Lincoln Property Company’s in-house Research department advises clients on the constantly changing commercial real estate environment, helping them make quick market decisions, or plan long-term strategy. Please contact us to receive a copy of our marketing materials, or to discuss the D.C commercial real estate market today.
Washington D.C.
- 132 Million SFInvestory (RSF)
- 10.6%Direct Vacancy Rate
- 11.6%Total Vacancy Rate
- (384,533) SFYTD Absorption
- $49.19 psf FSAsking Rental Rate (FS)
The Washington, D.C. office market consists of 769 buildings over 25,000 square feet for a total of approximately 132 million square feet. Over the past few years the district has witnessed an influx of new deliveries, increasing inventory, vacancy, and asking rental rates in the class A market all at the same time. We now appear to be coming to the end of the large spec development period that had been driving vacancies up as few construction starts have occurred over the past year.
Northern VA
- 174.2 Million SFInvestory (RSF)
- 11.6%Direct Vacancy Rate
- 13%Total Vacancy Rate
- 854,911 SFYTD Absorption
- $29.95 psf FSAsking Rental Rate (FS)
During the third quarter of 2009, the Northern Virginia office market, which consists of Arlington, Alexandria, Fairfax, and Loudoun counties for a total of 174.2 million square feet of rentable space, continued to witness lackluster leasing activity with overall vacancy rates continuing to increase, a trend which began in the first half of 2007. However, the bulk of the high quality sublet space which flooded the market in early 2009 has been absorbed.
Suburban Maryland
- 80.81 Million SFInvestory (RSF)
- 13.2%Direct Vacancy Rate
- 14.9%Total Vacancy Rate
- (693,407) SFYTD Absorption
- $26.99 psf FSAsking Rental Rate (FS)
The Suburban Maryland office market consists of 842 office buildings totaling approximately 80.81 million square feet located in Montgomery and Prince George’s counties. During the fourth quarter 2009, the direct vacancy rate in the Suburban Maryland office market increased over the last year by 2.8% to 13.2% and the total vacancy rate increased by 3% to 14.9%. Over the fourth quarter, Suburban Maryland witnessed negative 152,627 square feet of direct net absorption.
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