The Washington, DC office market currently consists of 803 buildings, over 25,000 square feet, totaling approximately 152.8 million square feet of rentable space. As of February 2021, the unemployment rate for the District of Columbia decreased to 7.6% and the Washington, DC Metropolitan area decreased to 5.7%. The national unemployment rate decreased to 6.2%.
The DC Metropolitan Statistical Area (MSA) lost 227,200 jobs from Feb 2020-Feb 2021, representing a contraction of 6.8% YOY. However, 145,700 new jobs have been added since May 2020, representing 4.9% growth. The largest public sector lease executed this quarter was a long-term renewal by the DC Department of Health for 205,860 square feet at 899 N. Capitol Street, NE. The Biotechnology Innovation Organization (BIO) executed the largest private sector lease with a 60,809-square-foot transaction at 1201 New York Avenue, NW. Only two buildings traded this quarter, totaling $149,550,000. 1350 Eye Street, NW sold at auction, while 1307 New York Avenue, NW was a partial interest transfer.