Washington D.C.

The Washington, DC office market consists of 784 buildings over 25,000 square feet, totaling approximately 144.1 million square feet of rentable space. As of May 2017, the unemployment rate for the District of Columbia increased to 6.0%, while the Washington, DC Metropolitan area decreased to 3.6% (ranking 11th nationally). The national unemployment rate decreased to 4.4%. The DC Metropolitan area gained 48,300 net new jobs from May 2016-May 2017, representing 1.5% growth. Professional & Business Services lead the private sector with 15,600 new jobs; while the Government added 6,300. The largest public sector lease executed this quarter was a renewal by the GSA for the Department of Education for 314,243 square feet at 550 12th Street, SW – Potomac Center South. Washington Gas signed the largest private sector lease with a 70,056-square-foot transaction at 1000 Maine Avenue, SW – The Wharf. There were eight sale transactions in DC, totaling $566,261,000. The largest sale was Unizo Holdings purchasing 1325 G Street, NW and 1341 G Street, NW – The Colorado Building for $259,000,000 ($588 psf).