WASHINGTON, DC-Investment sales in the District for the first quarter clocked in at about $200 million, according to figures from Jones Lang LaSalle. Northern Virginia saw $485.1 million in investment sales volume in the first quarter, more than double the previous year's total for the same quarter. And in Maryland, which has been largely stagnant, the sale of the Air Rights Center in downtown Bethesda gave it a substantial year-over-year increase, JLL reported.
Next quarter should be better, JLL said, at least for the District where at least five properties are being actively marketed in the District.
More product will likely come to market in the suburbs as well, Mike Ellis, Mid-Atlantic Market Director, tells GlobeSt.com.
"From a capital market standpoint we are still seeing core assets come to market and a lot of capital chasing them. We expect that to continue especially in the core markets, but our feeling is that in general, anything that is financeable out in the suburbs will come to market in the second half of the year."
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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.
