WASHINGTON, DC-While the rest of the nation’s commercial real estate markets relax as fundamentals improve, the mood in the nation’s capital is getting more glum. The Washington, DC area just recorded a net absorption of negative 1.6 million square feet in Q1, Cassidy Turley reports. That is the lowest level since Q4 of 2002. The metro-wide vacancy rate increased 0.6 percentage points, quarter over quarter, to reach 13.7%. In the District itself, first-quarter absorption was negative 248,000 feet, with the vacancy rate remaining flat at 10.4%.

The largest non-renewal deal inked this quarter was for a paltry (relatively speaking, if one is to harken back to the salad days of 2007) 61,000 square feet at 1050 Connecticut Ave., NW, by the American Bar Association. The next four largest leases were of equally dismaying size—dismaying, at least, to industry onlookers and local 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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

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 © 2024 ALM Global, LLC. All Rights Reserved.