X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-The greater Washington-area market likes to think it is relatively immune to larger recessionary forces. Oftentimes that is true, if the downturn is a small one or focused on a particular sector–like manufacturing. All bets are off, though, with this particular downturn. The best that can be said is that the presence of the federal government and other stabilizing forces will keep the bleeding to a minimum.

Retail, for instance, will fare slightly better than other areas of the country–but still not as well as could have been expected for the DC market, Peter Howard Framson, principal with Green Light Retail, tells GlobeSt.com. Retail rents nationwide are projected to drop between 20% to 30%. Framson says he expects to see the same levels–albeit perhaps not to the same lows–here in the DC area. “The slide down in rents is already happening.”

Because the market is more stable, Framson thinks landlords will be more likely to negotiate with tenants to keep them in the building. “A lot of this will be behind-the-scenes negotiating. I think in six months we will be hearing about major concessions from landlords.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.