GWCAR 2002 Year-End Market Report
A Statistical Snapshot of the Greater Washington Area Commercial Real Estate Market in 2002.

Washington, DC Office Report CMRC Consensus
  
Total Office Inventory: 101,303,841 SF
New Deliveries and Completed Renovations: 2,507,034 SF
Net Absorption: 362,071 SF
Vacancy Rate (Excluding Sublet) 5.7%
Vacancy Rate (With Sublet) 7.6%
Class "A" Average "Asking Rate" PSF Full Service $41.85 PSF
Class "B" Average "Asking Rate" PSF Full Service $28.75 PSF
   
Total Office Space Available: 7,699,092 SF
Direct (New & Relet): 5,774,319 SF
Sublet: 1,924,773 SF
  
Total Office Space Under Construction/Renovation: 6,436,285 SF
Total Available Office Space Under Construction/Renovation: 3,089,417 SF
Percentage Under Construction/Renovation Pre-Leased: 52%
  
Under Construction (u/c) and Under Renovation (u/r)  Listing Buildings by address:  
100 F Street, NE 650,000 SF
1900 Pennsylvania Avenue, NW 648,000 SF
901 New York Avenue, NW 537,454 SF
575 7th Street, NW 472,809 SF
701 13th Street, NW 452,000 SF
500-550 12th Street, NW (u/r) 438,000 SF
1700 K Street, NW 410,400 SF
1625 Eye Street, NW 375,683 SF
900 7th Street, NW 350,155 SF
Pennsylvania Avenue @ 6th Street, NW (Freedom Forum) 349,000 SF
1025 F Street, NW (u/r) 322,000 SF
140 M Street, SE 297,000 SF
1100 13th Street, NW 269,626 SF
840 1st Street, NE (Union Center Plaza Phase V) 244,300 SF
701 7th Street, NW 229,541 SF
1717 Rhode Island Avenue, NW 159,200 SF
1220 12th Street, SE 145,117 SF
1640 Rhode Island Avenue, NW (u/r) 86,000 SF
Total Square Footage Under Construction & Renovation 6,436,285 SF
  
2002 Buildings Taken Out of Inventory  Listing Buildings by address: 
1730 K Street (Redevelopment) 220,702 SF
1700 K Street (Redevelopment) 137,473 SF
Total Square Footage Taken Out of Inventory 358,175 SF
  
New Deliveries and Completed Renovations Listing Buildings by Address  
101 Constitution Avenue, NW 511,338 SF
2025 E Street, NW (American Red Cross) 462,000 SF
500 5th Street, NW 352,000 SF
601 New Jersey Avenue, NW 256,931 SF
830 1st Street, NE 225,000 SF
1899 Pennsylvania Avenue, NW 187,986 SF
1875 K Street, NW 170,132 SF
1750 H Street, NW 111,510 SF
800 F Street, NW 110,424 SF
1330 G Street, NW (Kaiser Family Foundation) 62,000 SF
607 14th Street, NW (Expansion-Renovation) 57,713 SF
Total Square Footage New Deliveries & Completed Renovations: 2,507,034 SF
  
Top Ten Largest Non-Renewal Lease Transactions:  
Tenant Address Square Feet
GSA-Department of Transportation Southeast Federal Center 1,350,000
GSA-Securities & Exchange Commission 600 2nd Street, NE 400,000
Finnegan Henderson Farabow Garrett & Dunner (Law Firm) 901 New York Avenue, NW 251,337
CareFirst BlueCross/BlueShield 840 1st Street, NE 244,300
GSA-Department of Interior- National Park Service 1201 Eye Street, NW 219,750
Winston & Strawn (Law Firm) 1700 K Street, NW 153,900
DC Government 77 P Street, NE 149,656
GSA-Environment Protection Agency 1310 L Street, NW 135,975
Corporate Executive Board 2020 K Street, NW 122,603
O'Melveny & Meyers (Law Firm) 1625 Eye Street, NW 118,484
   
Top Ten Largest Office Sales Transactions:    
Address Purchaser Sales Price
250 & 300 E Street, SW Wells Real Estate Investment Trust $345,000,000
1201 & 1225 Eye Street, NW Beacon Capital Partners $164,500,000
800 K & 801 Eye Street, NW The John Akridge Cos. /
Seaton Benkowski & Partners		 $162,373,191
1615 L Street, NW The Halle Companies / Galaxy $112,500,000
2445 M Street, NW Beacon Capital Partners $84,500,000
1500 K Street, NW Grovesnor Atlantic $83,625,000
601 New Jersey Avenue, NW Polinger Development Company $81,500,000
799 9th Street, NW Blue Capital Investments $77,000,000
1325 G Street, NW Tishman Speyer Properties/
Lehman Brothers		 $74,000,000
111 Massachusetts Avenue, NW Douglas Jemal $62,000,000