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 |
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|
Largest Office Sales Transactions |
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|
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 |
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**Sale includes a hotel |
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***Mortgage note sale |
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This list does not include TrizecHahn's 2/98 ($560 million) portfolio purchase. |
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