, professions, trades, and occupations are assessed a license tax based on gross receipts for the prior year, without deductions.
Businesses developing or creating computer software for sale, license, or lease may exclude a portion of their gross receipts.
Individuals engaging in most home occupations and self employment must also file.
Renewal license applications must be filed and the tax paid by March 1 each year. New licenses must be filed within 75 days from the date the business began in Fairfax County.
If a business which has paid a license tax permanently ceases to operate, a refund may be obtained for the portion of the tax already paid.
Businesses located in the cities of Fairfax and Falls Church, and the towns of Clifton, Herndon, and Vienna are not subject to County BPOL tax, but should check with those jurisdictions for license tax requirements.
For the BPOL Rate Schedule or the BPOL Ordinance, call (703) 222-8234 [TTY: (703) 222-7594]
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