Empty Washington Offices?
23 11 2009Apparently according to a new study the Washington area’s office buildings are being abandoned in droves. Grubb & Ellis is saying that about 15% of office space is vacant across the Washington area, but some major business corridors are seeing vacancies as high as 25%.
Seems to us much of this is the empty speculative office buildings built over the last few years, because we havn’t heard many instances of companies moving to smaller offices. What do you think?
[Photo: Boxley]
true that much of that number must be coming from the completely unoccupied and never even built out inside offices in NoMa and Southeast by the ballpark.
Well DC proper’s vacancy rate is well below 15%. I believe it’s more in the 10% range. The 15% number we’re seeing is being propped up by the Dulles tech and Gaithersburg biotech corridors which are seeing 25% vacancies. The further in towards DC you go, the lower the vacancies.