DC Swings into Positive Net Absorption for Q2

WASHINGTON, DC—Demand remains subdued, though, and there is little new space coming online, JLL's Scott Homa tells GlobeSt.com's Erika Morphy.

By Erika Morphy | Updated on July 06, 2014

WASHINGTON, DC—The Washington DC market posted a strong, at least compared to its recent performance, second quarter for leasing, swinging into positive net absorption with gains of 411,700 square feet, according to JLL.

However, it is not time to pop open the Champaign, cautions JLL’s Scott Homa, who points to the still subdued demand in the area for office space. The region’s one saving grace, at least from the perspective of landlords, is that supply is also still constrained with only 4.4 million square feet under construction, two-thirds below average. Typically the region has about 11.4 million square feet under construction and 7.8 million square feet delivering each year. All in all, Homa tells GlobeSt.com, it was a decent quarter for the market.

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