Washington DC is trying to jump-start office-to-residential conversions by offering a 20-year tax abatement as an incentive the city hopes will make it more feasible for building owners to pencil in adaptive reuse projects.
DC saw 1M SF of office space vacated in 2023, driving up the city's vacancy rate to more than 21% at the end of the year, a new record.
The federal government has been a primary culprit in the cratering of the office market in Washington. The Feds are the city's largest employer, with a huge portfolio of DC office space that the government owns and leases, but a large portion of that space isn't being used.
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