The D.C. office construction pipeline has hit what experts believe to be an all-time low.
Per Avison Young’s second quarter office report released this week, development of new office buildings in the District sits at its lowest point in 20 years — as far back as the firm’s research goes. CBRE, in its report for the quarter that ended June 30, also said D.C. office construction reached its lowest level on record.
That’s because work continues on only one building across the entire city, 600 Fifth St. NW, the conversion of Metro’s former headquarters into roughly 440,000 square feet of trophy office. And the pipeline is barren, a trend that experts say could last into the 2030s, which is forcing reassessments across industry, from general contractors to tenant brokers.
“There’s been a noticeable drop-off for opportunities that would have otherwise been there,” said Spencer Teel, CEO of Teel Construction Inc., a Fairfax-based general contractor that works on a wide range of projects.
Click here to read the rest of the article written by Ben Peters over at Washington Business Journal
