Washington Metro Area Office Market Report - 4Q17

The Washington area's office market experienced robust demand during the fourth quarter and finished 2017 with a total of 2.2 million square feet of net absorption. Strong absorption across all three substate areas contributed to the region's strongest performance since 2010 and only its third positive annual absorption total in the past seven years. The fourth quarter alone saw the region absorb 1.1 million square feet, accounting for half of the annual demand and exceeding all of 2016's yearly figure. Even with the delivery of 2.4 million square feet of new product, the region's overall vacancy rate declined to 16.1%, down 50 basis points from one year ago and down 10 basis points from the prior quarter.

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