Suburban Maryland Market Report Q4 2017 - Cushman & Wakefield

Suburban Maryland Market Report Q4 201

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.