It is a typical pattern for DC right now, Marr tellsGlobeSt.com. "For tenants seeking Class A space in DC, who want inexcess of 75,000 square feet, we are seeing firms desiring longerterm leases to lock in rates and expansion options at today'spricing."
Indeed, the latest statistic from Jones Lang LaSalle quantifythis trend. Renewals continue to comprise an above-averageproportion of private sector transaction volume in Washington, DC,JLL's Research Manager Scott Homa tells GlobeSt.com.
"Although government agencies are often signing long-termrelocations and expansions, private sector tenants are naturallydrawn to renewals in this environment because they're typically themost economical way to achieve strategic real estate goals," hesays.
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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.
