District of Columbia Office Market Report - 1Q17

Absorption was positive in the District of Columbia in the first quarter of 2017, supported by two large move-ins by Venable and the Department of Justice, whose combined footprint accounted for a total of 586,869 square feet. ​

​Vacancy declined by 40 basis points from the prior quarter, aided by a lack of deliveries. The quarter ended with net absorption totaling 623,224 square feet, a jump compared with the first quarter of 2016, when the District recorded only 291,162 square feet of net absorption. Asking rental rates rose by 3.2% over the past year to $53.51/SF, with most gains attributable to Class A assets. Despite this, Class A vacancies will remain elevated, as redevelopment, renovation and new construction of office space continue at robust levels.

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