Lease Incentives for Fairfax Tenants Program Drives Office Space Occupancy

Twenty Office-Based Businesses Receive a Share of $182,642 in Awarded Funds by Fairfax City Economic Development

FAIRFAX CITY, Va., Dec. 5, 2024 /PRNewswire/ -- Fairfax City Economic Development (FCED) awarded $182,642 to local office-based businesses on Wednesday, December 4, 2024, during a check presentation ceremony for the Lease Incentives for Fairfax Tenants (LIFFT) program. The event, held at 10400 Eaton Place, recognized twenty businesses that have committed to establishing or expanding their presence in Fairfax City through new or expanded leases in priority office buildings. FCED also announced that applications for the program have reopened, inviting new and expanding businesses to take advantage of this incentive until the remaining funds are exhausted.

Fairfax City Economic Development awarded $182,642 to local office-based businesses for the incentive program.

The LIFFT program provides financial incentives to businesses entering into new or expanding leases in 19 priority buildings within Fairfax City with at least a three-year lease. This initiative reflects Fairfax City's commitment to fostering a vibrant business ecosystem and ensuring its office spaces remain dynamic and occupied.

"The LIFFT program was designed as an investment by our city into the future success of businesses vital to our community," said Fairfax City Mayor Catherine S. Read. "Assisting companies in establishing their brick-and-mortar homes here helps diversify our local economy. From home health care and legal services to pediatric therapy and biotech innovation, Fairfax City is conveniently located for where their employees live in the region."

Fairfax City businesses that are receiving the incentive include:

"LIFFT is a prime example of how Fairfax City is working to support a vibrant commercial office market through innovative incentive programs," said Christopher Bruno, CEO and director of Fairfax City Economic Development. "By providing financial support to businesses, we are actively encouraging growth, attracting new tenants, and retaining existing ones. Thanks to the support and approval of the Fairfax City Economic Development Authority, we can distribute these funds and further bolster the economic resilience of our local business community."

"This program was developed as a win-win-win for Fairfax City's tax revenue, businesses looking to relocate or expand, and building owners navigating challenges in a post-COVID world," said Nicole Toulouse, senior assistant director, business investment at Fairfax City Economic Development. "In total, over 18,000 square feet of office space have been leased. We anticipate tenants will pay almost $2,000,000 to City landlords over the course of their leases, and the City to receive over $736,000 in tax revenue during that time."

For more information on the program and other business assistance initiatives provided by Fairfax City Economic Development, visit gofairfaxcity.com/business-assistance/incentives-grants.

About Fairfax City Economic Development
Fairfax City Economic Development is a collaboration between the Fairfax City Economic Development Department and the Fairfax City Economic Development Authority, an independent agency administered by a commission appointed by the City Council to promote economic development activity within Fairfax. Fairfax City Economic Development helps attract businesses to the city, encourages and develops programs that foster connections between businesses, residents, and visitors of Fairfax City, and spearheads innovative programs and strategies devoted to positioning Fairfax City as an ideal location to start, grow, and scale a business. It is a founding member of the Northern Virginia Economic Development Alliance. Learn more at gofairfaxcity.com.

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SOURCE Fairfax City Economic Development