WASHINGTON, DC--As of the end of Q2, the District's office leasing market is 372,745 square feet in the hole. Or, to use the correct industry term, year to date its absorbency is a negative net 372,745 square feet, according to JLL figures. It's quite the comedown from the net positive 872,018 square feet delivered last year.
The good news is that the Washington DC area's office leasing market as a whole is performing well, or at least it is in positive territory. It absorbed a net positive 384,384 square feet (no, that number is not a typo) for the quarter. For year-to-date, according to JLL, it has a positive net absorbency of 351,824 square feet. Q2, obviously, was very good to Northern Virginia and suburban Maryland.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
