WASHINGTON, DC–Office development in 2018 will be focused on suburban areas and the Washington DC area will be among the top markets for this activity, according to a new study by Yardi Systems.
Overall, it reports, close to 35 million square feet of office space will be delivered to the suburbs in 2018, compared to 24 million square feet underway in urban areas, and 15 million square feet headed for the central business districts for a total of 57.8 million square feet. The reason for the shift to the suburbs is that space is either at a premium or in scarce supply in CBDs.
With 3.7 million square feet of development scheduled for delivery, the Washington DC-Maryland area is counted among the top five regions in the nation, according to Yardi Systems' ranking. Separately, Northern Virginia is expected to deliver 1.37 million square feet.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
