July 6, 2020
Washington D.C.’s office vacancy rate reached an all-time high of 15.2% in the second quarter of 2020, according to CBRE’s Washington D.C. Office MarketView Q2 2020, surpassing the 15% mark for the first time on record.
During the second quarter, a number of developers delivered new office buildings with large blocks of available space. Additionally, D.C. posted 300,000 square feet of occupancy loss in the second quarter.
Despite headwinds in the near future from the nationwide economic downturn caused by the ongoing COVID-19 pandemic, CBRE noted that nonprofits had a strong showing for the third quarter in a row, contributing more gross leasing activity and net occupancy growth than any other industry sector.
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