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DC’s K street

WASHINGTON, DC–Washington DC’s Downtown market has been setting record pricing both in the trophy and non-trophy space, JLL notes in a new research report, and the reason is simple: scarce supply has met up with strong demand for DC product. This is not a new story, of course, but what is interesting is that this trend is spilling over into the commodity office space.

In the first quarter of 2018, 900 G Street NW sold for $144 million, or $1,278 per square foot, topping the $1,252 per square foot record set last year by the sale of 900 16th Street NW. Perhaps a more notable record, JLL says, was set in the non-trophy Class A segment: 1440 New York Ave., NW achieved a price per square foot of $1,189, surpassing the previous non-trophy high-water mark by nearly $200 per square foot.

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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.

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