Washington, D.C. witnesses CRE vacancy decline

Washington, D.C. is experiencing a decline in vacancies.

A recent report from CoStar showed that commercial property management companies located in the Washington, D.C., area witnessed a decline in vacancies during the first quarter of the year.

The report noted that retail vacancies in the Washington, D.C. area trended well below the national average, which is 4.9 percent. In addition, rents are relatively stable, and some sections have experienced a slight spike in demand.

Additionally, the region saw a higher demand for industrial space during the fourth quarter, the report said. The national market experienced a vacancy decline of 0.7 percentage points year-over-year, to the most recent level of 9.4 percent. Much of this was due to nearly 21 million square feet during the first quarter.

In addition, Washington actually struggled with office absorption compared to the other major metropolitan areas in the U.S., the report added. Net absorption was negative-421,909 square feet. Overall, the U.S. had approximately 11.5 million square feet of net absorption during the first quarter. This was lower than the previous two quarters, but that may be due to a drop in new construction.

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