77 DC Construction Projects on Pace for ’23 Completion

Despite signs of a real estate recession, Washington, D.C. is set to see significant development in the coming years. The Washington D.C. Economic Partnership has identified 77 projects scheduled for completion in 2023, totaling 10 million square feet and $3.9 billion in construction costs.  

An additional 34 projects, totaling 9.1 million square feet and $3.1 billion, are projected for 2024. Although this represents a slowdown compared to the past five years, financing constraints have recently delayed some projects. The ongoing trend of converting office space into residential units is also contributing to the city’s development landscape, as rising office vacancy rates make such conversions financially appealing.