NoMA Moves Closer to Fully Occupancy

WASHINGTON, DC-Jones Lang LaSalle recently reported encouraging statistics for the DC area. For the first time since the second quarter of 2008, all three jurisdictions of the greater metropolitan area recorded positive net absorption. The uptick in demand coincided with ever-dwindling development pipeline–tightening vacancy rates by about 40 basis points during the latest quarter.

The emerging markets of the District–Southeast and NoMA–are perhaps benefiting the most from this, Scott Homa, research director for JLL, tells GlobeSt.com. “It’s definitely a landlord’s market in Southeast right now, and the balance of power is quickly shifting in that direction in NoMa. Large blocks of space are being leased at a rapid pace in both markets.” Tenants are continuing to find small blocks available, he continues, but the leasing environment is getting much more competitive in those areas.