The Washington, DC office market currently consists of 790 buildings, over 25,000 square feet, totaling approximately 147.2 million square feet of rentable space.
As of May 2019, the unemployment rate for the District of Columbia increased to 5.7%, while the Washington, DC Metropolitan area decreased to 3.1%. The national unemployment rate decreased to 3.6%.
The DC Metropolitan area gained 25,000 net new jobs from May 2018-May 2019, representing 0.8% growth YOY. Leisure & Hospitality lead the private sector with 12,200 new jobs; while the Government gained 1,400.
The largest public sector lease executed this quarter was a renewal by the Securities and Exchange Commission (SEC) for 1,275,363 square feet at Station Place I, II, & III in the NoMa submarket.
King & Spalding signed the largest private sector lease with a 146,994-square-foot renewal at 1700 & 1730 Pennsylvania Avenue, NW in the CBD submarket.
There were six sale transactions in DC, totaling $370,502,551 in sales volume. The largest sale was 1701 Rhode Island Avenue, NW trading to Exan Capital for $105,652,551 ($1,037 psf).