Washington DC is one of the largest US office space markets by square footage, which means local businesses are never short of options when it comes to finding a suitable office unit in the nation’s capital. For anyone interested in setting up an office or relocating to the city, we have created an overview of the costs involved in doing so.

The business environment in Washington DC

Washington DC has a thriving business ecosystem boasting excellent tech infrastructure, unparalleled access by road, sea, railway, and air, with three major airports, and office space options that can accommodate anything from large headquarters to micro-enterprises.

In addition, local companies enjoy access to a highly educated workforce, the presence of influential industry players in various industries, and several incentives to lessen the financial impact of running a business in the city.

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Notable Office Market Insights

•  Ongoing recovery is the main theme, continuing the trend seen in most office markets throughout 2021.
•  Positive absorption indicators.
•  Slight increase in rental rates.
•  Marked differences in occupancy levels, vacancy rates and general performance from city to city.
•  Remote working practices are still commonplace in key markets, such as San Francisco.
•  142 million square feet of office space currently under construction.

Lease Rates & Asking Rents

Recent data from Commercial Edge outlines a nationwide rental listing rate average of $38sq/ft in January 2022. These figures may be seen as somewhat inflated due to the number of high quality spaces currently listed due to being vacant, with Class A workspaces being listed at much higher prices.

According to Avison Young, Q4 average rental prices per square foot in gateway markets were as follows:

•  Manhattan: $84 sq/ft
•  San Francisco: $80 sq/ft
•  Washington DC: $54 sq/ft
•  Atlanta: $29 sq/ft
•  Boston: $38 sq/ft
•  Chicago CBD: $39 sq/ft

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With a market size of nearly $900bn, the United States has one of the world’s largest commercial real estate markets, coupled with some of the most desirable business locations to match. This post serves as the first part of our examination into the US market’s performance based on data from Q4 2020 and Q1 2021.

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Bolstered by a robust economic performance, the office market in Washington DC delivered a fine performance throughout 2015. Unemployment levels in the DC metropolitan area were at their lowest since 2008, reaching figures well below the US national average (4.3 per cent vs 5 per cent). These conditions have helped shape a real estate market that is predominantly favourable to landlords, as the following trends demonstrate:

Washington DC Office Market: 2015 Key Facts & Figures

During 2015, vacancy rates for all types of office space in Washington went down to 10.5 per cent, pretty much in line with the city’s historical average of 10.7 per cent. At the same time, net absorption levels increased by a staggering 185 per cent, going from 198,000 square feet in 2014 to 398,000 by December 2015. Nearly half of the transactions involved office stock in Washington’s CBD, which clearly outperformed all other sub-markets. This is attributed to the ongoing influx of new tenants relocating from secondary office locations into the CBD. This trend began to be evident in 2014 and has been solidified over the past 12 months. Read the rest of this entry »

If your drive to work consists of dodging around potholes then you’ll be pleased to hear that the NY Department of Transportation is taking full advantage of the mild winter to get some much needed road repairs taken care of.

Using specially designed Pothole Killer vehicles, Patch Management has been contracted to fill in the thousands of potholes that plauge New York’s drivers. Repairs are already underway in Long Island’s Nassau and Suffolk Counties with more teams due to be dispatched throughout the state over the coming weeks and months.

The innovative Pothole Killer system only requires one operator and is much faster, safer and more environmentally friendly than the traditional method of using crews to combat the dreaded holes. Requiring less than two minutes per pothole, the road is then ready for traffic again – no mess, no fuss, no waiting.

And New York isn’t the only state benefiting from this time and cost saving technology. Patch Management has used their Pothole Killers to repair roads in DC, Pennsylvania, New Orleans and Chicago.

Do you know of a pothole that could use some technologically advanced attention? Call the hotline on 1-800-Pothole.