D.C. is preparing to elect its first new mayor in 12 years, and the stakes are high for the commercial real estate sector.
The city’s economy has been dragged down by lingering effects of the pandemic and the Trump administration’s job cuts. Downtown office vacancies have hit record highs, with buildings selling for dimes on the dollar. And housing construction has slowed dramatically as investors shy away from the city and landlords face financial distress.
Mayor Muriel Bowser’s successor will be tasked with solving these problems now and for setting the stage in the decades ahead.
Housing has emerged as a key issue in the race, and the two leading candidates, Councilmember Janeese Lewis George and former Councilmember Kenyan McDuffie, both released platforms in recent weeks that seek to jump-start development.
Pro-housing advocates appear split on which candidate would be better for their goals, and there is a divide between construction unions and their employers. But the commercial real estate industry has a clear favorite.
McDuffie’s campaign has raised nearly nine times the amount of money from commercial real estate professionals that Lewis George has, a Bisnow analysis of campaign finance records found.
