At the groundbreaking, Delegate J. Randell Minchew said that having Loudoun’s office vacancy rate below 15 percent “is a turning point” that makes Loudoun “prime for spec office projects like [Riverside].” In fact, just down the road from Riverside is One Loudoun, a new town center under construction. Billed as “Loudoun’s new downtown,” One Loudoun is a mixed-use community that will offer two 60,000 square foot office buildings with ground floor retail.
Robyn Bailey, business infrastructure manager for the Loudoun Department of Economic Development, explains the spec office trend, saying, “Loudoun’s vacancy rate is trending down, which indicates stabilization. Loudoun’s current vacancy rate is 14.6 percent, compared to 19.5 percent in the first quarter of 2009.” According to Bailey, projects like Riverside and One Loudoun are “a positive sign of a stabilizing market.”
To find out more information about Riverside Office Park, visit Lansdowne Real Estate Company.
To see photos of the Riverside groundbreaking, visit the Loudoun Economic Development Facebook page.