2019-07-02_DTZ戴德梁行_Office_Q4_2018_Washington,D.C._2页_585kb
报告摘要
Washington, D.C. Office Market Summary Q4 2018
Core Content
The Washington, D.C. office market experienced significant activity in Q4 2018, marked by a combination of new developments, lease transactions, and market trends. The DC Metro region continued to show strong economic growth, with over 49,300 new jobs added from January to October 2018, setting the stage for a fourth consecutive year of job creation exceeding 50,000. Key sectors driving this growth include Professional and Business Services, Construction, Hospitality, Retail, and Financial Services, while the Federal Government and Education and Healthcare sectors saw job losses.
The office market saw a notable increase in new construction, with nearly 3.0 million square feet (MSF) of Class A product delivered in 2018, the highest since 2009. Additionally, there was a 7.5 MSF pipeline for near-term completions, contributing to a supply-driven environment. Despite this, the market remained competitive, with gross leasing activity reaching 11 MSF, a record high, although net absorption of 833,295 sf was still below the 10-year average of over 900,000 sf.
Key Market Indicators
| Indicator | Q4 2017 | Q4 2018 | 12-Month Forecast |
|---|---|---|---|
| Vacancy Rate | 12.4% | 14.1% | ▲ |
| YTD Net Absorption (sf) | 592k | 833k | ■ |
| Under Construction (sf) | 5.7M | 4.1M | ▼ |
| Average Asking Rent* | $55.00 | $54.34 | ▼ |
- Rental rates reflect gross asking $psf/year
Submarket Analysis
| Submarket | Inventory (SF) | Sublet Vacant (SF) | Direct Vacant (SF) | Overall Vacancy Rate | Current Qtr Net Absorption (SF) | YTD Net Absorption (SF) | YTD Leasing Activity (SF) | Under Construction (SF) | Avg Asking Rent (All Classes) | Avg Asking Rent (Class A) |
|---|---|---|---|---|---|---|---|---|---|---|
| Capitol Hill/NoMa | 14,251,433 | 22,584 | 1,949,563 | 13.8% | 116,651 | 371,227 | 482,681 | 1,550,723 | $57.69 | $62.75 |
| East End | 37,903,794 | 427,792 | 5,193,581 | 14.8% | 141,699 | -165,351 | 2,187,622 | 1,127,658 | $57.69 | $62.75 |
| CBD | 34,314,540 | 476,688 | 3,848,557 | 12.6% | 161,632 | 801,474 | 2,077,519 | 1,220,770 | $56.00 | $66.88 |
| West End/Georgetown | 4,730,453 | 60,308 | 414,970 | 10.0% | -24,298 | -28,472 | 236,471 | 0 | $47.21 | $56.10 |
| Uptown | 4,153,673 | 78,373 | 1,359,166 | 34.6% | -25,953 | -562,692 | 789,542 | 0 | $42.43 | $46.87 |
| Southwest | 11,429,776 | 46,614 | 1,388,445 | 12.6% | 100,853 | 277,135 | 936,846 | 215,023 | $48.74 | $53.01 |
| Capital Riverfront | 3,817,062 | 27,733 | 301,717 | 8.6% | -16,748 | 139,974 | 317,867 | 0 | $49.05 | $49.05 |
| Washington, D.C. Totals | 110,600,731 | 1,140,092 | 14,455,999 | 14.1% | 453,836 | 833,295 | 7,028,548 | 4,114,174 | $54.34 | $61.47 |
Key Lease Transactions Q4 2018
| Property | SF | Tenant | Transaction Type | Submarket |
|---|---|---|---|---|
| 690 Maine Avenue, SW | 292,000 | Williams & Connolly | Prelease | Southwest |
| 250 M Street, SE | 175,000 | D.C. Department of Transportation | Prelease | Capitol Riverfront |
| 1333 New Hampshire Avenue, NW | 133,460 | WeWork | New Lease | CBD |
| 1901 L Street, NW | 89,508 | Winston & Strawn | Prelease | CBD |
| 700 K Street, NW | 59,547 | WeWork | Prelease | East End |
Key Sales Transactions Q4 2018
| Property | SF | Seller/Buyer | Price / $PSF | Submarket |
|---|---|---|---|---|
| 1333 New Hampshire Avenue, NW | 386,497 | Boston Properties / Meridian Group JV WeWork | $136,500,000 / $353 | CBD |
| Presidential Building (1111 Pennsylvania Avenue, NW) | 337,429 | Invesco / PRP Real Estate Investors | $338,000,000 / $1,002 | East End |
| Lion Building (1233 20thStreet, NW) | 156,989 | JBG SMITH / MRP Realty JV GreenOak Real Estate | $65,000,000 / $414 | CBD |
Main Points and Trends
- Economic Growth: The DC Metro region showed robust job growth, with over 49,300 new jobs added in 2018, driven by sectors like Professional and Business Services, Construction, and Hospitality.
- Market Supply: A record 3.0 MSF of new Class A office space was delivered in 2018, with an additional 7.5 MSF in the pipeline, contributing to high vacancy rates.
- Leasing Activity: Gross leasing activity reached 11 MSF, a record, while net absorption was 833,295 sf, slightly below the 10-year average.
- Tenant Advantage: The market is heavily favoring tenants, with direct asking rents dropping nearly 2% YOY and effective rents declining further due to concession packages.
- East End as a Technology Hub: The East End is emerging as a key submarket for technology firms, with significant vacancies and a shift from government to private sector tenants.
- Key Players: High-profile tenants like Williams & Connolly and WeWork are driving demand, while major sales transactions highlight the ongoing reallocation of space in key submarkets.
Outlook
The office market in Washington, D.C. is expected to continue favoring tenants for the next 18-24 months due to the competitive landscape and high vacancy rates. While some submarkets show signs of improvement, the overall market remains challenging, with supply-side pressures and evolving tenant preferences. The shift from government to private sector usage is a notable trend, especially in the East End, which is anticipated to become a major technology hub.
试读结束，高清完整版pdf/doc/ppt,请点下载
