The District’s office vacancy rate hit a record high in the second quarter, but that doesn’t necessarily portend trouble for D.C. office building landlords in the future.
Commercial real estate firm CBRE reports the office vacancy rate within the District itself reached 17.8% in the second quarter of this year.
“At 17.8%, it is the highest ever. In fact, it went up 400 basis points just during the duration of the pandemic. And previously, it took the market almost 10 years for the vacancy to go up by similar levels,” said Wei Xie, CBRE’s mid-Atlantic director of research.
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