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WASHINGTON, DC-New supply poised to enter the District’s Central Business District should ease slightly its vacancy rates, which have been historically very low. At the end of Q3, the CBD’s vacancy rate was 3.8%, compared to Georgetown/West End and the Southwest markets, where vacancy rates ended the quarter at 11.8% and 10.3%, respectively, according to a new report by GVA Advantis.

According to the report, some 837, 634 sf will deliver in the CBD over the next few months. This includes: 2121 K St., NW, a 192,040-sf building, is currently under renovation. Delivery is scheduled for October 2007; 2101 L Street, NW, a 372,422-sf building, is currently under renovation, with a delivery scheduled for November, 2007; 1129 20th St., NW is currently undergoing an expansion, with the addition of two stories which total 32,676 sf. Renovation began in January of 2007 and is expected to be complete by January 2008; and the Louis Dreyfus Property Group started construction of the 240,496-sf office property at 801 17th St. The 12-story, class A office property will deliver in March of 2009.

While the CBD has historically had tight occupancy rates, the report noted, they did decrease slightly in 2007. Partly this was due to Dewey Ballantine’s decision move to 975 F St. in the East End, leaving vacant 83,000 sf at 1775 Pennsylvania Ave. Also, National Cooperative Bank added 48,707 sf of sublet space to 1725 Eye St; 59,200 sf was vacated by the Federal Housing Finance Board at 1777 F St, and 53,706 sf was vacated by the International Union of Bricklayers as a result of their move to 650 F St, also located in the East End.

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