WASHINGTON, DC—Whether DC landlords will admit it or not, a certain percentage of the city's buildings have become, or are becoming obsolete. In this day and age, of course, obsolete doesn't mean the building lacks air conditioning or properly functioning elevators.
Rather, "obsolete" these days means that the property does not have smaller floor plates or an extensive glass line. Certainly lack of robust amenities and an urban location would label it obsolete. Ditto locations that are not convenient to mass transit.
The city and nearby suburbs' share of such buildings is noteworthy, according to Newmark Grubb Knight Frank's Senior Managing Director of Research Greg Leisch and Sandy Paul, NGKF's managing director of National Market Research.
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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.
