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Wei Xie

WASHINGTON, DC–In theory job growth is a reliable indicator for future office space demand. Unfortunately for the Washington DC area, this link is no longer so clear cut, at least for this particular cycle.

“We have had fairly robust job growth, but it is not translating very well into office demand growth,” CBRE Research Manager Wei Xie tells GlobeSt.com. The reason is clear: the area is still working through shadow vacancy. Also, Xie says, workplace strategies and design changes are still having an impact. For these reasons, she says, “it’s going to become more and more difficult to predict demand” using traditional metrics such as job numbers or job number projections.

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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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