Regions Midatlantic
July 1, 2008
Cassidy & Pinkard Colliers said today that Washington, D.C. metropolitan area office market experienced an overall positive net absorption of 217,900 square feet in the second quarter of 2008. A significant drop from the 978,700 square feet reported in the first quarter. Vacancy rates increased 60 basis points from 10.1 percent in the first quarter of 2008 to 10.7 percent in the second quarter. According to Costar, average asking rents in the D.C. metro rose $1.04 over a year-ago to $35.15. The ten-year average for net absorption is 6.03 million square feet. As of June 30, the D.C. region had absorbed 1.20 million square feet. In terms of supply, there is over 19 million square feet of office space scheduled to deliver in 2008, 2009 and 2010.
Cassidy & Pinkard Colliers said today that Washington, D.C. metropolitan area office market experienced an overall positive net absorption of 217,900 square feet in the second quarter of 2008. A significant drop from the 978,700 square feet reported in the first quarter. Vacancy rates increased 60 basis points from 10.1 percent in the first quarter of 2008 to 10.7 percent in the second quarter. According to Costar, average asking rents in the D.C. metro rose $1.04 over a year-ago to $35.15. The ten-year average for net absorption is 6.03 million square feet. As of June 30, the D.C. region had absorbed 1.20 million square feet. In terms of supply, there is over 19 million square feet of office space scheduled to deliver in 2008, 2009 and 2010.
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