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U.S. Market Reports

Washington, DC Market Reports

Washington Metropolitan Area Market

Average Asking Rent (Price/SF)          $37.88
Vacancy Rate (%)            15.8%
Net Absorption (SF)     1,308,679

The Washington metro area's economic growth continued to moderate in early 2018, while office metrics continued to improve. For the 12 months ending in January, the region added 43,800 jobs, down slightly from the 2017 annual average of 50,900 jobs per annum but on par with the metro area's 20-year average growth of 43,300 jobs per annum. The Washington Leading and Coincident Indices have also started to moderate, suggesting that the current slower pace of growth will carry into the first half of 2018.

District of Columbia Office Market

Average Asking Rent (Price/SF)       $54.82
Vacancy Rate (%)         11.4%
Net Absorption (SF)     122,277

The District of Columbia registered 122,277 square feet of annual net absorption in the first quarter of 2018, maintaining a pace comparable to that of 2017, when net absorption averaged 149,000 square feet per quarter. In a reversal from last year's performance, absorption was strongest in the East End, with the submarket registering 271,921 square feet of net absorption.

Suburban Maryland Office Market

Average Asking Rent (Price/SF)  
    $27.65
Vacancy Rate (%)       15.8%
Net Absorption (SF)   320,432

Suburban Maryland's office market began 2018 with strong demand, declining vacancy and a growing construction pipeline. Net absorption registered 320,432 square feet during the first quarter, while the vacancy rate dropped 70 basis points from one year ago to 15.8%, a new five-year low. Asking rental rates rose 3.7% from last year to $27.65/SF. Class A fundamentals held steady, with 251,824 square feet of absorption in the first quarter, as the market continued to show a preference for quality.

Northern Virginia Office Market

Average Asking Rent (Price/SF)      $32.10
Vacancy Rate (%)        19.2%
Net Absorption (SF)    865,970

After a remarkable year in 2017, when the Northern Virginia office market posted positive net absorption for the first time in six years, asking rents edged up by 2.1%, and the vacancy rate declined, metrics have strengthened further through the first quarter of 2018.



Washington Metropolitan Area Office Market Report
1Q18
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District of Columbia Office Market Report
1Q18
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Suburban Maryland Office Market Report
1Q18
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Northern Virginia Office Market Reports
1Q18
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Washington Metropolitan Area Multihousing Market Report
4Q17
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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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State of U.S. Office Leasing Concessions and the Outlook For 12 Major Cities
December 2016
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Scale of Disruption - The Sharing Economy's Effect On U.S. Commercial Real Estate
October 2016
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The Impact of Office Space on Employee Productivity
February 2016
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Political Control - Who Runs Washington and the Impact On Office Space Demand
July 2016
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