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The overall office vacancy rate in the district topped 18% for the first time in the third quarter, according to commercial real estate company CBRE, rising from 17.8% in the second quarter to 18.2% in the quarter ending September .
The overall office vacancy rate in DC topped 18% for the first time in the third quarter, according to commercial real estate company CBRE, going from 17.8% in the second quarter to 18.2% in the quarter ending in September.
CBRE says higher vacancy rate in the third quarter and negative net absorption of 321,000 square feet of office space in DC in the last quarter was a reversal of what had been some positive momentum in the second quarter. .
So far in 2021, companies divesting offices have resulted in a net contraction of 1.9 million square feet.
Touring activity of companies with brokers, an indication of future rental activity, fell sharply from mid-July, but CBRE reports signs of a rebound after Labor Day, with 600,000 square feet of private leases pending.
“As new tenants to the market continue to assess the DC market, lease executions could increase in the coming months, assuming the Delta variant (of the COVID-19 virus) abates, according to the report of the Third quarter of CBRE.
CBRE reports that homeowners’ concessions remained high in the last quarter as they try to attract tenants for vacant spaces.
By submarket, Capitol Hill, one of the most expensive office markets in terms of gross asking rent, recorded the highest overall office vacancy rate last quarter at 26.4%. The NoMa submarket recorded the lowest office vacancy rate in the third quarter at 8.2%.
Full CBRE Q3 Office in DC the rental activity report is posted online.
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