Retail, for instance, will fare slightly better than other areas of the country--but still not as well as could have been expected for the DC market, Peter Howard Framson, principal with Green Light Retail, tells GlobeSt.com. Retail rents nationwide are projected to drop between 20% to 30%. Framson says he expects to see the same levels--albeit perhaps not to the same lows--here in the DC area. "The slide down in rents is already happening."
Because the market is more stable, Framson thinks landlords will be more likely to negotiate with tenants to keep them in the building. "A lot of this will be behind-the-scenes negotiating. I think in six months we will be hearing about major concessions from landlords."
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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.
