Washington D.C. Office Market Retains its Growth

The Washington, D.C. office market continues to have a flourishing track record with the total office space absorption in 2010 within the city limits was 4.3 million square feet, a record breaker.According to CB Richard Ellis, about 78% of the growth in the office market in 2010 came from the government sector. This occupies about 40% of the entire city’s office space. The said improvement in the market is enough to keep the local office market fit for the remaining months of 2011.

For the first three months, the leasing activity is increasing. This is much higher as compared to the first three months in any year since 2006. In addition, this first three months, more than $1.5 billion of properties traded hands in comparison to the 2010 $2.6 billion in total.

About 123.5 million square feet is the total office space in all classes comprising only within the city limits. The office market of D.C. will always be a beneficiary of the federal government. This will not only make up leasing spaces for the government’s agencies but also for private sector tenants. Many associations and attorneys are now leasing more spaces near the government offices.

Given such numbers, D.C. is one of the strongest employment centers in the U.S. with about 6,000 jobs growing between February of last year to this year’s month of February. About 1,600 jobs are reported to increase during the previous 12 months. Also, D.C. is named the second most attractive location globally for real estate investors.

-M. Germaine Parra
D.C. Area RealtorFeng Shui Consultant
Licensed in DC, MD and VA
Long and Foster Realtors
6862 Elm Street Office, McLean, VA  22101
Office:703-873-3500
Fax:   703-873-1901
Cell:  703.650.8838
http://germaineparra.com

Submit a Comment

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>