The Washington, DC office market currently consists of 806 buildings, over 25,000 square feet, totaling approximately 153.2 million square feet of rentable space. As of May 2021, the unemployment rate for the District of Columbia and the Washington, DC Metropolitan area decreased to 7.2% and 5.0%, respectively, while the national unemployment rate decreased to 5.8%.
The DC Metropolitan Statistical Area (MSA) gained 207,100 jobs from May 2020-May 2021, representing 6.9% employment growth YOY. The Leisure & Hospitality industry had the largest rebound with 77,300 jobs added, representing 45.3% growth YOY. The largest public sector lease executed this quarter was a long-term renewal by the GSA – Small Business Administration (SBA) for 264,807 square feet at 409 3rd Street, SW. The Boston Consulting Group executed the largest private sector lease with a 97,779-square-foot transaction at 655 15th Street, NW. There were five building sales this quarter, totaling $983,156,163. The largest transaction was a 49% interest transfer sale of 1150 15th Street, NW – Midtown Center for $480.0 million ($1,151 psf).