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ARLINGTON, Va. — A Boston-based investment firm says it plans to reduce the size of its Arlington office space by nearly half.
The disclosure comes as the city of Arlington works to address its commercial office vacancy rate, currently the highest of any jurisdiction in Northern Virginia.
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Cambridge Associates LLC will move from a 91,000-square-foot office on North Fairfax Drive in the Ballston area about six blocks west to a 40,000-square-foot office in The Regent Building on North Glebe Road in early 2025. The company plans to move into an 8,000-square-foot space. at the corner with N. Fairfax Drive, the Washington Business Journal reported Tuesday.
Cambridge Associates’ planned move to smaller office space is to accommodate the “evolving needs of its staff in a more hybrid post-COVID environment,” people familiar with the move told the Washington Business Journal. Told.
The investment firm has been based at the North Fairfax Drive address since 2018.
Arlington County’s commercial office vacancy rate was 23.9% in the fourth quarter of 2023, higher than Northern Virginia’s overall vacancy rate of 20%, according to the Washington Business Journal.
County officials are trying to address the high commercial office vacancy rate, considering its impact on the county budget and tax burden on Arlington’s housing sector.
Arlington Economic Development Director Ryan Toohill told ARLnow last October that he believes vacancy rates will continue to rise. ARLnow reports that Toohill’s office estimates that about a quarter of Arlington’s office buildings are at risk of remaining vacant.
Related: Real estate conference comes at a critical time for Arlington residents
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