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Transwestern-Delta Report Bullish on 2002 Office Market

WASHINGTON, DC-While DC was weathering the economic downturn quite well before the Sept. 11 terrorist attacks, emphasis on increased defense spending following the tragedies is expected to boost the local office market even more.

By Barbra Murray | Updated on January 25, 2002

WASHINGTON, DC-Transwestern Commercial Services and Delta Associates have released a year-end report showing that Metropolitan Washington’s office market held its own in a difficult year, and will likely perform even stronger in 2002. The report indicates that the good news is due, in part, to consequence of the fallout from the September terrorist attacks — increased federal spending on defense.

Overall, the Metro Washington office market saw 15.9 million sf of new construction and renovation projects during 2001. The number marks a notable increase over the 12.8 million sf figure for 2000. The bulk of that 2001 activity took place in the Northern Virginia area, where there were 9.2 million sf of construction and renovation projects.

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