The Washington, D.C. office market consists of 779 buildings over 25,000 square feet, totaling approximately 142.2 million square feet of rentable space. As of December 2014, the unemployment rate for the Washington, D.C. region was 4.5%, and 7.4% for the District only. The national unemployment rate was 5.6%, with 787,000 new jobs created in the fourth quarter. The largest private sector lease signed this quarter was a renewal executed by law firm Finnegan, Henderson, Farabow, Garrett & Dunner, LLP for 252,000 square feet at 901 New York Avenue, NW.
The GSA signed the largest public sector transaction of the quarter with a 115,024-square-foot renewal for the U.S. Department of Education at 1990 K Street, NW. Eight office buildings sold this quarter, totaling approximately $1.2 billion. The largest sale was 800 17th Street, NW, in the CBD submarket, for approximately $392 million ($1,075 psf). One building broke ground this quarter, 800 Maine Avenue, SW, part of The Wharf development in the Southwest submarket. No buildings delivered, however.