{"id":1004123532,"date":"2015-07-17T10:44:10","date_gmt":"2015-07-17T18:44:10","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=355274"},"modified":"2020-05-22T00:38:36","modified_gmt":"2020-05-22T08:38:36","slug":"skanska-adds-to-d-c-s-office-burden","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/skanska-adds-to-d-c-s-office-burden\/","title":{"rendered":"Skanska Adds to D.C.\u2019s Office Burden"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/em><\/p>\n

There\u2019s a new office building coming to D.C., courtesy of development and construction giant Skanska USA<\/a>.<\/p>\n

The New York-based arm of the Swedish construction giant Skanska AB<\/a> announced this week that it is investing $116 million to develop a Class A office building in Washington, D.C.\u2019s Capitol Riverfront submarket. The 11-story structure will offer about 237,000 square feet of space, and will include ground-floor retail and four below-grade parking levels. The project is designed to achieve LEED Gold certification.<\/p>\n

Construction is scheduled to begin later this summer, with completion expected in the fourth quarter of 2017. Skanska USA Building is the construction manager. Skanska has stated that it will add a contract value of $56 million to order bookings for the third quarter of 2015.<\/p>\n

\"dc<\/a>According to Marcus & Millichap<\/a>\u2019s Office Market Report for the second quarter of 2015, new office properties are being completed throughout the Greater Washington area despite the weak employment growth and underwhelming demand for existing space. Builders have delivered almost 3 million square feet of office space in the past 12 months. This year\u2019s additions alone have increased the region\u2019s total inventory by 0.6 percent, and there are still more than 7.3 million square feet in the planning stages.<\/p>\n

Marcus & Millichap expects the area\u2019s deteriorating vacancy to convince developers to take a break for the remainder of the year. The real estate investment services firm also predicts the number of completions for 2015 will be more than two times lower than last year\u2019s levels.<\/p>\n

Charts courtesy of Marcus & Millichap. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

There’s a new office building coming to D.C., and Skanska USA, one of the leading development and construction companies in the country, is constructing it.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1615],"tags":[],"class_list":["post-1004123532","post","type-post","status-publish","format-standard","hentry","category-latest","category-washington-dc"],"acf":[],"yoast_head":"\nSkanska Adds to D.C.\u2019s Office Burden - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/skanska-adds-to-d-c-s-office-burden\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Skanska Adds to D.C.\u2019s Office Burden\" \/>\n<meta property=\"og:description\" content=\"There’s a new office building coming to D.C., and Skanska USA, one of the leading development and construction companies in the country, is constructing it.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/skanska-adds-to-d-c-s-office-burden\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-17T18:44:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-22T08:38:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/07\/dc-office-market.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/skanska-adds-to-d-c-s-office-burden\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/skanska-adds-to-d-c-s-office-burden\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Skanska Adds to D.C.\u2019s Office Burden\",\"datePublished\":\"2015-07-17T18:44:10+00:00\",\"dateModified\":\"2020-05-22T08:38:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/skanska-adds-to-d-c-s-office-burden\\\/\"},\"wordCount\":267,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/skanska-adds-to-d-c-s-office-burden\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/07\\\/dc-office-market.jpg\",\"articleSection\":[\"News\",\"Washington D.C.\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/skanska-adds-to-d-c-s-office-burden\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/skanska-adds-to-d-c-s-office-burden\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/skanska-adds-to-d-c-s-office-burden\\\/\",\"name\":\"Skanska Adds to D.C.\u2019s Office Burden - 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