East Coast Investor Opens its Purse to Washington

WASHINGTON, DC-With an average office vacancy rate of just 5%, the office market in the District of Columbia has continued to thrive in a less-than-encouraging economy, attracting investors from near and far. According to Spaulding & Slye Colliers’ Winter 2003 report, vacancy numbers in the District range from a low 0.9% in the city’s West End area to a high of 6.5% in the central business district. The consistent and widespread interest in area real estate is evidenced by Greenwich, CT-headquartered investment firm Broadway Real Estate Partners LLP’s 2003 DC strategy.

“The New York Metro area is where we’ve had the most success so far in buying assets, but we’ve assigned DC our very next priority for all the obvious reasons,” Broadway founder and CEO Scott J. Lawlor tells GlobeSt.com. “It’s by far the standout leasing market for the office sector relative to what’s been going on everywhere else for the last two years, and it’s a very large market so that gives us more hope for the future as far as being able to invest.”