Preliminary numbers are in for the Washington DC Metro’s office market for the fourth quarter, as well as 2014 as a whole.
The total office inventory at yearend for the region stands at 358.7 million square feet (msf). 123 msf of office is in the District, 163 msf is in Northern Virginia and 73 msf is in Suburban Maryland. The office inventory grew by 2.1 msf over the year. For the region, fourth quarter net absorption registered negative 441,000 sf with positive net absorption in the District cancelled out by negative absorption in the suburbs. Total net absorption for 2014 was negative in all three markets and totaled negative 2 msf. Vacancy for the region edged up 20 basis points over the quarter to 16.1%. This compares to 14.9% as of yearend 2013. 5.2 msf remains under construction at yearend 2014.
Stay tuned for the release of our quarterly snapshot with market by market breakdowns and submarket analysis on January 5th, 2015. Download the reports here:
Happy New Year from Cassidy Turley’s DC Research team!
By: Nathan Edwards
Director of Research, Cassidy Turley - Washington, D.C.
Email Nathan: Nathan.Edwards@cassidyturley.com
Follow Cassidy Turley on Twitter: @CassidyTurleyRE