No one planned it this way. Less than two years ago, Silicon Valley firms and many others couldn’t expand fast enough in Northern Virginia. They hardly expected the downturn in the tech market that forced some firms to shed associates and reduced many associates’ billables to barely 100 hours a month.
During the tumultuous year of 2001, nearly 2 million square feet of office space went on the sublease market in Reston and Herndon alone, according to real estate brokerage Insignia/ESG. Overall office vacancy rates in Tysons Corner rocketed from 1.3 percent in 2000 to 15.6 percent at the end of 2001. And, as one managing partner points out, “When vacancy is up, rents are down.”
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