With the continued strength seen across industrial and logistics markets nationally driven by robust e-commerce activity, the Northern Virginia market started 2021 strong, with increased leasing volume for the fourth consecutive quarter totaling 759,576 sq. ft. in Q2 2021 and vacancy levels at historic lows. With 476,000 sq. ft. of occupancy gains in Q2, overall vacancy fell 30 basis points (bps) over the prior quarter to a record low of 4.7%. Warehouse product, which accounts for 61% of total industrial inventory, reported 313,144 sq. ft. of occupancy gains, pushing vacancy to a record low of 3.0%.