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New Office Spec in DC Is Getting Scary. So Why Is It Happening?

WASHINGTON, DC--Over the next three years, supply will outpace demand with 3.5 million square feet of tenants looking for space above $60 per square foot.

Carl Caputo

WASHINGTON, DC–There are currently 24 buildings under construction in the city. Vacancies are at cyclical highs and the much of the product that has delivered in the last 24 months still remains largely vacant. Yet speculative construction continues.

One example is Dallas, Texas-based Lincoln Property Co. and Chicago-based private equity firm Pearlmark Real Estate, which plan to develop 699 14th Street NW, an 11-story trophy office in the city’s East End. Another is 1050 17th St., which is both a redevelopment and spec construction, JLL Senior Research Analyst Carl Caputo tells GlobeSt.com.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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