WASHINGTON, DC-Hurray! Washington, DC's vacancy rate decreased somewhat and ended the quarter at 10.2%, according to CBRE's preliminary projections.
CBRE says this is a result of slight growth among smaller deals—especially those under 20,000 square feet. Expect this trend to last for some time, which means deals such as American Forest Foundation's newly-inked expansion and relocation for 10,984-square feet at 2000 M St., NW take on a new significance. In the aggregate, they are slowly but steadily pushing the District out of its slump.
AFF will move from its existing 7,887-square-foot office at 1111 19th St. NW to the 227,000-square-foot CBD office, which is owned by Washington Real Estate Investment Trust. West, Lane & Schlager's Eric West and Ganon Rich negotiated on behalf of AFF in the 12-year, eight-month lease.
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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.
