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DC Area To Close $8B In Office Sales This Year

WASHINGTON, DC—Most of the sales were in the District, but 2016 could well be a different story for suburban Maryland and Northern Virginia, JLL's Bill Prutting tells GlobeSt.com.

By Erika Morphy | Updated on December 20, 2015

WASHINGTON, DC—There should be about $8 billion in office investment sales in the Washington, DC area this year, give or take, according to JLL’s Managing Director of Capital Markets Bill Prutting. It will be a welcome achievement for the area, which has struggled to shake off the affects of the recession, the federal government’s scale back of its real estate needs and BRAC. Basically, it will be the area’s most active year since 2006.

Last year, the region posted approximately $6 billion in office sales and in 2013, office sales tallied $4.7 billion. Perhaps the only reminder of the slow progress of the post-recession years in 2015′s numbers was the concentration of transactions in the District. DC proper took $5 billion of the $8 billion in deals. It is not surprising; given developments of the last few years investments have stuck to what is safe, namely the District’s core submarkets.

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