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Fredericksburg, Virginia : Office Snapshot - Q4 2013

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The economy in Fredericksburg during the fourth quarter has followed a pattern of continued improvement. Although unemployment rates for the region were under the state and national average for most of the year, the 16-day government shutdown in October put a negative spin on numbers. Specifically, it seems as if Stafford County felt the impact the most, due to the number of federal employees that resided within the area. According to reports, over the region the jobless rate rose .5 percent during this quarter, making the October jobless number the same as the state’s. As a whole, our region continued to have a lower rate than the nation’s, which has held steady at 7 percent.

Those numbers point to an underlying economic strength in the area, regardless of the recent government unsteadiness. Hopes are that the economy will be on an upswing in the coming months.
The overall vacancy rate is currently at 13.3%, higher than at the same time last year. Direct asking rents have actually increased and are now at $22.04 per square foot.

Source : Cushman & Wakefield