Co-Working, Tech Will Continue To Drive Office Growth

DC’s K street

WASHINGTON, DC–Since 2011 the co-working and creative tech space have been driving growth in the office sector. Now, a new JLL research note concludes that they will continue to do so over the next few years as the traditional engines of office growth remain in flux.

It wasn’t until recently that metro DC’s traditional engines of office demand stop generating significant growth. Indeed between 2000 to 2010 they drove a majority of the 50 million square feet of occupancy gains. During this time period, JLL writes, federal government spending increased consistently post 9/11 and during the financial crisis; defense contractors’ contract award levels rose 286% to $28.5 billion, and legal revenues rose more than 5% — often into the double-digits — on an annual basis pre-recession.