The Washington, DC office market consists of 784 buildings over 25,000 square feet, totaling approximately 144.6 million square feet of rentable space. As of February 2017, the unemployment rate for the District of Columbia decreased to 5.7%, while the Washington, DC Metropolitan area increased to 3.9% (ranking 8th nationally). The national unemployment rate remained flat at 4.7%.
The DC Metropolitan area gained 62,400 net new jobs from February 2016-February 2017, representing 2.0% growth. Professional & Business Services lead the private sector with 19,600 new jobs; while the Government added 7,800. The largest public sector lease executed this quarter was a renewal by the GSA for the U.S. Citizenship and Immigration Services (USCIS) for 260,992 square feet at 20 Massachusetts Avenue, NW in the Capitol Hill submarket. The law firm Akin Gump signed the largest private sector lease with a 189,268-square-foot transaction at 2001 K Street, NW – Alexander Court, in the CBD. There were seven sales transactions in DC, totaling $839,874,869. The largest sale was The Blackstone Group purchasing 815 Connecticut Avenue, NW for $189,970,000 ($878 psf).