WASHINGTON, DC—A report by the DowntownDC Business ImprovementDistrict details just how strong the downtown district'seconomy was in 2013, but also pointed out some prevailing trendsthat could spell trouble for the district in the years ahead.
The district's annual report warns that cutbacks in federalemployment, the declining amount of square feet needed peremployee, and regional competition will all contribute to areduction in office space demand by 7 million square feet to 14million square feet in the coming years. Such a reduction couldspike the current 14.4% private market office vacancy rate to ashigh as 25%, according to the Washington Business Journal.
“It's strong with the exception of a lot of uncertainty in thecommercial office market,” says BID Executive DirectorRichard Bradley.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
