The Washington, DC office market currently consists of 789 buildings, over 25,000 square feet, totaling approximately 148.0 million square feet of rentable space.
As of August 2019, the unemployment rate for the District of Columbia decreased to 5.4%, while the Washington, DC Metropolitan area increased to 3.2%. The national unemployment rate decreased to 3.5%.
The DC Metropolitan area gained 33,600 net new jobs from August 2018-August 2019, representing 1.0% growth YOY. Leisure & Hospitality lead the private sector with 15,600 new jobs; while the Government gained 2,500.
The largest public sector lease executed this quarter was by the District of Columbia Office of the Attorney General for 199,736 square feet at 601 D Street, NW in the East End submarket.
EAB signed the largest private sector lease with a 148,452-square-foot renewal at 2445 M Street in the West End submarket.
There were fourteen sale transactions in DC, totaling $1,574,994 in sales volume. The largest sale was 815 Connecticut Avenue, NW trading to Ponte Gadea from The Blackstone Group for $231,250,000 ($1,067 psf).