WASHINGTON, DC–The Washington DC area multifamily market is projected to add 11,765 units in 2018. In a research note, JLL takes a look at where these properties will be.
The answer — the District — should not be surprising to anyone paying attention to last year's numbers. In 2017, DC accounted for 48% of the new apartment deliveries. This year 46% of the area's apartment projects will deliver in the District.
New deliveries are largely concentrated in the emerging submarkets, JLL says — namely, of the 5,449 units projected to deliver in the District this year, 3,721 units, or 68%, are located in emerging submarkets.
In Northern Virginia, it is the Silver Line that is driving development this year, with 64% of multifamily deliveries coming online in Silver Line submarkets. There are six new buildings, totaling 2,201 units, that are delivering in Reston, Herndon, Tysons, and the RB Corridor.
As for suburban Maryland, JLL reports that apartment growth will slow this year from 2017; the market will capture 26% of multifamily deliveries in the Washington DC metro area — a 13% slowdown from 2014-2017, during which time Suburban Maryland captured an average of 35% of the Washington DC metro area's new multifamily supply and added an average of 4,150 units annually.
Ten buildings, totaling 2,880 units are projected to deliver across Suburban Maryland in 2018, with the greatest concentration of new development (36% of the units) located in Bethesda and the greater Rockville area.
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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.
