Philadelphia's office market is still waiting for more certainty to ramp up deals, but so far there's no indication that the hub-and-spoke model is taking hold.
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Occupancy from flexible workspace providers in the D.C. area has declined by 879K SF over the last six months, adding vacancy to an already weak office market.
Although leasing activity is slow, there are signs landlords are boosting concessions to secure deals and may have to continue doing so after the recovery.
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Federal Realty signed the hotel company to a 105K SF lease as the anchor tenant of a new 16-story office building it plans to break ground on before year-end.
CREBA last week gave virtual awards to four individuals and to seven top transactions closed last year in the D.C. region.
Law firms and lobbying firms, two of the largest sectors in D.C.'s office market, are seeing a bump in business as big tech companies face antitrust scrutiny.
A year-end leasing surge helped D.C.'s office market record positive demand last quarter, but new delivery of vacant space continues to outpace demand growth.
Commercial real estate stands to reap the benefits of the bipartisan infrastructure bill, but it will take a generation for them to be fully realized.
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