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Washington D.C. Commercial Real Estate In-depth
Washington D.C. is the capital of the United States and home to numerous museums, monuments and memorials. It is the ninth-largest metropolitan area in the United States. As of April 2010, Washington D.C. along with Oklahoma City had the lowest unemployment rate for areas with populations over one million at 6.1%.
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Washington D.C. Commercial Real Estate In-depth
Washington D.C. is the capital of the United States and home to numerous museums, monuments and memorials. It is the ninth-largest metropolitan area in the United States. As of April 2010, Washington D.C. along with Oklahoma City had the lowest unemployment rate for areas with populations over one million at 6.1%.
The Washington area is presumed to reach a 58% increase in its economic activity between the years 2000 and 2015, with the job base growing 29% and the resident population growing by 21%. Essential areas driving the economy will continue to be the federal government, technology, construction, international business, and hospitality, increasing the need for more commercial real estate.
The Washington D.C. area has a rock-hard employment foundation, with the federal government supporting nearly 3 out of 10 jobs in Washington D.C. The Washington D.C. region does not solely depend on the government for its economic vitality. The Greater Washington D.C. region boasts growing industries in education, finance, public policy and scientific research.
The office market in Washington D.C. continues to thrive. Real estate experts show that office space in Washington D.C. posted 959,910 square feet of absorption in 2010 thus far. Vacancy was at 11.7% at the end of 2nd quarter of 2010.
Downtown D.C.’s shopping district is set to compete with the area’s large shopping centers; it should boost retail space to a total of 1.2 million square feet. Downtown averages approximately 10.7 million visitors, and is expected to grow to 12.5 million by 2014.
Experts reveal that industrial space in Washington D.C. was absorbed for the first time in approximately 18 months at the end of the 2nd quarter, 2010; 6 million square feet of warehouse and flex space since 2008.
With the many opportunities in the Washington D.C. commercial real estate market, it is an incredible area in which to grow, open, expand or relocate your business.
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