Washington, DC office market report

Q3 2024

As we approach the end of 2024, the Washington, DC office market is experiencing mixed signals: some segments are thriving while others face challenges, mirroring trends seen across major US markets. The flight to quality persists, with the availability of premium properties steadily declining, while lower-tier Class B and C buildings continue to see an increase in availability. A constrained development pipeline is likely to intensify the competition for trophy assets. Additionally, distress continues to be a theme of office investment sales activity, however, the market has seen more core-profile trades in 2024 vs. 2023.
12.1 %

Direct availability in trophy buildings

The Trophy segment of the market has continued to outperform its peer segments, an indicator that tenants are willing to pay a premium for quality space, with access to quality amenities

$998 mm

YTD Investment Sales volume

Following a lackluster investment sales market in 2023, office trade volume has already surpassed the total of $438 mm for that year by Q3 of 2024. Pricing appears to have stabilized, with investors entering the market with greater confidence, though still cautiously.

441 k sf

Under construction office developments

Office development in Washington, DC has hit its lowest point in over 20 years, marking a significant slowdown in the region's real estate market developments pipeline.

Your source for the latest Washington, DC office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Washington DC Metro area. Avison Young advisors look at Washington, DC commercial real estate activities and the latest Washington, DC statistics to provide you expert market research on Washington DC's office properties.

Explore different topics like the latest office market pricing trends and analysis of Washington DC's current office real estate market conditions. Gain a better understanding of Washington DC’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Washington DC's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Washington, DC.

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