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DC Office Market Vacancy Rose in ’23
The overall vacancy rates of the office market in DC experienced a rise in 2023, but not at the levels seen in 2022 or 2021. The construction pipeline remains limited in the area, according to Collier’s Q4 2023 DC Office report.
During the year’s most significant transaction, the United States Securities and Exchange Commission (SEC) restructured its lease, securing 1,071,236 square feet across Station Place I and II in NoMa. This move involved a reduction of approximately 210,000 square feet, with the SEC vacating Station Place III.
Kaiser Permanente acquired Station Place III, having already occupied around 200,000 square feet within the premises, intending to utilize the remaining space for its expanding operations. Despite the considerable total square footage in deals inked during the quarter, the count of leases exceeding 10,000 square feet mirrored previous quarters, averaging just over 30 transactions.
- ◦Lease
