The District’s office vacancy rate hit another record high in the second quarter, the result of a few significant contractions in the leasing market, according to fresh data from CBRE.
The vacancy rate rose to 22.4%, up from the previous record high of 21.6% recorded at the end of the first quarter, per CBRE second quarter report. The D.C. market recorded more than 500,000 square feet of negative absorption for the quarter that ended Sunday, led by the Commodity Futures Trading Commission’s planned relocation and downsizing, according to the report.
Indeed, tenants continue to reduce their space in the age of hybrid work, resulting in the market squeeze. The District has experienced negative absorption — the total amount of space leased, subtracted from the amount of space vacated — going on five consecutive years.
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