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Quarterly Market Report Washington, D.C. Quarterly Market Report 2nd 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, 2Q 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 2nd 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. this quarter; while five buildings, totaling 928,957 square feet, delivered. The largest addition was The total vacancy rate ticked up to 14.0% at the end 1750 Presidents Street - 17Fifty delivering 276,000 of the second quarter, while the market recorded square feet (100% leased to LEIDOS) to the Reston 364,843 square feet of net absorption. Northern submarket in VA. Virginia and Suburban Maryland both posted positive net absorption for the quarter with a There were six sale transactions in the second combined 396,089 square feet absorbed. quarter, totaling $328.75 million. The largest sale was 1530 Wilson Boulevard trading for $71,400,000 ($427 Leasing activity for the quarter totaled 3,447,954 psf) in the RB Corridor of VA. square feet. The largest lease executed was a 396,740-square-foot relet by Microsoft at 11955 Average asking rental rates increased $0.34 to $39.50 Freedom Drive - Two Freedom Square @ RTC, in per square foot, Full Service. Northern Virginia. From May 2019-May 2020 the DC Metropolitan At the end of the quarter, there was 6,876,206 Statistical Area (MSA) lost 67,200 jobs, representing square feet under construction, with 69% of the a contraction of 8.5%% YOY, while the unemployment space pre-leased. No buildings broke ground rate increased to 9.0%. Metro DC VA MD Area (YTD) Direct Vacancy 12.0% 13.8% 13.1% 13.0% (2Q 2020) Total Vacancy 13.2% 14.5% 14.0% 14.0% (2Q 2020) Total Net Absorption -474,256 -792 -352,443 -121,021 (YTD 2020) SF Leasing Activity 3,452,820 3,396,769 1,441,094 8.3 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 2nd Quarter 2020 Market Outlook / COVID-19 Market fundamentals for the Metropolitan The impact of the COVID-19 pandemic on Washington, DC office market continued to soften our daily lives, and commercial real estate, is in the second quarter 2020 due to the COVID-19 extremely fluid. The DC region is currently in pandemic. Even though close to 365,000 square Phase 2 of re-opening, including the re-opening feet was absorbed in the second quarter, total of non-essential retail and the voluntary return vacancy ticked up to 14.0% for the metro area for office workers. While office buildings have re- (absorption is still negative for the region YTD opened, the vast majority of DC area employees, 2020). Despite the pandemic, leasing activity was including the government, continue to telework only down 29% quarter-over-quarter, as velocity (less than 20% have returned to the office). was driven by an increase of sizable tenant Upticks in vacancy and decreased net absorption renewals across the metro. Investment sales, as are expected for the next two quarters, as tenants expected, were few, as most negotiations have and the CRE industry continue to whether the stalled. A very limited amount of new buildings, if pandemic. The DC area has seemed to ‘flatten any, are expected to come to market near term. the curve” while most of the South and West of The region lost 67,200 jobs YOY ending May 2020 the country have seen a recent spike in cases and with the Leisure & Hospitality sector suffering the have re-imposed some business closures. While majority of these losses (49,600 jobs). The current industry experts remain hopeful that the economy unemployment rate increased to 9.0% in the DC will improve by late 2020 or early 2021, locally, Metro, but it is still lower than the 11.1% nationalSublease Added 2Q the2020 next (SF) few weeks will decide if the DC area is average. Incredibly, the Washington, DCSan MSAFrancisco ready1,400,000 to move into Phase 3, plateau on Phase 2, ranks 4th nationally in unemployment (in MSAs or possibly regress due to an influx in COVID-19 New York 1,300,000 over 1 million in population). cases. Boston 1,200,000 Los Angeles 905,000 The COVID-19 pandemic Atlantahas caused a substantial increase800,000 of sublease space available on the market nationally. ChicagoThe DC Metro area added 334,000425,000 square feet of available sublease space to the marketDC Metro in the second quarter 2020.334,000 However, DC has added the least amount of available sublease space compared to other major markets (see chart below). Sublease Space Added 2Q 2020 (SF) DC Metro 334,000 Chicago 425,000 Atlanta 800,000 Los Angeles 905,000 Boston 1,200,000 New York 1,300,000 San Francisco 1,400,000 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 101 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. 2nd Quarter 2020 Market Summary 2Q 2020 1Q 2020 2Q 2019 The Washington, DC office market currently consists of 801 buildings, over 25,000 square feet, totaling approximately 152.1 million square feet of Direct 12.0% 12.0% 10.6% rentable space. Vacancy Due to the COVID-19 pandemic, unemployment has spiked across the region. As of May 2020, the Total 13.2% 13.0% 11.5% unemployment rate for the District of Columbia Vacancy increased to 8.9%, while the Washington, DC Metropolitan area increased to 9.0%. The national unemployment rate increased to 11.1%. Net -31,246 30,454 1.0 M The DC Metropolitan Statistical Area (MSA) Absorption (SF) lost 67,200 jobs from May 2019-May 2020, representing a contraction of 8.5% YOY. Leisure & Leasing Hospitality contracted the most with 49,600 jobs 1.5 M 1.9 M 3.7 M lost; while the Government gained 2,300. Activity (SF) The largest public sector lease executed this quarter was a renewal by the GSA - Department of Under 2.1 M 2.2 M 3.9 M Education renewing 290,000 square feet at 550 Construction (SF) 12th Street, SW - Potomac Center South. Wiley Rein signed the largest private sector lease U/C Percent 56% 60% 49% with a 166,250-square-foot transaction at recently Pre-Leased delivered 2050 M Street, NW in the CBD. There were three sale transactions in DC, totaling $153,000,000 in sales volume. The largest sale was Deliveries (SF) 155,000 1.1 M 1.3 M 3300 Whitehaven Street, NW and 2001 Wisconsin Avenue, NW trading to Grosvenor Americas from Equity Commonwealth for $85,000,000. Asking Rental Rates $53.61 $53.79 $53.90 Vacancy Rate (PSF, Full Service) The total vacancy rate in the District increased to $153.0 M $970.5 M $370.5 M 13.2% at the end of the second quarter, totaling Sales Volume approximately 20.1 million square feet of vacant space. Unemployment 9.0% 3.1% 3.1% Class A total vacancy for DC increased to 14.1% DC Metro Area (approx. 13.0 million sf), while Class B total vacancy increased to 12.3% (approx. 6.7 million sf). Sublet vacancy increased to 1.1% at the end of the second quarter, totaling approximately 1.7 million square feet of vacant space. However, 2.9 million square feet of sublease is being marketed as available, an increase of 200,000 square feet from the first quarter. 101 Constitution Ave., Suite 325 East | Washington, DC | 202.513.6700 lpcwashingtondc.com 5 4300 Wilson Blvd., Suite 200 | Arlington, VA | 703.522.4600 8120 Woodmont Ave., Suite 560 | Bethesda, MD | 301.304.8300 Washington, D.C. 2nd Quarter 2020 Net Absorption & Deliveries | Net Absorption | Vacancy Rate Leasing 6 14 5 12 The Washington, DC market recorded -31,246 4 10 square feet of net absorption in the second (%) Rate Vacancy quarter, down from the 30,454 square feet 3 8 absorbed in the first quarter. A total of -792 square feet has been absorbed YTD 2020. The 10-year SF (Millions) 2 6 average for net absorption in the District is 1.1 1 4 million square feet absorbed per year.
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