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Co-Working's Outsized Influence in Q1 Leasing

WASHINGTON, DC—In CBRE's break down of Q1's performance for the sector, the co-working space emerges as a major trend.

By Erika Morphy | erikamorphy | | Updated on April 05, 2016
Metropolitan Square Metropolitan Square
WASHINGTON, DC—Brokers are crunching the numbers for Q1 and one notable finding made by CBRE is the outsized role co-working played in leasing activity for the quarter. It reported that the area’s burgeoning co-working sector was the primary driver of growth, accounting for nearly 170,000 square feet of occupancy gain in Q1 and almost 20% of total leasing activity. Deals of note included WeWork’s sixth deal in the District — 117,769 square feet at Metropolitan Square that backfilled the space vacated by Miller & Chevalier. WeWork also expanded its Dupont Circle location at 1875 Connecticut Avenue, NW by 18,615 square feet. Spaces, a co-working group out of the Netherlands, entered the Washington, DC market with a 44,000 square foot prelease at Douglas Development’s Uline Arena in NoMA. Finally, the New York-based co-working service Serendipity Labs signed a 18,731-square foot new lease at Carr Properties’ 4500 East West Highway in Bethesda, MD — its first presence in the DC metro region.

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