WASHINGTON, DC-The NoMa district, the fastest growing neighborhood in D.C. for new multifamily development in 2013, is suffering from a high apartment availability rate due to the glut of new space coming to market.
Vacancies for apartment buildings in NoMa were at approximately 30% in 2013 and are likely to remain at that lofty level due to the tremendous amount of new space that has or will come to market, according to the Washington Post.
The NoMa district contains 16 million square feet of office space, two hotels, 200,000 square feet of retail space and approximately 5,000 residential units. In 2013, more than 1,500 new apartment units were built and it appears that nearly 1,500 units are in the pipeline for completion this year.
Developers are reportedly offering attractive amenities to lure tenants to their properties. See story in the Washington Post.
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