The Washington, DC office market currently consists of 797 buildings, over 25,000 square feet, totaling approximately 150.9 million square feet of rentable space.
As of February 2020, the unemployment rate for the District of Columbia decreased to 5.2%, while the Washington, DC Metropolitan area increased to 3.0%. The national unemployment rate increased to 4.4%.
The DC Metropolitan Statistical Area (MSA) gained 55,600 net new jobs from February 2019-February 2020, representing 1.7% growth YOY. Professional & Business Services lead the private sector with 20,000 new jobs; while the Government gained 8,600.
The largest public sector lease executed this quarter was by the GSA – Department of Labor renewing 30,951 square feet at 800 K Street, NW.
State Services Organization (SSO) signed the largest private sector lease with a 237,062-squarefoot renewal at 400-444 N. Capitol Street, NW – The Hall of States.
There were three sale transactions in DC, totaling $970,469,413 in sales volume. The largest sale was 1200 New Jersey Avenue, SE (in Capitol Riverfront) to the GSA for $760.0 M ($517 psf).