The Washington, DC office market consists of 775 buildings over 25,000 square feet, totaling approximately 142.3 million square feet of rentable space. As of August 2017, the unemployment rate for the District of Columbia increased to 6.4%, while the Washington, DC Metropolitan area increased to 3.7% (ranking 7th nationally). The national unemployment rate remained flat at 4.4%.
The DC Metropolitan area gained 67,600 net new jobs from August 2016-August 2017, representing 2.1% growth. Educational & Health Services lead the private sector with 19,700 new jobs; while the Government added 4,200. The largest public sector lease executed this quarter was by the DC Government for 118,720 square feet at 1015 Half Street, SE in the Capitol Riverfront submarket. Amtrak signed the largest private sector lease with a 106,360-square-foot transaction at 10 G Street, NE in the NoMa submarket. There were six sale transactions in DC, totaling $1,239,207,000. The largest sale was Oxford Properties / Norges Bank purchasing 900 16th Street, NW for $151,000,000 ($1,237 psf) from JBG Companies / ICG Properties.