DC Investment Sales Down 11.5% for 2012

WASHINGTON, DC-By Jones Lang LaSalle’s reckoning, office investment sales for the DC area are going to clock in between $5.4 billion to $5.6 billion. Whatever it turns out to be–and there are several deals racing for an end of the year close–the final number is bound to be lower than 2011′s $6.1 billion. JLL’s best estimate is a 11.5% drop year over year.

The reasons, of course, are painfully obvious to anyone active in the market. The uncertainty leading up to the presidential election and now, the question of the fiscal cliff, has paralyzed decision-making in the nation’s capitol. “Sequestration is looming over the market and we haven’t seen significant job growth,” JLL’s Jim Molloy tells GlobeSt.com. “Investors don’t know what is coming around the turn.”