The Washington, DC office market currently consists of 778 buildings, over 25,000 square feet, totaling approximately 143.6 million square feet of rentable space. As of February 2018, the unemployment rate for the District of Columbia decreased to 5.7%, while the Washington, DC Metropolitan area remained flat at 3.6%. The national unemployment rate remained flat at 4.1%.
The DC Metropolitan area gained 44,800 net new jobs from February 2017-February 2018, representing 1.4% growth. Professional & Business Services lead the private sector with 16,600 new jobs; while the Government lost 2,900. The largest public sector lease executed this quarter was by the GSA – USAID for 348,173 square feet at 500 D Street, SW – National Square in the Southwest submarket. Lincoln Property Company represented the owner, Goddard Investment Group. Wilmer Hale signed the largest private sector lease with a 285,000-square-foot pre-lease at 2100 Pennsylvania Avenue, NW in the CBD submarket. There were seven sale transactions in DC, totaling $1,042,860,000. The largest sale was 900 G Street, NW trading to Corporacion Masaveu S.A. for $144,000,000 ($1,278 psf).