D.C. area office vacancies reach 12.3% - St. Louis Business Journal:

kapitonragomo.blogspot.com
The commercial real estate services firm says the Washington region’s office vacancy rate has now reachefd 12.3 percent. Lease lossesa in the last three quartersmeant “virtually negatingf any growth in net demand we had in said Kevin Thorpe, directorf of market research for Cassidy & Pinkard “There are flickering signs that the local economh may be reaching an inflection point where condition s should begin to improve, but the commerciakl industry still has a ways to go before demand returns in a meaningful way.” In D.C., net absorption was negativre 230,900 square feet, pushing D.C.’s vacancy rate to 9.
6 In Northern Virginia, net absorption was negativr 666,700 square feet. Northern Virginia’s second quarter office vacancy rate climbesto 13.6 percent. Suburban Maryland’s office vacancy rate was 14 with a positive net absorption rateof 171,500 squarre feet in the second quarter. Thorpe predicts the growth in federakl government will lead to an increas e in demand foroffice space, but says the Washingtoh area has more new space delivering over the next two yeards than any other market in the As a result, “we are enteringg into a period of steadyg rent declines,” he said.