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Growing tech employment base shifts tenant desires

  • ​​Over the past five years, the number of tech jobs in Washington, DC has increased by more than 20%, in comparison to a 0.1% decrease from 2007 to 2012. As a share of total office jobs, tech jobs now comprise 19.2% of the employment base.
  • Talent stands as tech companies greatest challenge and opportunity and as a result, the workplace preferences of tech tenants are shifting to focus on providing a more vibrant environment that creates collisions and collaboration within the office. The ability for tenants to create and utilize highly functional, new quality amenities within a space and throughout a building has led to the success of renovations such as 1620 L and Terrell Place.
  • Over the past four quarters, 16.6% of space leased by tenants > 20,000 s.f. was within creative product that offers a mixture of vibrant, larger-scale amenities as well as creative/unique architectural building elements.
  • While the Trophy and Class A market downtown faces growing risks of oversupply, less than 10% of buildings with a contiguous available block > 20,000 s.f. are of a creative nature.​

Source: JLL Research, Bureau of Labor Statistics, U.S. Census Bureau​

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