WASHINGTON D.C.
OFFICE MARKET STATISTICS: 1998

Total Inventory:

95,995,325

New Deliveries and Completed Renovations:

1,662,036

Net Absorption:

2,655,967

Projects Under Construction and Under Renovation:

3,568,014

Vacancy Rate (Excluding Sublet):

5.85%

Vacancy Rate (With Sublet):

6.88%

Office Space Available:

New:

621,858

Relet:

4,938,869

Sublet:

998,751

Total Office Space Available:

6,604,478

Space in Projects Under Construction and Under Renovation:

1,782,034

Under Construction (u/c) and Under Renovation (u/r)

Square Feet

401 9th Street

408,646

u/c

750 9th Street

310,604

u/c

801 9th Street

232,000

u/c

555 11th Street

375,200

u/c

600 14th Street

249,922

u/r

1111 18th Street

74,264

u/c

1825 Connecticut Avenue

227,206

u/r

800 Eye Street

46,836

u/c

1808 Eye Street

32,000

u/c

1201 F Street

225,397

u/c

1909 K Street

233,400

u/r

51 Louisiana Avenue

204,000

u/r

100 Maryland Avenue, NE

30,000

u/r

77 P Street, NE

350,000

u/r

1111 Pennsylvania Avenue, NW

329,855

u/r

1500 Eckington Place, NE

238,684

u/r

Total Under Construction (u/c) and Under Renovation (u/r):

3,568,014

1998 Buildings Taken Out of Inventory

Square Feet

1111 18th Street, NW

103,620

New Deliveries and Completed Renovations

Square Feet

555 12th Street, NW Ph II

184,468

445 12th Street, SW

588,500

4646 40th Street, NW

36,529

825 N Capitol Street, NE

288,965

941 N Capitol Street, NE

298,964

1307 New York Avenue, NW

106,060

1300 Pennsylvania Avenue, NW

158,550

Total 1998 New Deliveries and Completed Renovations

1,662,036

Largest Non-Renewal Lease Transactions

Address

Square Feet

1) DC Government

825 & 941 N Capitol Street, NE

585,266

2) US Mint*

801 9th Street, NW

232,000

3) GSA - US Department of Justice

1301 New York Avenue, NW

191,835

3) Sidley & Austin*

1501 K Street, NW

190,283

4) Latham & Watkins*

555 11th Street, NW

159,810

5) DC Government

810 1st Street, NE

150,000

6) DC Court Services and Defenders

633 Indiana Avenue, NW

145,000

7) GSA - Department of Education

1990 K Street, NW

115,000

8) Qwest Communications

1500 Eckington Place, NE

101,346

9) Holland & Knight*

2099 Pennsylvania Avenue, NW

96,100

10) U.S. News & World Report

1050 Thomas Jefferson Street, NW

95,000

*Prelease

Largest Office Sales Transactions

Address

Purchaser

RBA

Price

1) 655 15th Street & 1455 F Street, NW

Boston Properties

555,270

$ 175,000,000

2) 3000-3050 K Street, NW

Crescent Real Estate Equities, Inc.

536,206

$ 161,000,000

3) 800 K Street & 801 Eye Street, NW

National Government Properties, Inc.

652,025

$ 150,000,000

4) 555 13th Street, NW*

Munich RE

602,464

$ 172,000,000

5) 1401 H Street, NW

Loeb Partners and George Comfort & Sons

345,781

$ 133,125,685

6) 5335 Wisconsin Avenue**

Lowe Enterprises

503,159

$ 120,000,000

7) 1800 M Street, NW

CIGNA

535,263

$ 114,800,000

8) 1200 K Street, NW

Eastbanc/TMW, Inc.

364,272

$ 103,000,000

9) 1101 Pennsylvania Avenue, NW***

Resource Properties of America Inc.

218,447

$ 85,500,000

10) 2445 M Street, NW

TMW, Inc.

266,935

$ 78,100,000

* Ownership transfer

**Sale includes a hotel

***Mortgage note sale

This list does not include TrizecHahn's 2/98 ($560 million) portfolio purchase.