The Ballpark (and the Nats’ first World Series) - A Decade in the Making
With the Nationals playing in their first World Series, there’s one element of their season that has gotten less attention – the Ballpark submarket itself.
October 30, 2019
- With the Nationals playing in their first World Series in franchise history, there’s one element of their storied season that has gotten less attention this past week – the Ballpark submarket itself. The stadium, which opened in 2008, has anchored the explosive growth of the surrounding neighborhood, but it’s easy to forget just how far along the submarket has come in a decade. With Game 6 set for Tuesday, we’re using this off day to take a look back at the Ballpark’s rise.
- Population: Perhaps the biggest story of the Ballpark over the last decade is the surge in population, which has tripled in size due to the influx of new multifamily that has arrived. No surprise, but millennials comprise the largest percentage of residents, followed by the 35-44 year-old demographic.
- Multifamily: Since 2008, 21 apartment buildings totaling 5,978 units have delivered. Rents have grown 21.8% and average $3.37 p.s.f., while the total occupancy of the neighborhood is a healthy 95%
- Office: The growing 24/7 environment has commanded the attention of many private-sector tenants. The private-sector has comprised 70% of leasing activity in 2018, and 2019 is on pace to be 100% private-sector. As a result, demand has pushed not just asking rents, but net effective rents north of $54 p.s.f. FS, a 25% increase over the last decade.
- Retail: In conjunction with the growing office and residential population, the neighborhood is moving toward a more diverse retail environment. In the last two years, 18 new bars have opened, but so have 17 non-restaurant retailers, and another 265,000 s.f. of retail is currently under development.
Source: JLL Research