As a result no one is building on spec anymore, MacIntosh says. "It is all build-to-suit or with significant preleases already in hand."
Washington, DC, though, bucks the national trend as usual, John Kevill of Jones Lang LaSalle Washington Capital Market's team tells GlobleSt.com. "We are seeing positive absorption across the board. Of course, there are some exceptions, probably for the same reasons that they are occurring on a national level: tenants move to new buildings and it takes time to back fill old space."
According to Kevill, in the large DC submarkets vacancies are all dropping. In the CBD, rates have dropped from 8% a year ago to a little more than 5% currently, he says. In the East End, those figures are 8.5% and 7%, respectively.
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