DC to Come Out on Top in 2004 Office Market

WASHINGTON, DC- Looking ahead in its office market research to 2004, Marcus & Millichap Real Estate Investment Brokerage Co. has concluded that Washington, DC is poised to take a clear lead over the rest of the country’s major metropolitan cities next year, given its current position as the forerunner in the firm’s National Office Index for 2004. Washington, DC moved to number one from its previous position of number five, leaving the former top spot holder–California’s Riverside-San Bernardino area–in its wake as third on the list.

“A strong employment forecast and increased defense spending have propelled the Washington, DC., office market into the number one position,” explains Andrew P. Boyle, regional manager for the Washington, DC office of Marcus & Millichap. “While areas closest to the District offer the least risk, estimates are calling for positive absorption to continue in the Virginia suburbs, where large lease signings are becoming more common.” The District is trailed by San Diego.