4084 University Dr

Building Highlights

• Class B+ Office Building
• High end lobby finishes
• Professionally managed by local management
• Generous Build-out available
• Professional office environment
• Convenient underground parking
• Brokers protected
• Abundant free reserved parking
• Reserved parking available
• Available space is a good mix of open plan and executive offices
• Served by mass transit bus line

Location Highlights

•  Close to Rt. 50, Rt. 29, I-66 and I-495, and Rt. 236
• Easy access to Old Town shops
• Walk to Judicial Center
• Short walk to restaurants, banking and other amenities

Fairfax Overview

The Fairfax City office submarket currently has a vacancy rate of 9.0%, notably 0.5% lower than it was this time last year. In addition, there was 23,000 SF of positive absorption, while net deliveries remained flat. Meanwhile, rents have increased by 1.0% over the past 12 months and currently sit around $24.00/SF. Furthermore, nothing is currently under construction in the submarket. Overall, in the past year, there have been 20 sales, which together have traded for approximately $31.1 million in volume and 200,000 SF in stock. This makes 4084 University Drive a well-positioned option within the broader Fairfax City office market.

Specifically, vacancy is 29.5% in 4 & 5 Star buildings, with 6,100 SF absorbed in this asset class over the past year. Similarly, in 3 Star buildings, 11.0% of space is vacant, and 6,700 SF has been absorbed over the past year. By comparison, only 4.7% of 1 & 2 Star space is currently vacant, with 10,000 SF absorbed in this space type over the past 12 months. Of the 20 sales in the past year, none were of 4 & 5 Star buildings; however, 5 were of 3 Star buildings, and the remaining 15 were of 1 & 2 Star buildings. Altogether, these figures point to a submarket with tightening vacancy and steady sales activity across asset classes.

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