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Quarterly Market Report Washington, D.C. Quarterly Market Report 3rd Quarter 2020 lpcwashingtondc.com Washington, D.C. Leasing & Table of Contents Market Research Metropolitan D.C. Market Overview .....................................3 Adam Biberaj Senior Vice President Washington, D.C. Quarterly Overview .................................5 Managing Director [email protected] | 202.513.6736 Washington D.C. Top Sales ..................................................... 8 Washington D.C. Top Ten Leases ......................................... 9 Merrill Turnbull Senior Vice President Managing Director [email protected] | 202.513.6713 Market Spotlight, 3Q 2020: CBD .........................................................................................10 Jae Lee Senior Vice President East End ................................................................................. 11 [email protected] | 202.513.6718 CBD / East End | Class A .................................................. 12 John Olson CBD / East End | Class B ................................................. 13 Senior Vice President [email protected] | 202.513.6730 Southwest ............................................................................ 14 Terry Amling West End / Georgetown ................................................... 15 Senior Vice President Capitol Hill / NoMa ...........................................................16 [email protected] | 202.513.6708 Capitol Riverfront .............................................................. 17 Beth Wilzbach Assistant Vice President [email protected] | 202.513.6733 William Ruppe Tysons Corner ..................................................................... 13 Assistant Vice President [email protected] | 202.513.6722 Tim Weitzel Associate [email protected] | 202.513.6716 Joe Mehok Vice President of Research [email protected] | 202.513.6735 2 Metropolitan D.C. Market Overview 3rd Quarter 2020 Overall Market Summary The Washington, DC Metropolitan commercial real estate market is comprised of approximately 429.6 million square feet of rentable office space located in the District of Columbia, Northern Virginia, and Suburban Maryland. was Amazon’s 2.1 M SF Metropolitan Park in National Landing. Four buildings, totaling 1,044,994 square The total vacancy rate increased to 14.5% at the feet, delivered. The largest addition was 6595 end of the third quarter, while the market recorded Springfield Center Drive delivering 634,000 square -2,026,507 square feet of net absorption. All three feet (99% leased to TSA) in Springfield, VA. jurisdictions recorded negative absorption and an increase in vacancy. An additional 850,000 square There were seven sale transactions in the third feet of available sublease space was added to the quarter, totaling $582.52 million. The largest sale was market in the third quarter Patriots Park trading for $325,000,000 ($460 psf) in the Reston-Herndon submarket of VA. Leasing activity for the quarter totaled 2,497,074 square feet. The largest lease executed was a Average asking rental rates decreased $0.10 to 319,000-square-foot renewal by the Federal $39.40 per square foot, Full Service. Reserve Board at International Square in DC. From August 2020-August 2020 the DC Metropolitan At the end of the quarter, there was 7,918,212 Statistical Area (MSA) lost 201,400 jobs, representing square feet under construction, with 62% of the a contraction of 6.0% YOY, while the Metro’s space pre-leased. The most notable ground-break unemployment rate was 6.9%. Metro DC VA MD Area (YTD) Direct Vacancy 12.1% 14.3% 14.0% 13.5% (3Q 2020) Total Vacancy 13.4% 15.2% 15.0% 14.5% (3Q 2020) Total Net Absorption -647,212 -1,488,784 -364,767 -2.5 M SF (YTD 2020) Leasing Activity 4,756,387 4,220,582 1,441,094 10.4 M SF (YTD 2020) 101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.6700 lpcwashingtondc.com 3 4300 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.4600 8120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300 Metropolitan D.C. Market Overview 3rd Quarter 2020 Market Outlook / COVID-19 Market fundamentals for the Metropolitan re-opening, however, Washington DC and Washington, DC office market continued to Montgomery Co. and Prince George’s Co. (in weaken in the third quarter 2020 due to the Maryland) are holding-fast in Phase 2. While COVID-19 pandemic. Approximately -2.0 million most office buildings are open, only 5%-10% of square feet was absorbed in the third quarter, employees have returned to the office. Upticks bringing the YTD total to -2.5 million square in vacancy and decreased net absorption are feet, and causing increased vacancy across the expected for the next two quarters, while rent region. Leasing activity decreased 28% quarter- concessions are expected to increase. GSA over-quarter, however, velocity was driven continues to place a priority on renewing large significantly by numerous large renewals across dollar leases into long-term renewals, along with the metro. Investment sales actually increased a reduction in square footage. The GSA wants quarter-over-quarter with $582.52 million in to insure their tenants feel safe upon returning sales (a 77% increase from the previous quarter). to the office. To that end, GSA has implemented However, capital markets are still expected to increased cleaning specifications specific to have limited activity. The DC region lost 201,400 COVID-19 for all leases (existing & new). jobs YOY ending August 2020 posting a 6.9% unemployment rate, but it still outperformed the Presidential election years generally add a slight 7.9% national unemployment rate and a majority wrinkle to the CRE landscape (usually some of the larger MSAs across the country. market uncertainty and hesitation leading up to Election Day). Regardless of the election results in The impact of the COVID-19 pandemic on November, current and future tenants awaiting the commercial real estate, and daily life, continues to outcome can then determine their space needs persist. Northern Virginia is currently in Phase 3 of accordingly and perhaps the market could see a much needed uptick in demand. The COVID-19 pandemic has had a dramatic impact on employment both nationally and regionally, with unemployment rates spiking to historical levels in April 2020. Since May however, 106,400 net new jobs have been added to local payrolls and unemployment has been on a steady decline in the metro area (9.8% in April vs 6.9% in August). The DC MSA, currently 14th, ranks favorably amongst other large cities nationally (1 million in population and greater), thanks primarily to the Federal Government comprising approximately 20% of the workforce. Unemployment MSA National Rank Metro DC Employment YOY August 2020 Rate 3,500,000 16.0% Employed Change Unemployment RaNational Unemployment Rate Atlanta 6.3% T-8 3,400,000 Jul-19 3,371,800 0.2% 3.3% 3.7% 14.0% Aug-19 3,345,900 -0.8% 3.2% 3.7% Dallas/Ft. Worth 6.3% T-8 12.0% 3,300,000 Sep-19 3,350,400 0.1% 2.9% 3.5% Washington, DC 6.9% 14 Oct-19 3,377,200 0.8% 2.9% 3.6% Nov-19 3,398,500 0.6% 2.8% 3.5% 10.0% Seattle 7.9% 23 3,200,000 Dec-19 3,396,300 -0.1% 2.6% 3.5% 8.0% Houston 8.1% 28 Jan-20 3,338,700 -1.7% 3.1% 3.6% 3,100,000 Feb-20 3,361,100 0.7% 3.0% 3.5% Miami 8.5% 32 6.0% Mar-20 3,343,700 -0.5% 3.3% 4.4% San Francisco 9.0% 33 3,000,000 Apr-20 3,043,600 -9.0% 9.8% 14.7% 4.0% Boston 10.8% 40 May-20 3,038,100 -0.2% 8.9% 13.3% 2,900,000 Jun-20 3,119,200 2.7% 8.4% 11.1% 2.0% Philadelphia 10.9% 43 Jul-20 3,127,000 0.3% 7.9% 10.2% Chicago 11.7% 46 2,800,000 Aug-20 3,144,500 0.6% 6.9% 7.9% 0.0% Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 New York 13.0% 49 Employed Unemployment Rate National Unemployment Rate Los Angeles 15.0% 50 101 Constitution Ave., Suite 325 East | Washington D.C. | 202.513.6700 lpcwashingtondc.com 4 4300 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.4600 8120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300 Washington, D.C. 3rd Quarter 2020 Market Summary 3Q 2020 2Q 2020 3Q 2019 The Washington, DC office market currently consists of 799 buildings, over 25,000 square feet, totaling approximately 152.2 million square feet of Direct 12.1% 12.0% 11.0% rentable space. Vacancy Regional unemployment spiked to 9.8% in April due to the economic impact of the COVID-19 Total 13.4% 13.2% 11.9% pandemic. Since May however, unemployment has Vacancy been decreasing steadily. As of August 2020, the unemployment rate for the District of Columbia improved to 8.5%, while the Washington, DC Net Metropolitan area decreased to 6.9%. The national -646,420 -31,246 -170,672 unemployment rate decreased to 7.9%. Absorption (SF) The DC Metropolitan Statistical Area (MSA) lost Leasing 201,400 jobs from August 2019-August 2020, 1.3 M 1.5 M 2.5 M representing a contraction of 6.0% YOY. While Activity (SF) employment is down YOY, employment has rebounded since May with the metro area adding 106,400 net new jobs through August. Under 2.1 M 2.1 M 4.1 M Construction (SF) The largest public sector lease executed this quarter was a renewal by the Federal Reserve Board for 319,000 square feet at International U/C Percent 56% 56% 48% Square. Pre-Leased Microsoft signed the largest private sector lease with a 57,363-square-foot transaction at 901 K Street, NW. Deliveries (SF) 0 155,000 130,000 No buildings sold in the third quarter. Asking Rental Rates $53.31 $53.61 $53.94 Vacancy Rate (PSF, Full Service) The total vacancy rate in DC increased to 13.4% at $0 $153.0 M $1.57 B the end of the third quarter, totaling approximately Sales Volume 20.3 million square feet of vacant space.
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