District of Columbia Office Market
|Average Asking Rent (Price/SF)|| $57.05|
|Vacancy Rate (%)|| 15.0%|
|Net Absortion (SF)|| -27,933|
The District of Columbia experienced uneven office leasing metrics during the second quarter of 2020, with modestly negative net absorption and slightly lower asking rents. The COVID-19 pandemic had a significant impact on the economy and office market during the quarter, as many employees were forced to work from home, slowing market activity considerably. Vacancy ticked up as well, a result of slow leasing velocity, delayed move-ins and 335,063 square feet of new office space that delivered during the quarter.