(Alexandria, VA) -- Alexandria’s third quarter 2007 Local Economic Indicators Report (LEIR), a statistical measure of the economic health of the City, was recently complied by the Alexandria Economic Development Partnership, Inc. (AEDP), reflecting new data for employment and commercial real estate.  AEDP has compiled these statistics on behalf of the City since the partnerships inception in 1981.

New Data

Employment Statistics

New employment figures directly from the United States Patent and Trademark Office (USPTO) are now included, reflecting an accurate account of employees acquired from previous Crystal City location following the development of the USPTO site in Alexandria.

Office Market Statistics

Due to slightly smaller building sizes, the Washington, DC owner-occupied building market is very active, showing frequent owner occupier trading in comparison to most national statistics.  In an effort to better track this portion of the market, vacancy rates for owner-occupied buildings are now reflected in the LEIR for Alexandria and Northern Virginia properties.  Buildings are classified as “owner-occupied” if the owner of the building occupies at least 75% of the building.

Retail Rate Statistics

Serving as a large portion of Alexandria’s economy, average retail rental and market vacancy rates are now included to the LEIR to better identify the force of this market within the City’s economy. 

Removed Data

Annual Statistics

Annual Assessed Property Values and Regional Commercial Construction Statistics have been removed from the LEIR; however these numbers will still be published annually when they become available as well as by contact the AEDP office. 

Current Statistics

Overall the Alexandria economy remains steady, showing natural trends in comparison with historical figures.  The only notable change occurred in the office market between first and second quarters, showing a dramatic decrease in vacancy rate which is attributed to the renovation and removal of active inventory at Victory Center, located in the City’s Eisenhower Valley.

This quarterly analysis of the economic strength of the City of Alexandria is part of the Local Economic Indicators Report released by the Alexandria Economic Development Partnership, Inc. (AEDP).  This report is prepared as a service to the business community to provide information on the health of the City’s economy for new, relocating, and expanding businesses.  Additional copies of the complete report may be obtained from the AEDP offices at (703) 739-3820 or at www.alexecon.org/leirs.html. 

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For Immediate Release- 1/17/08

Contact: Christy Blake
703-739-3820 xt. 103

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