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Washington, DC Market Reports

Washington Metropolitan Area Market

Average Asking Rent (Price/SF)          $38.58
Vacancy Rate (%)            16.1%
Net Absorption (SF)     1,115,886

Office demand in the Washington metro area started the year robustly, with first-quarter absorption in two of the three substate areas topping 500,000 square feet. The region registered 1.1 million square feet of net absorption during the quarter. Positive net absorption of 633,028 square feet in Northern Virginia and 540,641 square feet in the District of Columbia was slightly tempered by negative net absorption of 57,783 square feet in Suburban Maryland. At 16.1%, the region's overall vacancy rate remained even with that of fourth-quarter 2018 but was 40 basis points higher than the vacancy rate recorded one year ago.

District of Columbia Office Market

Average Asking Rent (Price/SF)       $54.71
Vacancy Rate (%)         13.0%
Net Absorption (SF)     540,641

The District of Columbia opened 2019 with 540,641 square feet of positive net absorption in the first quarter, the highest since the third quarter of 2012. The vacancy rate declined modestly from the prior quarter to 13.0% yet increased year-over-year because of major relocations and significant office deliveries in 2018. Average asking rents edged down during the first quarter to $54.71/SF.

Suburban Maryland Office Market

Average Asking Rent (Price/SF)  
    $27.69
Vacancy Rate (%)       15.2%
Net Absorption (SF)    -57,783

Suburban Maryland's office demand slowed slightly in the first quarter of 2019 after absorption had ticked up in the fourth quarter of 2018. Net absorption measured negative 57,783 square feet in the first quarter of 2019. The vacancy rate rose 10 basis points to 15.2% during the first quarter. Asking rental rates have remained virtually flat over the past year, declining just slightly from $27.71/SF to $27.69/SF.

Northern Virginia Office Market

Average Asking Rent (Price/SF)      $32.90
Vacancy Rate (%)        19.0%
Net Absorption (SF)    633,028

Sturdy demand for office space continued in the first quarter of 2019, extending the market momentum built during 2018. Net absorption during the quarter measured 633,028 square feet, the highest quarterly total recorded since first quarter 2018. Net absorption measured 633,028 square feet during the first quarter. Overall vacancy increased 10 basis points to 19.0% in the first quarter due to new deliveries. Average overall asking rents increased 2.4% from one year ago to $32.90/SF.



Washington Metropolitan Area Office Market Report
1Q19
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District of Columbia Office Market Report
1Q19
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Northern Virginia Office Market Report
1Q19
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Suburban Maryland Office Market Report
1Q19
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Washington Metropolitan Area Multifamily Market Report
1Q19
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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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