The federal government has been a primary culprit in the cratering of the office market in Washington DC. The Feds are the city's largest employer, with a huge portfolio of DC office space that the government owns and leases, but a large portion of that space isn't being used.
According to a recent report from the Government Accountability Office, only a quarter of the federal headquarters space in DC is being occupied on a regular basis at a time when the office vacancy rate in the city stands at a record 21.2%.
Now comes news that the federally sponsored Federal National Mortgage Association, better known as mortgage giant Fannie Mae will be terminating the lease for its 720K SF headquarters at DC's Midtown Center.
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