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David Kessler's State of the Market

Washington DC
David Kessler's State of the Market

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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.

Related Topics: David Kessler, Victor Tolkan