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February 18, 2021

Apartment Developers Compete For Tenants In D.C.'s Supply-Heavy Waterfront

[Digital Summit] IWG's Mark Dixon and Standard Chartered’s Tanuj Kapilashrami discuss their global partnership for 95,000 employees Feb. 23

Apartment vacancy has risen across the District as the coronavirus pandemic has depressed demand over the last year, and the market has been especially competitive in the city's fast-developing waterfront neighborhoods.

Apartment Developers Compete For Tenants In D.C.'s Supply-Heavy Waterfront Market

The Southeast and Southwest D.C. waterfront neighborhoods have led the region in new apartment deliveries over the last year, and landlords are having to ramp up concessions to compete for tenants. While the market has been as competitive as ever, landlords are optimistic they will see a strong surge in demand this spring and summer…

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In The Pipeline: Top Projects Coming To D.C.’s Southwest Waterfront

In The Pipeline: Top Projects Coming To D.C.’s Southwest Waterfront

Washington, D.C.’s waterfront areas are no strangers to change. The first phase of The Wharf, a $2.5B mixed-use development along the Potomac in Southwest D.C. opened in 2017, bringing scores of new shops, restaurants and housing to the area. Its developers have been moving…

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Signature Smell, Branded Towels, Jackie O: Marx Realty Betting $40M It Can Lure Tenants To Its Vacant Downtown Building

With office vacancy rates at all-time highs, leasing demand stagnant and the future of the workplace still uncertain, today might not seem like the best time to put tens of millions of dollars into renovating a vacant D.C. office building. But that isn't stopping Marx Realty.

Signature Smell, Branded Towels, Jackie O: Marx Realty Betting $40M It Can Lure Tenants To Its Vacant Downtown Building

The New York-based investor acquired The Herald office building at 1307 New York Ave. NW for $42M in April, a deal that had been under contract before the coronavirus pandemic began. The crisis hasn't deterred Marx from pursuing an ambitious renovation effort, investing another $41.5M to overhaul the 134K…

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In Case You Missed It: Top Stories About D.C.'s Waterfront Areas

In Case You Missed It: Top Stories About D.C.'s Waterfront Areas  

1. D.C. announced a public drinking proposal to help restaurants, and large mixed-use developments like The Wharf stand to benefit.  2. The Atlantic will move its offices to The Wharf. 3. The Capitol Riverfront welcomes hundreds of new apartments, opening during a pandemic. 4. The Wharf is in talks with several…

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Apartment Owners See Expenses Rise, Revenues Fall As Pandemic Wears On Budgets

Multifamily owners might have been spared the pandemic pain of their retail and hotel peers, but 11 months into the coronavirus pandemic, they have been beset by rising maintenance costs, rent concessions and tenant turnover, eating into their margins and stretching their budgets.

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Workplace Must Adapt Or Die, But Evolution Was Never Optional

 

Although the widespread and sudden shift to remote work early last year was a shocking change, a pre-existing movement toward more flexible work options was already well underway, making some companies better positioned to weather the upheaval.

The short-term outlook for the future of workplaces, particularly offices, is marked by uncertainty as the recovery from the coronavirus pandemic continues. Recent data paints a dim picture of market strength with a national office vacancy rate at 14.2% in December 2020, according to a Yardi Matrix report. All cities tracked were above 10% vacancy, with Houston topping out at 22.1%. Bay Area office vacancy was 14.3%. With market turbulence expected to continue at least through midyear, questions swirl about what the future holds for office product.

A focus group of 32 office owners, occupiers and placemakers conducted by Cushman & Wakefield along with George Washington University’s Center for Real Estate and Urban Analysis, revealed that above all, flexible and adaptable work environments are the defining feature of future workplaces. In their report, Workplace Ecosystems of the Future, the authors found that though the focus group participants rated the work-from-home experience as “better than expected” with high productivity levels, many workers are missing the culture and collaboration that drives innovation in in-person environments.

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