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Washington, D.C. Office Space In-depth
Washington D.C. is the capital of the United States, founded on July 16, 1970. The District of Columbia is located on the North Bank of the Pontiac River and is bordered by the states of Maryland and Virginia. The District has a resident population of 588,292; however its population rises to over one million during the work week, due to commuter... Read More
Washington, D.C. Office Space In-depth
Washington D.C. is the capital of the United States, founded on July 16, 1970. The District of Columbia is located on the North Bank of the Pontiac River and is bordered by the states of Maryland and Virginia. The District has a resident population of 588,292; however its population rises to over one million during the work week, due to commuters. The Washington Metropolitan Area has a population of 5.3 million, the eighth largest metropolitan area in the country.
Washington D.C. office space provides homes for the centers of all three branches of the federal government of the United States, along with many of the nation’s monuments and museums. Office space in Washington, D.C. hosts 172 foreign embassies as well as the head quarters of the World Bank, the International Monetary Fund, the Organization of American States, the Inter- American Development Bank, and the Pan American Health Organization. The architecture of Washington D.C. varies greatly. Six of the top ten buildings in the American Institutes of Architects 2007 rankings are located in the District of Columbia including: the White House, The Washington National Cathedral, The Thomas Jefferson Memorial, The United States Capitol, The Lincoln Memorial, and the Vietnam Memorial.
Washington D.C. has a growing economy with an increasing percentage of professional and business service jobs, increasing the need for more office space in Washington D.C. The gross state product of the District in 2007 was 93.8 billion, ranking at number 35 when compared with the fifty states. As of March 2008, the federal government accounted for 27% of the jobs in Washington D.C. Office space in Washington D.C. is becoming a necessity, the district has a growing industry unrelated to government, especially in the fields of education, finance and scientific research. There are five Fortune 1000 companies that call Washington D.C. office space home, of which two are Fortune 500 companies.
Office space for sale and office space for lease in the beginning of 2007 was characterized by billion dollar plus portfolio sales, creating a huge transactional period. The mid- year total dollar volume in the DC metro area was 7.8 billion dollars, up 37% from 2006. In the second half of 2007 a credit crunch reverberated throughout financial markets, widening spreads for commercial real estate loans. Office space sales in Washington D.C. still reached the second best level on record, with total volume at 12.1 billion dollars for the year. In 2008 there will be a period of uncertainty as the markets settle. There will likely be a slowdown in national office space sales activity, but the DC market should fare better than most. This makes Washington D.C. office space a perfect choice.
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