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Class A Buildings Represent 73% of New DC Office Leasing in ’23
Cushman & Wakefield’s fourth-quarter office statistics for Washington, D.C., revealed that Class A buildings were the most active in leasing in 2023, accounting for 73% of new deals, or 2.2 million square feet. Class B and C buildings made up the remaining 27% of leasing activity.
The final quarter of 2023 saw nearly 490,000 square feet of new leasing activity, a decrease from the previous quarter’s 664,000 square feet. Total new leasing activity for 2023 was 3.1 million square feet, down 14% from the 3.6 million square feet recorded in 2022. Renewal activity for the year was just under 3.8 million square feet.
“High quality space in core submarkets continue to be a preference for tenants as they search for ideal office space,” said Lauren Kraemer, Associate Director of Washington, D.C. Metro Research. “So, despite leasing activity remaining relatively flat compared to last year, Class A buildings showed some strength in the market with Class B and C only making up 27% of activity combined.”
- ◦Lease
