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Transwestern: Amazon HQ2 Prompts High Demand for Office Space in Metro DC
Commercial real estate in the Washington D.C. metro recorded notable expansion in 2019 due to above-average job growth, robust absorption and lowered vacancy rates.
The growth in D.C.’s office market was highlighted at Transwestern Commercial Services’ 23rd annual Washington, D.C., TrendLines event, held Feb. 6 at Ronald Reagan International Trade Center. The event was a collaboration between Transwestern, its research affiliate Delta Associates, and Sage Policy Group, with support from sponsors PNC Real Estate, Baker Tilly and DFS Construction.
The event highlighted 2020 as another anticipated healthy year in the market due to a number of factors, including Amazon’s arrival via HQ2. The move will aid in economic diversification but could be affected by residual tremors from the $23 trillion national debt recorded at year-end, according to Transwestern.
Other topics of discussion included the challenge employers are facing with hiring quality talent amidst persistently low unemployment. Employees shifting to place greater weight on office environment also only propels the drive for tenants to occupy quality space. Additionally, the arrival of the Purple and Silver metro lines present opportunities to commercial real estate investors and other stakeholders moving forward.
“The Washington metropolitan economy continues to perform brilliantly, with unemployment remaining low and job creation robust,” said Anirban Basu, CEO at Sage Policy Group. “That performance will be supportive of solid commercial real estate performance in 2020.”
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