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Republic Square II Photo by NoMa BID

WASHINGTON, DC–Such emerging submarkets in the District as the Ballpark, NoMa, Market District and Southwest — including The Wharf — will capture more than 2.5 million square feet of occupancy gains through 2021, according to a new JLL research note. This will cause vacancy to decline from 12.6% to 9.8% and continue to place upward pressure on rents. Already rents have risen above $50 per square foot for relet product and into the upper-$50s for new construction, outside of The Wharf, JLL notes. Also land prices have escalated and pricing for proposed office product is now in the low $60s per square foot FS.

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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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