{"id":1004646023,"date":"2023-03-21T01:23:45","date_gmt":"2023-03-21T09:23:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004646023"},"modified":"2023-04-06T02:12:06","modified_gmt":"2023-04-06T10:12:06","slug":"dc-office-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dc-office-market\/","title":{"rendered":"Market Update: DC Office Had a Steady 2022"},"content":{"rendered":"<div id=\"attachment_1004650222\" style=\"width: 1210px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Market-Update-Washington-DC.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004650222\" data-attachment-id=\"1004650222\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/dc-office-market\/market-update-washington-dc\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Market-Update-Washington-DC.jpg\" data-orig-size=\"1200,580\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Market Update Washington DC\" data-image-description=\"&lt;p&gt;Image by Tanarch\/ iStockphoto.com&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Image by Tanarch\/ iStockphoto.com&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Market-Update-Washington-DC.jpg?w=1024\" class=\"wp-image-1004650222 size-full\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Market-Update-Washington-DC.jpg\" alt=\"Washington, D.C., skyline\" width=\"1200\" height=\"580\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Market-Update-Washington-DC.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Market-Update-Washington-DC.jpg?resize=300,145 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Market-Update-Washington-DC.jpg?resize=768,371 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/Market-Update-Washington-DC.jpg?resize=1024,495 1024w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/a><p id=\"caption-attachment-1004650222\" class=\"wp-caption-text\"><em>Image by Tanarch via iStockphoto.com<\/em><\/p><\/div>\n<p>Although still lagging some of the other gateway markets in terms of recovery from the pandemic, the Washington, D.C., office market continues to have a few aces up its sleeve. See below the relevant figures characterizing the metro&#8217;s evolution throughout 2022.<\/p>\n<p>More than 8.5 million square feet of office space were under construction in the nation\u2019s capital at the end of December, representing 2.1 percent of total stock, close to the national level (2.3 percent). However, the metro was surpassed by Boston (6.1 percent), San Francisco (4.3 percent) and Manhattan (3.2 percent).<\/p>\n<p>Some 3.4 million square feet, or 40 percent of the total, entered the D.C.\u2019s pipeline in 2022. The volume is 5.9 percent lower than the one recorded the previous year, when developers had broken ground on 3.6 million square feet.<\/p>\n<hr \/>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/sterling-bays-gloor-on-developing-office-in-interesting-times\/\">Developing Office in Turbulent Times<\/a><\/p>\n<hr \/>\n<p>The year&#8217;s largest office project underway was <strong>Amazon<\/strong>\u2019s HQ2. In March, <strong>Clark Construction<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/amazon-celebrates-hq2-milestone\/\">placed the topmost beams<\/a> on the two 22-story office towers, totaling more than 2.1 million square feet, that make up the first phase of the company\u2019s second headquarters in Arlington, Va. Completion is expected later this year.<\/p>\n<div id=\"attachment_1004606913\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004606913\" data-attachment-id=\"1004606913\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/the-wharf-completes-phase-2-of-3-6b-dc-megadevelopment\/hoffman_madison_waterfront_the_wharf-featured\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Hoffman_Madison_Waterfront_The_Wharf-featured.jpg\" data-orig-size=\"818,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Hoffman_Madison_Waterfront_The_Wharf featured\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Wharf. Image by Matthew Borkoski, courtesy of Hoffman-Madison Waterfront&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Hoffman_Madison_Waterfront_The_Wharf-featured.jpg?w=818\" class=\"size-medium wp-image-1004606913\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Hoffman_Madison_Waterfront_The_Wharf-featured.jpg?w=300\" alt=\"The Wharf\" width=\"300\" height=\"227\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Hoffman_Madison_Waterfront_The_Wharf-featured.jpg 818w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Hoffman_Madison_Waterfront_The_Wharf-featured.jpg?resize=300,227 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Hoffman_Madison_Waterfront_The_Wharf-featured.jpg?resize=768,582 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004606913\" class=\"wp-caption-text\">The Wharf. <em>Image by Matthew Borkoski, courtesy of Hoffman-Madison Waterfront<\/em><\/p><\/div>\n<p>Deliveries amounted to 2.7 million square feet or 0.7 percent of stock. Some of the largest additions to the metro\u2019s inventory included:<\/p>\n<ul>\n<li><strong>Marriott International<\/strong>\u2019s headquarters in downtown Bethesda, Md. Developers <strong>Bernstein Cos.<\/strong> and <strong>Boston Properties<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/marriott-breaks-ground-on-600m-hq-campus\/\">broke ground<\/a> on the 785,000-square-foot building in 2018. Designed by <strong>Gensler<\/strong>, the LEED Gold-certified property features 2,842 workspaces, 180 conference rooms and five levels of underground parking.<\/li>\n<li><a href=\"https:\/\/www.commercialsearch.com\/news\/the-wharf-completes-phase-2-of-3-6b-dc-megadevelopment\/\">The Wharf Phase 2<\/a>. The second phase of the $3.6 billion, 3.5 million-square-foot development on the waterfront in Southwest Washington, D.C., brought The Wharf\u2019s office space inventory to more than 1 million square feet. <strong>Hoffman-Madison Waterfront<\/strong> is the partnership behind the mixed-use project.<\/li>\n<li><a href=\"https:\/\/www.commercialsearch.com\/news\/foulger-pratt-usaa-real-estate-to-build-200m-office-tower\/\">Tysons Central<\/a>, a 388,206-square-foot office building in Tysons, Va. <strong>Foulger-Pratt<\/strong> and <strong>USAA Real Estate<\/strong> started construction on the $200 million Gensler-designed tower in 2019 as part of the $750 million Tysons Central development taking shape west of downtown Washington, D.C.<\/li>\n<\/ul>\n<h2>Fluctuating office leasing activity<\/h2>\n<p>The District\u2019s office leasing activity slightly improved throughout the year, although the third and fourth quarters witnessed smaller deals and a flurry of downsizing announcements that came especially from federal government agencies. As in every other major market, Class A spaces were most in demand, due to the flight-to-quality trend.<\/p>\n<hr \/>\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/east-coast-office-sector-trends-arep-executives-weigh-in\/\">East Coast Office Sector Trends: AREP Executives Weigh In<\/a><\/p>\n<hr \/>\n<p>In one of the year\u2019s largest deals, <strong>The Department of Justice<\/strong> signed a 331,000-square-foot lease at the Judiciary Center at 555 Fourth St. NW. However, the transaction marked a footprint reduction for DOJ, which will relocate from 477,473 square feet at 450 Fifth St. NW in early 2025.<\/p>\n<p>In line with the downsizing trend, <strong>The Securities and Exchange Commission<\/strong> decided not to renew its 201,998-square-foot lease at Station Place III into 2024, while waiting for the completion of a 1.2 million-square-foot headquarters in NoMa.<\/p>\n<div id=\"attachment_1004595967\" style=\"width: 310px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004595967\" data-attachment-id=\"1004595967\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hilton-stays-put-at-northern-virginia-hq\/tysons-park-place-ii\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Tysons-Park-Place-II-e1659955822868.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Tysons Park Place II\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Tysons Park Place II&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Tysons-Park-Place-II-e1659955822868.jpg?w=1000\" class=\"size-medium wp-image-1004595967\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Tysons-Park-Place-II-e1659955822868.jpg?w=300\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Tysons-Park-Place-II-e1659955822868.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Tysons-Park-Place-II-e1659955822868.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Tysons-Park-Place-II-e1659955822868.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004595967\" class=\"wp-caption-text\">Tysons Park Place II. <em>Image courtesy of CommercialEdge<\/em><\/p><\/div>\n<p><strong>The U.S. Patent and Trademark Office<\/strong> will also reduce its Alexandria, Va., footprint from 2.4 million to 1.6 million square feet come August 2024, while <strong>The Bureau of Labor Statistics<\/strong> will reportedly relocate from its 500,000-square-foot DC headquarters at 2 Massachusetts Ave. NE to 300,000 square feet in Suitland.<\/p>\n<p>But, while some companies relocate and downsize, other are staying put and adding to their totals. <strong>Hilton<\/strong> extended its 200,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/hilton-stays-put-at-northern-virginia-hq\/\">headquarters lease<\/a> at Tysons Park Place II, a 320,000-square-foot office tower in McLean, Va., for another 15 years. The firm plans to add 350 new jobs at this location over the next five years.<\/p>\n<h2>Coworking decline in Q4<\/h2>\n<p>As an important subsector of the metro&#8217;s office market, coworking performed well throughout most of 2022. However, its activity started to decline in the fourth quarter, in conjunction with some 406,000 square feet of space being vacated by a few industry mainstays.<\/p>\n<p>At the end of 2022, Washington, D.C., had roughly 3.1 million square feet of shared office space, representing 1.5 percent of its total rentable inventory. The metro lagged all other important gateway markets such as Miami (3.3 percent of rentable office space), Manhattan (2.7 percent) and Los Angeles (2.3 percent), but also Chicago (2 percent) and Boston (1.8 percent).<\/p>\n<p>With an inventory of nearly 879,000 square feet, <strong>WeWork<\/strong> remains the largest coworking operator in the nation\u2019s capital, even after downsizing its District footprint of late. <strong>Regus<\/strong> follows, with nearly 675,000 square feet of shared office space, while <strong>Industrious<\/strong> ranks third, with approximately 564,000 square feet.<\/p>\n<p>In July, Industrious announced plans to open a new <a href=\"https:\/\/www.commercialsearch.com\/news\/industrious-to-open-new-dc-coworking-space\/\">41,245-square-foot coworking and flex office location<\/a> in Washington, D.C. The company leased space at Illume, a luxury residential community owned by <strong>Oxford Property Group<\/strong> and <strong>J.P. Morgan Global Alternatives<\/strong> and developed by <strong>Greystar<\/strong>.<\/p>\n<h2>Lower PSF sale prices YoY<\/h2>\n<p>More than 16.6 million square feet traded across the metro in 2022 for a combined $4.13 billion; in the previous year, the transaction volume had reached 15.8 million square feet, while sales totaled $4.05 billion.<\/p>\n<div id=\"attachment_1004601753\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004601753\" data-attachment-id=\"1004601753\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/dc-office-building-commands-531m\/601-massachusetts-ave\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/601-Massachusetts-Ave.jpg\" data-orig-size=\"750,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"601 Massachusetts Ave\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;601 Massachusetts Ave., NW&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/601-Massachusetts-Ave.jpg?w=750\" class=\"size-medium wp-image-1004601753\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/601-Massachusetts-Ave.jpg?w=300\" alt=\"601 Massachusetts Ave., NW\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/601-Massachusetts-Ave.jpg 750w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/601-Massachusetts-Ave.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004601753\" class=\"wp-caption-text\">601 Massachusetts Ave., NW. <em>Image courtesy of CommercialEdge<\/em><\/p><\/div>\n<p>The median sale price per square foot of 2022 was $262.3, above the national average of $251.4 but down 10 percent year-over-year. The highest per-square-foot rate was registered in the year\u2019s first quarter at $361.2, while the fourth quarter witnessed the lowest value, $150.8.<\/p>\n<p>In Washington, D.C.\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/dc-office-building-commands-531m\/\">largest deal of 2022<\/a>, <strong>Boston Properties<\/strong> sold the 480,000-square-foot office building at 601 Massachusetts Ave. NW for $531 million. Tokyo-based <strong>Mori Trust<\/strong> acquired the Class A asset.<\/p>\n<p>In another notable transaction, <strong>Nuveen Real Estate<\/strong> paid $375.4 million for the 520,180-square-foot Patrick Henry Building in the central business district of Washington, D.C. <strong>Tishman Speyer<\/strong> sold the 1973-built office mid-rise at 601 D St. NW in March.<\/p>\n<p>One month later, <strong>Post Brothers<\/strong> purchased <a href=\"https:\/\/www.commercialsearch.com\/news\/post-brothers-enters-dc-market-with-228m-office-purchase\/\">Universal North and South<\/a>, a pair of Washington, D.C., office buildings for $228 million from <strong>JBG SMITH<\/strong>. Arranged by <strong>Newmark<\/strong>, the 659,459-square-foot acquisition marked the buyer\u2019s entrance into the metro.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights of the capital region\u2019s performance, based on CommercialEdge data.<\/p>\n","protected":false},"author":870,"featured_media":1004650223,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11,21747,1615],"tags":[51047,50674],"class_list":["post-1004646023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-midatlantic","category-office","category-washington-dc","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market Update: DC Office Had a Steady 2022 - CPE<\/title>\n<meta name=\"description\" content=\"See the relevant figures characterizing Washington, D.C.&#039;s office market evolution throughout 2022, according to CommercialEdge.\" \/>\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\/dc-office-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Update: DC Office Had a Steady 2022\" \/>\n<meta property=\"og:description\" content=\"See the relevant figures characterizing Washington, D.C.&#039;s office market evolution throughout 2022, according to CommercialEdge.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/dc-office-market\/\" \/>\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=\"2023-03-21T09:23:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-06T10:12:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/03\/Market-Update-Washington-DC-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/dc-office-market\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/dc-office-market\/\",\"name\":\"Market Update: DC Office Had a Steady 2022 - 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