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Washington, DC Market Reports

Washington Metropolitan Area Market

Average Asking Rent (Price/SF)          $39.00
Vacancy Rate (%)            16.2%
Net Absorption (SF)        592,216

Office demand in the Washington metro area was positive during the second quarter, but down from the previous quarter. The second quarter saw 592,216 square feet of positive absorption in the region, topping 200,000 square feet in two of the three substate areas and with positive totals in all three. At 16.2%, the region's overall vacancy rate remained even with that of first-quarter 2019 but was 10 basis points higher than the vacancy rate recorded one year ago.

District of Columbia Office Market

Average Asking Rent (Price/SF)       $55.18
Vacancy Rate (%)         13.6%
Net Absorption (SF)     316,937

The District of Columbia registered 316,937 square feet of net absorption in the second quarter of 2019, comparable to the 370,677 square feet absorbed in the first quarter. The vacancy rate rose 50 basis points over the quarter to 13.6%, largely due to the delivery of three projects totaling 1.3 million square feet.

Suburban Maryland Office Market

Average Asking Rent (Price/SF)  
    $28.04
Vacancy Rate (%)       15.2%
Net Absorption (SF)     68,102

Suburban Maryland's office demand picked up slightly in the second quarter of 2019 after absorption was negative in the first quarter. Net absorption measured 68,102 square feet. The overall vacancy rate remained steady at 15.2% during the second quarter, as compared to the previous quarter. Asking rental rates have increased 1.7% over the past year, ticking up to $28.04/SF from $27.56/SF.

Northern Virginia Office Market

Average Asking Rent (Price/SF)      $33.10
Vacancy Rate (%)        18.8%
Net Absorption (SF)    207,177

Sturdy demand for office space continued in the second quarter of 2019. Quarterly absorption totaled 207,177 square feet, a less robust number than the first quarter's tally but still in line with Northern Virginia's recent performance. Overall vacancy decreased 20 basis points over the quarter to 18.8% and is 10 basis points lower than a year ago. Average overall asking rents increased 3.1% from one year ago to $33.10/SF.



Washington Metropolitan Area Office Market Report
2Q19
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District of Columbia Office Market Report
2Q19
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Northern Virginia Office Market Report
2Q19
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Suburban Maryland Office Market Report
2Q19
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Washington Metropolitan Area Multifamily Market Report
2Q19
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May 2019
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March 2019
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The Rise of Spec Suites
October 2018
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The Apartment Amenities Race
March 2018
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Paid Parking Arrives in Tysons
February 2018
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The Silver Line Effect
September 2017
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The Evolution of the Financial Services Industry
June 2017
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Washington Metro Area MegaTrends: A 2017 Update
March 2017
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