|Photo by Nicolas Raymond|
Cushman and Wakefield recently
released its Q3 office space statistics for the Washington metropolitan area.
The real estate activity has slowed down not only while people wait for the
outcome of the presidential campaign, but also because of the budget cuts and
the current global economy situation.
While rental rates in the district
are depressed and vacancy rate reached 12,7% for commercial properties; nearby
areas such as Reston, Bethesda and Silver Springs have seen an increase in
demand for class A office space.
Other markets such as Boston,
Seattle, San Francisco and New York have attracted technology companies and
those are precisely the markets that have seen good and steady results during
the past months.
Even though Washington DC is no
longer the most expensive city in the US for office space, (it now ranks 2nd
after New York) investors are still holding off any decisions.
But perhaps it’s time we start
looking at DC with investors eyes and see the huge opportunity there is. Given
its current vacancy rates and the temporary decrease in prices, it might be a
great time to hop in and secure a good deal.
In less than a month we could see
an increase in prices and you will be asking yourself why you didn’t sign a
lease before everyone else.