The terms of Storehouse's lease with property developer Metropolis Development Co. LLC have not been disclosed. However, according to NAI Direct, retail space in the District can range from $25 to $80 per sf, depending on the location.
The new site marks Storehouse's debut in Washington, DC. But the furniture and housewares store expansion trend is not exclusive to Storehouse; home stores are popping up at a rapid pace all around the greater Washington, DC area.
"The home furnishing market is extremely strong in the Washington region which may be leading the country in the growth for this sector," says Madison Retail partner Mike Pratt. "This is understandable, considering the Washington MSA has some of the wealthiest and fastest growing counties in the country."
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