WASHINGTON, DC–The District's suburbs have fared well in the first quarter, according to Transwestern's reports. Northern Virginia office fundamentals improved during the first quarter, with net absorption more than three times the 10-year quarterly average, while suburban Maryland's net absorption totaled positive 95,000 square feet.
In Northern Virginia, Class B and C office properties outperformed Class A during the quarter, and Crystal City/Pentagon City was the submarket leader in net absorption, with American Institutes for Research leasing 87,600 square feet.
In Maryland, Class B led with 161,000 square feet of positive net absorption, while Class A lagged at negative 67,000 square feet. In the first quarter of 2018, the trade/transportation/utilities sector represented the largest share of leasing activity at 22%, followed by the financial services sector at 21%.
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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.
