Office Space | Washington DC Office Space Vacancies Rise

7 Factors That You Should Look For In an Office Space for Lease
Looking for an office space for lease involves more than just a search for a vacant location. It entails a variety of factors, all of which would contribute to the success of your business. Finding the right spot for your enterprise would mean finding th

The current condition of the Washington DC office space market has a seven percent vacancy rate in the downtown area and a six percent vacancy rate in the suburbanareas. On average, office space will sell for thirty-eight dollars per square foot per year in the suburban areas, in the downtown area the price is typically fortydollars. Because of these market conditions people looking for office space have control over their choices and options.

In 2005, the number of available Washington DC office space dropped and the price ofavailable space increased. Law firms and government contractors bought up most of the downtown office space.

In 2004, there was a ten percent vacancy rate that fell to nine percent in 2005 andnow to seven percent. At the same time thirty dollars was the average price of Washington DC office space in 2004, now the price in near forty dollars. However, the Washington DC area has continued to see strong job growth with anincrease in office space purchases of two percent every year. This is nearly double the increase seen in 2004. In the Southwest and Southeast area of Washington DC, office space vacancy has jumped from ten percent in 2005 to five percent this year. Office space the equivalent of thirteen football fields sits empty in this part of Washington DC.

One of the biggest worries for developers in Washington DC is the fact that sevenmillion square feet of office space is under construction in the district and only half of this space is pre-leased. Most of this unused office space is found in the Southwest, Southeast and East parts of Washington DC. One of the contributingfactors is that more and more businesses are moving their business to Maryland and Virginia where there is cheaper office space rents in the suburbs. In addition, more than one million square feet of Washington DC office space that was going to bepurchased for federal use may not be purchased by the government.

Whether or not Washington DC office space will continue to fill up or remain emptyremains to be seen. However, in the next ten years it is clear that the district will have to fill up close to three million square feet of office space, which isclose to thirty percent of the total office space in the city.


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