Some of you have asked about the fact-packed opening remarks from CohnReznick co-managing partner David Kessler (right, with Penzance co-founder Victor Tolkan) at our State of the Market event last week. By popular demand, here are a few of David's big points:
Office vacancies in the District were up slightly in Q1 from Q4 at 13.8%, from 13.6%.
DC unemployment remains at 8.6%, though there was a 3,300 net growth in jobs last quarter.
Only four office buildings traded in Q1 compared to 39 in Q4.
In the region, 38 office buildings are under construction, consisting of 7.5M new SF, of which 3.5M is pre-leased.
Apartment vacancy finished 2012 at a "razor-thin" 3.9%, according to Reis--the tightest in over a decade.
10,000 units are delivering this year with another 16,000 delivering in 2014.
REITs own 62,000 apartment units in the region, the highest concentration in any market.
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