Research

Washington DC office insight - Q2 2018

As the Class B market in the core tightens, large-block options in non-core submarkets priced in the high-$40s to mid-$50s p.s.f. FS such as 2300 N in West End and 1275 1st in NoMa have secured leases >50,000 s.f. Class B buildings in the core with significant vacancy are increasingly undergoing building upgrades to shift pricing from the $40s p.s.f. FS to the high-$50s p.s.f. FS, as opposed to significant renovation to Class A+ priced >$70 p.s.f. FS as the top segment of the market in the core remains oversupplied. As Class A (non- Trophy) vacancy has remained >14% for the past 24 months, concession packages at renovated product have increased by 15-20%, which has attracted tenants to buildings such as 2001 M and 2000 K.

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