Wei Xie

WASHINGTON, DC–The DC metro region posted 1.1. million square feet of positive net absorption for the third quarter, according to CBRE, with the largest drivers of growth being education, coworking, media as well as the business services sectors.

In fact CBRE singled out the coworking sector as the fastest growing lessee category in the DC metro, which tripled its footprint over the past five years to 3 million square feet. The sector’s rapid expansion continued in the third quarter, with six leases signed for new locations totaling 178,000 square feet, CBRE reported. “While its overall share of the market remains relatively small, the coworking industry’s rapid and continued expansion in DC has been a notable growth driver for the office sector,” said Wei Xie, Research Manager of CBRE’s Washington/Baltimore region.

6 Leases Drove Transactions

The DC office market posted 3.6 million square feet of gross leasing activity in Q3 2018, the highest quarterly volume since Q2 2016. This was driven by six large leases of 100,000 square feet or more, five of which were by government users.

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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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