The Washington, DC office market currently consists of 801 buildings, over 25,000 square feet, totaling approximately 152.1 million square feet of rentable space.
Due to the COVID-19 pandemic, unemployment has spiked across the region. As of May 2020, the unemployment rate for the District of Columbia increased to 8.9%, while the Washington, DC Metropolitan area increased to 9.0%. The national unemployment rate increased to 11.1%.
The DC Metropolitan Statistical Area (MSA) lost 67,200 jobs from May 2019-May 2020, representing a contraction of 8.5% YOY. Leisure & Hospitality contracted the most with 49,600 jobs lost; while the Government gained 2,300.
The largest public sector lease executed this quarter was a renewal by the GSA – Department of Education renewing 290,000 square feet at 550 12th Street, SW – Potomac Center South.
Wiley Rein signed the largest private sector lease with a 166,250-square-foot transaction at recently delivered 2050 M Street, NW in the CBD.
There were three sale transactions in DC, totaling $153,000,000 in sales volume. The largest sale was 3300 Whitehaven Street, NW and 2001 Wisconsin Avenue, NW trading to Grosvenor Americas from Equity Commonwealth for $85,000,000.