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Office Insight

United States | Washington, DC

Report | Washington DC Office Insight - Q1 2011

Summary

Heightened renewal activity and moves by the federal government to consolidate operations in Class A buildings characterized leasing activity in the first quarter of 2011. Close-in submarkets like Rosslyn-Ballston, Bethesda-Chevy Chase and downtown Washington, DC continued to demonstrate strong rental rate growth. Many tenants also capitalized on above-average concession packages to fund relocations.
Buildings offering new, efficient designs continued to outperform second-generation commodity product. With construction activity slowing, private sector relocations throughout the market eliminated large blocks of vacant space. These moves typically involved contractions, a product of more efficient layouts and increased efficiency in newer buildings.

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