The Washington, DC office market currently consists of 794 buildings, over 25,000 square feet, totaling approximately 149.4 million square feet of rentable space.
As of November 2019, the unemployment rate for the District of Columbia decreased to 5.3%, while the Washington, DC Metropolitan area decreased to 2.8%. The national unemployment rate remained flat at 3.5%.
The DC Metropolitan Statistical Area (MSA) gained 61,100 net new jobs from November 2018-November 2019, representing 1.8% growth YOY. Professional & Business Services lead the private sector with 24,800 new jobs; while the Government gained 3,600.
The largest public sector lease executed this quarter was by the GSA – Department of Justice (DOJ) for 308,989 square feet at 601 D Street, NW in the East End submarket.
PricewaterhouseCoopers signed the largest private sector lease with a 148,452-square-foot signing at 655 New York Avenue, NW in the East End submarket.
There were four sale transactions in DC, totaling $688,500,000 in sales volume. The largest sale was 901 15th Street, NW trading to Northwestern Mutual from ADIA for $209,100,000 ($817 psf).