Offices.net Publishes 2016 Washington DC Forecast

Offices.net, the online office service provider, today announced the publication of their Washington DC Office 2016 Rental Market Forecast.

New York, United States – February 26, 2016 /PressCable/ —

According to the new report released by Offices.net today, the office market in Washington DC was bolstered by a robust economic performance, and delivered a fine performance throughout 2015. Unemployment levels in the DC metropolitan area were at their lowest since 2008, reaching figures well below the U.S. national average (4.3 per cent vs 5 per cent), creating conditions that have helped shape a real estate market that is predominantly favourable to landlords.

“Rental values in Washington DC continued their slow recovery throughout 2015 and are currently set around the $50 / square foot mark,” said Offices.net director Matt Aird. “A key factor demonstrated in this new report is that availability rates for all types of office space went down to 16.3 per cent, which is inevitably going to have a knock-on effect in 2016 and beyond.”

The report details that towards the end of 2015, approximately 13.2 million square feet of office space were vacant. The most significant transactions involved lease renewals or re-lets, although there have been several large sale transactions taking place in the city’s East End.

Annual absorption levels were high at 887,000 square feet, and construction activity increased by 22 per cent on a year-on-year basis. However, there was modest decrease in vacancy rates, especially as far as Washington’s Class A space is concerned. Vacancy rates for these types of office properties still remain relatively high at 11.5 per cent. Vacancy levels for Class B and Class C space in Washington were slightly lower at 10 per cent.

Read the full report here Find out more about Offices.net Washington DC office space.

Washington DC Office Market: 2015 Key Facts & Figures During 2015, vacancy rates for all types of office space in Washington went down to 10.5 per cent, pretty much in line with the city’s historical average of 10.7 per cent. At the same time, net absorption levels increased by a staggering 185 per cent, going from 198,000 square feet in 2014 to 398,000 by December 2015. Nearly half of the transactions involved office stock in Washington’s CBD, which clearly outperformed all other sub-markets. This is attributed to the ongoing influx of new tenants relocating from secondary office locations into the CBD. This trend began to be evident in 2014 and has been solidified over the past 12 months.

For more information about us, please visit http://offices.net

Contact Info:
Name: Matt Aird
Email: office@offices.net
Organization: Offices.net
Address: www.offices.net
Phone: 1 866 399 1166

Release ID: 105028