WASHINGTON, DC-Area brokerage firms reported sluggish commercial office leasing activity in the first quarter of this year and relate that a sense of uncertainty for the future pervades the market at the moment.
Jones Lang LaSalle Inc. estimates the DC region posted positive absorption of 23,763 square feet for the first quarter of this year; Northern Virginia recorded a net loss of 153,937 square feet; while the District gained 106,911 square feet; and suburban Maryland gained 70,789 square feet, according to the Washington Business Journal. CBRE Group Inc. calculates that Northern Virginia shed 231,000 square feet of leased space so far this year, suburban Maryland lost another 94,000 square feet, while the District scored 313,000 square feet of positive absorption.
“It was just a very, very slow quarter,” says Scott Homa, vice president of Mid-Atlantic Research for Jones Lang LaSalle. “It just really reflects what's going on in the market right now, which is just very little tenant demand.” See story in the Washington Business Journal.
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