DC Office Market
D.C.’s office market loses ground
Source: bizjournals.com
"Flooded by a wave of new office buildings, the District’s standing as one of the strongest office markets in the nation is taking a bath.
The District’s first-quarter vacancy rate has risen by more than five percentage points in the last year, pushing it from having the fourth-lowest office vacancy rate in the nation to having the tenth lowest, according to Cushman & Wakefield’s quarterly rankings of the top U.S. office markets.
The District’s vacancy ended the first quarter at 14.5 percent, a 12-year high.
And with 2 million square feet of new luxury towers lining up to be delivered this year, the situation is likely to get worse before it gets better."