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Savills: Demand Remains Tepid in DC Office Market
Overall office availability in Washington D.C. increased 100 basis points over the second quarter of 2020 to 17.6%, according to Savills, as the ongoing COVID-19 pandemic continues to drive down demand in the nation’s capital.
The global real estate services provider recently released its Q2 2020 Washington D.C. office report, which found that availability in the office market is at its highest since the Great Recession. Asking rents, however have seen almost no change over the quarter and currently sit at $55.86 per square foot, although Savills expects that to change as landlords adjust to the new reality.
Overall, Savills expects availability to remain elevated in the near future as tenant demand remains low. Leasing activity has recently been sustained by the government and related sectors, but it is not expected to be enough to keep the market from weakening further in the near term.
Read full Savills report here.
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