Leesburg staff report shows new 35,000‑sq‑ft tenant and very low local vacancy rates

At the Jan. 7 meeting of the Town of Leesburg Economic Development Commission, staff reported that DriveStream has signed a lease for approximately 35,000 square feet at the Village at Leesburg.

Russell Seymour, delivering the staff economic update, said the Leesburg office vacancy rate measured by CoStar is about 4.8%, compared with 8.2% for Loudoun County and 12.9% statewide. Seymour reported industrial occupancy in Leesburg as effectively 0% and an industrial rate of roughly $21.02 per square foot. Retail vacancy in Leesburg was reported at 1.8% versus 5.1% in Loudoun County. Seymour also said the town’s flex-space vacancy was about 0.1% and that the town’s rate per square foot for flex product is “just over $23.”

On tourism metrics, Seymour said calendar-year hotel revenue in 2024 was just over $20 million and that revenue from January through November 2025 was already up “almost 18%” compared with all of 2024. He described that growth as driven in part by events that draw regional visitors and by targeted local efforts to encourage return visits.

Seymour cautioned that while low vacancy is positive in many respects, it can create a shortage of space for new businesses. “If they stay too long or stay low too long, you run into a place where you don't have any space for any more growth,” he said, urging attention to the limited land supply and to working with developers to deliver the types of commercial development the town needs.

Commissioners asked follow-up questions about retail vacancy and the value of mixed‑use development to provide “workable” space for residents. Seymour said the town is nearly built out (about 94%) and emphasized seeking mixed‑use projects that include workable employment space rather than only heavy retail.