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WASHINGTON, DC-The Metropolitan Washington, DC region has the federal government to thank for its continued ranking as the strongest office market in the country, according to Advantis Real Estate Services Co.’s Mid-Year 2003 Office Report. The increase in government spending and the resulting demand for General Services Administration tenants and government contractors has kept the market afloat despite the lackluster economy. Currently the overall direct vacancy rate in the region is a palatable 9.9%; with the direct vacancy rate in the District of Columbia hovering at a low 5.5%.

And it looks like the region will continue to hold its position at the top. “I think we’re nearing the bottom of the market,” Advantis director of research and senior financial analyst David Masters tells GlobeSt.com. “Rents and vacancies are starting to stabilize.” The stabilization is partially due to a decrease in construction. New deliveries in the region will amount to about six million sf for 2003, and 4.6 million sf for 2004. “I see more deals, larger deals, going forward,” Masters notes.

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