February 24th, 2016
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:
Rental values continued their slow recovery throughout 2015 and are currently set around the $50 / square foot mark.
Availability rates for all types of office space went down to 16.3 per cent. Towards the end of 2015, approximately 13.2 million square feet of office space were vacant.
The most significant transactions involved lease renewals or re-lets, although there have been several large sale transactions taking place in the city’s East End too.
Annual absorption levels were high at 887,000 square feet, and construction activity increased by 22 per cent on a year-on-year basis.
However, here has modest decrease in vacancy rates, especially as far as Class A space is concerned. Vacancy rates for these types of office properties still remain relatively high at 11.5 per cent. Vacancy levels for Class B and Class C space in Washington were slightly lower at 10 per cent.
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 »
February 27th, 2012
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 or email Patch Management.