Slow Office Activity in DC

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 2^nd 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.  

Give us a call at (866) 354-5478 for free assistance on finding office space in Washington DC.