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2 Bethesda Metro Center, Suite 860Bethesda, MD 20814
Phone +1 510 8915802
Office MarketBeat is a brief summary of the Office sector in key cities, providing comment on recent trends as well as market data and analysis of the impact on commercial real estate.
Northern Virginia capped off a year of notable relocations, with year-to-date overall net absorption closing the fourth quarter of 2017 at a positive 1.2 million square feet (msf)—a dramatic increase of 721.1% from the fourth quarter of 2016.
Following headline-making headquarters relocations by the General Services Administration (GSA) for the Department of Homeland Security’s (DHS) Citizenship and Immigration Services (CIS) to Prince George’s County, and by Marriott International to Bethesda/Chevy Chase, Suburban Maryland once again captured two notable leases by the close of the fourth quarter of 2017. JBG Smith secured two more preleases (also the second and third largest leases of the quarter) at 4747 Bethesda Avenue: Booz Allen Hamilton preleased 65,000 square feet (sf) and Host Hotels preleased 55,000 sf, bringing the Class A building to 71.0% committed. These two leases helped new leasing activity close the fourth quarter of 2017 at 3.7 million square feet (msf)—the highest level since 2007.
Such healthy leasing activity resulted in positive overall year-to-date net absorption of 130,658 sf, 90,173 sf of which occurred in the fourth quarter.
The fourth quarter of 2017 registered the highest quarter of new leasing activity in 2017, closing at more than 2.1 million square feet (msf), and boosting the annual total to over 6.5 msf, 24.4% above the 10-year average.
Industrial MarketBeat is a brief summary of the Industrial sector in key cities, providing comment on recent trends as well as market data and analysis of the impact on commercial real estate.