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Non-Profits & Associations Lead DC Office Leasing in Q3
In the third quarter of 2023, non-profits and associations played a significant role in office leasing activity in Washington, D.C., comprising nearly 33% of total gross leasing and 47% of new leasing activity in the area, according to Cushman & Wakefield in their Q3 2023 office statistics for the DC area.
“Non-profits and associations have emerged as the leading driver for office leasing this quarter in Washington, D.C. with several of them expanding space in high-quality office buildings,” said Lauren Kraemer, associate director of Washington, DC Metro Research.
New leasing decreased by 27% year-over-year to 568,000 square feet, while renewal activity saw a 95% year-over-year increase to 1.5 million square feet. Year-to-date gross leasing amounted to 5.5 million square feet, with new leasing accounting for just under 2.5 million square feet and renewal activity totaling 3 million square feet.
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