WASHINGTON, DC-The commercial real estate initiatives of this city and surrounding area, not the political entity otherwise known as the nation’s Capital—seems to fare better when Republicans control both sides of Congress. That is the eyebrow-raising conclusion of a CBRE study—a finding that surprised the report authors as well. “We weren’t expecting the numbers to be so lopsided,” Marianne Swearingen, CBRE research manager, tells GlobeSt.com.
CBRE found that over the past 20 years, when Republicans were in control of both sides of Congress, there was 78.5 million square feet of existing and new construction absorbed, or 7.8 million square feet on average, in every year they were in control.
When the Democrats controlled Congress, some 17.9 million square feet were absorbed, or 2.5 million annually, on average. When Congress was divided, those numbers clocked in at 515,049 square feet and 128,762 square feet per year.
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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.
