WASHINGTON, DC—The Washington DC market posted a strong, atleast compared to its recent performance, second quarter forleasing, swinging into positive net absorption with gains of411,700 square feet, according toJLL.
However, it is not time to pop open the Champaign, cautionsJLL's Scott Homa, who points to the still subdueddemand in the area for office space. The region's one saving grace,at least from the perspective of landlords, is that supply is alsostill constrained with only 4.4 million square feet underconstruction, two-thirds below average. Typically the region hasabout 11.4 million square feet under construction and 7.8 millionsquare feet delivering each year. All in all, Homa tellsGlobeSt.com, it was a decent quarter for the market.
"It is well preleased and overall the pipeline is well alignedwith the levels of tenant demand," he says.
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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.
