Washington PDF

Market Report
Washington, DC | 3rd Quarter 2015
cushmanwakefield.com
Contents
DC Metropolitan Area Oveview................................................................................3

Washington, DC & Map..........................................................................................4-6
East End........................... .................................................................................................7
CBD....................................................................................................................................8
West End/Georgetown...............................................................................................9
Capitol Hill/NoMa........................................................................................................10
Southwest/Capitol Riverfront/Southeast............................................................11
Uptown..............................................................................................................................12
Appendix..........................................................................................................................13
Tables..........................................................................................................................13-22
Methodology & Definitions......................................................................................23
About Cushman & Wakefield.................................................................................24
Cushman & Wakefield | 2
Washington, DC Metropolitan Area
Necessary fiscal clarity coming from the federal government

added to the growing optimism throughout the region. After
nearly six years without a budget, the feds stepped up in
late 2014 with a one year budget that increased spending for
key federal agencies including the Department of Defense
and vital agencies within the Health and Human Services
Department. The passage of this budget was an inflection
point that reversed the tide of negative office-using job
growth of 2014 and led to the robust job growth that we are
currently experiencing. As of the end of the third quarter
of 2015, a follow-on two year budget has been passed that
will offer the regions largest employers a roadmap of fiscal
policy for the near term. This increases federal budget
authority by $80 billion over the caps imposed by budget
sequestration that initially hit the market in 2013. This
additional spending will be evenly split between defense and
domestic programs and will avert a debt ceiling debate and
government shutdown through September 2017. As was the
case with the budget that passed in late 2014, this two year
bill will offer fiscal clarity that will give the regions largest
employers the ability to make sound business decisions
including the acquisition of talent and the procurement of
real estate.
The regional vacancy rate for the office sector ticked
downward from 16.1% to 16.0% in the third quarter. This is
the second consecutive quarter of falling vacancy that has
followed 15 straight quarters of flat or rising vacancy. Net
absorption for quarter stands at 459,158 square feet (sf) which
brings the year-to-date total to 1.095 million sf. 5.3 million sf
is currently under construction. New and repositioned office
product continues to outperform the market as a whole
and the possibility of speculative construction in various
submarkets remains a possibility. Tenant concessions in
the marketplace remain at a highpoint. Look to when these
concessions start to tick down as the sign that leverage is
shifting back to the landlords favor.
Economic Indicators
Q3 14
Q3 15
DC Metro Employment
3.12M
3.18M
DC Metro Unemployment
4.9%
4.4%
U.S. Unemployment
6.1%
5.3%
Q3 14
Q3 15
Overall Vacancy
15.9%
16.0%
Net Absorption
-590k
460k
Under Construction
4.5M
5.3M
Deliveries
865k
1.2M
$35.83
$35.03
12-Month
Forecast
Market Indicators
Average Asking Rent (FS)
12-Month
Forecast
Net Absorption/Asking Rent

4Q TRAILING AVERAGE
2.0
$38.00
$37.00
1.0
$36.00
$35.00
0.0
$34.00
$33.00
-1.0
2010
2011
2012
2013
2014
Net Absorption, MSF
2015
$32.00
Asking Rent, $ PSF
Washington, DC Metropolitan Area

NET ABSORPTION - DELIVERIES - VACANCY
12
16%
10
8
12%
6
4
8%
2
0
Vacancy Rate
The Washington, D.C. Metropolitan regions economic

comeback has continued through the third quarter of 2015.
The unemployment rate has consistently declined, falling
to 4.4% in the third quarter compared to 4.9% in the third
quarter of 2014. Job growth throughout the region also
continues to be robust with 62,800 more jobs in September
of 2015, year-over-year, and easily exceeds the ten year
average of 35,000 jobs. Office-using employment has
added 20,800 jobs with the high-paying Professional and
Business Service sector leading the way with 20,500 new
positions.
WASHINGTON, DC METRO
MSF
Two Years of Clarity Ahead for the

Washington, D.C. Metropolitan Region
4%
-2
-4
05
06
07
08
Net Absorption
09
10
11
Deliveries
12
13
14
Vacancy Rate
YTD
15
0%
cushmanwakefield.com | 3
Washington, DC
Market Overview
The District of Columbia experienced its second consecutive

quarter of stronger growth as the third quarter registered 269,000
sf of positive net absorption. Year-to-date absorption reached
519,000 square feet (sf), well outpacing the negative 489,000 sf
of net absorption seen in 2014. Still, despite positive momentum,
the District saw a 0.1 percentage point increase in vacancy quarterover-quarter from 11.0% to 11.1% due to an increase in the overall
inventory with the delivery of 601 Massachusetts Avenue, NW,
coupled with lead tenant, Arnold & Porters downsizing from its
previous location in to the new, highly efficient building.
While the East End has recently experienced increased competition
from surrounding submarkets as new developments in the Central
Business District (CBD) have lured private-sector tenants away
and the federal government continues to push agencies into lower
cost alternatives, it did still witness positive momentum in the
third quarter. The East End was home to the two largest leases
of the quarter. The Advisory Board Company signed a 500,000 sf
prelease at Douglas Developments 655 New York Avenue, NW and
the Department of Justice signed a 520,180 sf short-term renewal
at 601 D Street, NW, bumping their expiration out three years. This
resulted in 88,000 sf of positive absorption for the quarter.
The CBD was subject to its first quarter of negative absorption
in over a year, largely the result of law firm Dickstein Shapiros
downsizing of 150,000 sf in their recent renewal. Despite this,
fundamentals in the CBD have remained solid thus far in 2015. After
breaking below 10% vacancy for the first time since the downturn
in the second quarter, the submarket continued to tighten to 9.6%
overall vacancy. Of note in the CBD, Deutsche Asset & Wealth
Management is moving forward with their redevelopment of
1800 K Street, NW. The newly LEED-certified building is going
to go through a complete rehabilitation of the existing structure
with a new HVAC system, lobby, elevators, and faade. The new
construction currently has asking rents set at $46.00 - $48.00
NNN per square foot and is expected to deliver in the first quarter
of 2016.
The lone third quarter delivery in the District was 601 Massachusetts
Avenue, NW in the East End. Arnold & Porter will occupy nearly
373,000 sf of the new building.
Market Indicators
Q3 14
Q3 15
Overall Vacancy
11.5%
11.1%
Net Absorption
(256K)
269K
2.1M
2.8M
Under Construction
Deliveries
Average Asking Rent
12-Month
Forecast
400K
473K
$50.19
$50.37
Gross Leasing Activity

District of Columbia, Square Feet per Year
14
11.7
12
10
Millions
The Washington, D.C. Metropolitan regional economy continued to

gain momentum in the third quarter of 2015. The unemployment
rate for the region stood at 4.4% as of September 2015, with yearover-year total nonfarm job growth totaling 62,800 positions. It is
evident that the region will handily surpass the historical average
employment creation of 30,000 net new jobs annually. This above
average growth that was experienced throughout the region was
also seen in the District of Columbia proper (The District or D.C.) as
the Districts unemployment rate fell to 6.7% at the end of the third
quarter of 2015 its lowest since September of 2008. A total of
10,300 new jobs were added in September 2015 compared to the
previous year well over the 8,500 annual jobs that are typical in
D.C., with 3,200 of these jobs in the office-using Professional and
Business Services sector (PBS). Included within the PBS sectors
impressive showing in D.C. is strong growth in technical services and
administrative roles as well as 600 positions in the legal sector yearover-year.
10.5
9.6
8.7
7.6
10.1
8.5
9.6
10.7
10.1
8.4
8.4
7.8
7.8
7.7
6.6
6
4
2
0
00
01
02
03
04
05
06
07
08
09
10
11
12
13
14
CBD
East End
West End/Georgetown
Capitol Hill/NoMa
Southwest/Southeast
Uptown
Q3
15
Overall Vacancy Rate

12.0%
11.5%
11.0%
Historical Average = 10.8%
10.5%
10.0%
9.5%
9.0%
2010
2011
2012
2013
2014
2015
Large Blocks of Contiguous Space

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
East End
CBD
District of Columbia
Economy
West End
Capitol Hill
NoMA
Southwest
Capitol Riverfront
Uptown
50-100k SF
100-150k SF
150-200K SF
200K+ SF
Washington, DCDC
Submarkets
Washington,
Submarkets
NORTHEAST
UPTOWN
WEST END/
GEORGETOWN
50
CBD
EAST END
NOMA
29
CAPITOL HILL
66
50
395
DI
ST
R
395
IC
SOUTHWEST
TO
VIR F
GI CO
L
NI
A UM
BI
A
395
395
CAPITOL RIVERFRONT/
SOUTHWEST
295
Top Transactions
Key Lease Transactions 3Q 15
PROPERTY
SF
TENANT
TRANSACTION TYPE
SUBMARKET
601 D Street, NW
520,180
GSA - Department of Justice
Renewal
East End
655 New York Avenue, NW
500,000
The Advisory Board Company
Prelease
East End
1825 Eye Street, NW
200,000
Dickstein Shapiro
Renewal and Contraction
CBD
1250 Maryland Avenue, SW
164,700
CareFirst BlueCross BlueShield
Renewal
Southwest
1400 L Street, NW
137,700
GSA - Immigration & Customs Enforcement
Renewal
East End
1201 Eye Street, NW
101,900
International Food Policy Research Institute
Relet
East End
800 Maine Avenue, SW
63,000
American Psychiatric Association
Prelease
Southwest
1200 19th Street, NW
62,700
Cozen O'Connor
Sublet
CBD
Key Sales Transactions 3Q 15

SF
SELLER/BUYER
PRICE
SUBMARKET
500 8th Street, NW
325,426
Boston Properties / Prudential
$318,000,000
East End
393,815
UBS / Carr Properties
$238,000,000
East End
1401 Eye Street, NW
227,845
Shorenstein Properties / Blackrock
$184,000,000
East End
1750 Pennsylvania Avenue, NW
281,560
Vornado Charles E Smith / John Hancock
$182,000,000
CBD
Washington, DC Office Market
Washington, DC Office Market
Net Absorption - Deliveries - Vacancy, Third Quarter 2015

16%
12%
8%
1
-1
4%
05
06
07
08
Net Absorption
09
10
11
Deliveries
12
13
14
Vacancy Rate
YTD
15
0%
45
15%
40
14%
35
13%
12%
30
11%
25
MSF
Vacancy Rate
MSF
Inventory by Class, Third Quarter 2015
10%
20
9%
15
8%
10
7%
5
0
Vacancy Rate
PROPERTY
6%
CBD
Class A
East End
Class B
West End/ Capitol Hill/

Georgetown
NoMa
Class C
Southwest/
Southeast
Vacancy %
Uptown
5%
DC Overall Vacancy
East End
Vacancy
12.3%
Net Absorption
Under Construction
88,300 SF
460,000 SF
Throughout the third quarter 2015, East End continued

to experience improving market fundamentals. Despite
the vacancy rate experiencing a year-over-year uptick of
1.3 percentage points (pp), closing the third quarter 2015
at 12.3%, future blocks of space marketed for availability
declined by nearly 600,000 square feet (sf). The largest
contributor to the decline was the International Food
Policy Research Institute, which signed a lease for 101,937
sf at 1201 Eye Street, NW, and will backfill the National Park
Services space once the agency vacates.
2.0
Outlook

Though the vacancy rate remains above prerecession levels, the broadening mix of leasing
activity from consulting firms, associations and
non-profits, technology companies, and other
private-sector tenants that remain in growthmode, will help to chip away at lingering large
blocks of availability, proving that the District is
becoming more than just a government town.
Though the East End will continue to experience
competition from the CBD, particularly as more
landlords look to kick off their redevelopments,
the East Ends rich amenity base and proximity
to Capitol Hill will certainly continue to cater
to government affairs groups that value quick
access to the seat of government.
16%
1.5
12%
1.0
0.5
8%
0.0
4%
-0.5
-1.0
05
06
07
08
09
Net Absorption
10
11
Deliveries
12
13
14
Vacancy Rate
YTD
2015
0%
Vacant and Available Space

9
8
7
4.3
MSF
6
5
4
1.5
2.6
3.7
4.1
3.5
Q4 11
Q4 12
Q4 13
1.9
1.5
3.6
Q4 10
3
2
1
0
Vacant
4.2
Q4 14
3.2
5.0
Q3 15
Marketed Available (not yet vacant)
Asking Rent
$65
$60
Full Service PSF
The largest lease of the quarter was signed by the Advisory

Board Company, which signed a 16-year, 500,000 sf
prelease at Douglas Developments proposed 655 New
York Avenue, NW site. The firms future relocation from the
West End submarket will allow the company to consolidate
its office functions into one building. It will also allow for
the growth of at least 1,000 new jobs in the District, per
the incentive package that Advisory Board Company is set
to receive from the city.
$54.92 FS
478,900 SF
Net Absorption Deliveries Vacancy
Tenant demand for quality and efficient space has

remained high, particularly for new construction, which
closed the third quarter 2015 at over 88% leased. The only
new delivery of the quarter, 601 Massachusetts Avenue,
NW, delivered 79.0% preleased to the law firm Arnold &
Porter, which took 373,000 sf.
Overall, class A direct asking rents closed at $57.89 full
service, per square foot (psf), a $0.30 increase since
third quarter 2014. Net effective rents have continued to
remain nearly flat as concession packages still remain at
peak levels; averaging $99.00 psf for tenant improvement
allowance and 12-months rent abatement on new, long
term, class A leases allowing many tenants to justify
relocation costs. As a result, relocations continued to
dominate third quarter 2015 leasing activity, accounting
for 59.5% of total leasing.
Asking Rent
Deliveries
Vacancy Rate
*Arrows = Current Qtr Trend
MSF
Market Indicators
$55
$50
$45
$40
$35
2009
2010
2011
Class A
2012
2013
2014
2015
Class B, $ PSF
Central Business District

Vacancy
9.6%
Net Absorption
Under Construction
Deliveries
Asking Rent
(59,000) SF
608,000 SF
0 SF
$50.40 FS
Washington, D.C.s Central Business District submarket

(CBD) is considered one of the premier submarkets in
the United States and is currently the best performing
submarket in the District of Columbia. The vacancy rate
for the CBD ended the third quarter of 2015 at 9.6%,
handily outperforming the 11.1% vacancy for the District of
Columbia market as a whole. Net absorption has totaled
1.7 million square feet since 2010. As the submarket
continues to offer unparalleled location and discounted
rents compared to its downtown counterpart the East
End expect vacancy to remain competitive and continue
to see a dropping vacancy rate in the near future.

1.50
14.0%
1.25
12.0%
1.00
10.0%
0.75
MSF
Market Indicators
8.0%
0.50
6.0%
0.25
4.0%
0.00
2.0%
-0.25
-0.50
05
06
07
08
09
10
Net Absorption
Looking forward, prospects for the CBD submarket

remain rosy. The scarcity of land in this core submarket
ensures that new development options will be limited to
the redevelopment of existing properties which will keep
the net new supply of inventory in balance with demand.
This, coupled with the fact that there are only 10 blocks of
existing space able to accommodate a user greater than
50,000 square feet in the CBD through 2017 and none
over 150,000 square feet, will cause the CBD submarket
to tighten further.
12
Deliveries
13
0.0%
YTD
2015
Vacancy Rate
14

8
7
6
1.9
1.9
5
MSF
The CBD attracts institutional investment from around the

globe. Through the third quarter of 2015, the submarket
has attracted $1.3 billion in total investment in the office
sector and historic pricing averaging $655 per square foot.
64% of the sales volume came from overseas sources.
Cap rates in the submarket have averaged 5.16% across all
transaction and property types in 2015.
11
1.6
1.7
2.0
1.5
4
3
2
4.8
4.8
4.8
4.6
4.2
3.7
Q4 10
Q4 11
Q4 12
Q4 13
Q4 14
Q3 15
1
0
Vacant
Asking Rent
$65
Considering the submarkets current momentum,

combined with a scarcity of large blocks of space
on the horizon, expect concessions to stabilize
and dial back, leading to modest asking rent
growth and a market that leans in the landlords
favor.
Full Service PSF
$60
Outlook
$55
$50
$45
$40
$35
2009
2010
2011
Class A
2012
2013
2014
2015
Class B, $ PSF
West End/Georgetown
Net Absorption
Under Construction
Deliveries
Asking Rent
41,100 SF
0 SF
0 SF
$48.51 FS
The West End/Georgetown submarket continued to

witness tightening market fundamentals throughout the
third quarter 2015. Vacancy rates fell 2.6 percentage points
(pp) year-over-year, closing the third quarter 2015 at 11.2%
near the 10-year historical average of 10.0%. Availability
for future vacancies also slipped since the third quarter
last year down by 8.9%, indicating that peak levels of
vacancy are in the past, at least for now. With large blocks
of space being chipped away, class A asking rents closed
the third quarter 2015 at $50.85 per square foot (psf), a
1.7% increase since the same time last year.
Though leasing activity for the quarter lacked any large
leases and were primarily comprised of small and midsize tenants from a variety of private sector industries,
absorption still remained positive, closing at positive
41,128 sf in the third quarter, and bringing the total for the
year to positive 69,808 sf. Advisory Board Companys
future relocation to 655 New York Avenue, NW upon the
buildings completion is the only move out on the horizon
that could impede some of the progress made in recent
quarters..

300
With the lack of any new office construction

and declining future availability, the vacancy
rate for West End/Georgetown should continue
to slip toward the 10-year historical average
especially as landlords continue to redevelop
office buildings to non-office uses.
Overall, with close proximity to many of
Washington,
D.C.s
residential
corridors,
universities,
hospitals,
federal
agencies,
including the State Department, as well as a
rich amenity base, the West End/Georgetown
submarket remains well positioned to continue
to capture tenants from a variety of private and
public sectors.
12%
0
-100
8%
-200
-300
4%
-400
-500
05
06
07
08
09
Net Absorption
10
11
Deliveries
12
13
14 YTD
2015
0%
Vacancy Rate

1.2
1
0.4
0.8
0.2
0.4
0.1
0.6
0.6
0.4
0.7
0.6
0.6
0.2
0
0.2
0.7
0.7
Q4 14
Q3 15
0.3
Q4 10
Q4 11
Vacant
Q4 12
Q4 13
Asking Rent
$52
$50
Full Service PSF
100
-600
Despite declining vacancy and positive absorption,

many blocks of space have continued to linger on the
market, prompting some landlords to evaluate other nonoffice functions for their buildings. Last year, plans to
convert 2501 M Street, NW to a residential building were
announced, and site work is expected to begin later this
year in preparation for the conversion of 1255 22nd Street,
NW from office to multifamily with ground-floor retail.
Outlook
16%
200
Vacancy Rate
Vacancy
11.2%
Square Feet, 000s
MSF
Market Indicators
$48
$46
$44
$42
$40
$38
2009
2010
2011
Class A
2012
2013
2014
2015
Class B, $ PSF
Capitol Hill/NoMa
Net Absorption
Under Construction
Deliveries
Asking Rent
159,700 SF
1,166,900 SF
0 SF
$49.98 FS
The Capitol Hill/NoMa submarket continued to attract a

broad range of private sector tenants throughout the third
quarter of 2015. Though the submarket only accounted
for 3.9% of the Districts gross leasing activity year to date
(a total of 309,385 sf ), Capitol Hill/NoMa did capture a
handful of leases greater than 10,000 sf all of which were
private sector tenants. Fox News signed the largest lease
of the quarter, opting to renew at 400-444 North Capitol
Street, NW for 64,605 sf, maintaining its proximity near
the Capitol. Save the Children Federation signed a 58,768sf lease, the second largest lease of the quarter, at 825
North Capitol Street, NW, relocating the non-profit from
the CBD.
Though NoMa is often considered somewhat of a
government enclave offering GSA tenants new, class A
buildings that meet federal security standards and rent
thresholds several developers are looking to capitalize on
the growing private sector tenant base. Though there is
still a number of proposed mixed-use developments in the
pipeline, other developers have opted to move forward
with their projects. Stanton Development broke ground
on its mixed-use project at 700 Pennsylvania Avenue, SE,
and Property Group Partners continued construction on
the decking portion over I-395 for its residential, retail, and
office development known as Capitol Crossing, which will
better connect East End and Capitol Hill upon its delivery
in 2018. Construction also continued at Republic Square II
(660 North Capitol Street, NW), which the National League
of Cities and the National Association of Counties are
expected to take a combined 81,000 sf upon completion.
Overall market fundamentals remained healthy during the
third quarter 2015. Vacancy declined 1.7 percentage points
(pp) year-over-year, closing the third quarter 2015 at 11.4%.
The average direct class A asking rental rate remained
almost entirely flat, closing the third quarter at $53.02 per
square foot (psf), down just 1.0 % since third quarter 2014.

1.50
16%
1.25
12%
1.00
0.75
8%
0.50
0.25
Vacancy Rate
Vacancy
11.4%
MSF
4%
0.00
-0.25
05
06
07
08
09
Net Absorption
10
11
Deliveries
12
0%
13
14 YTD
2015
Vacancy Rate

3.0
2.5
2.0
MSF
Market Indicators
0.6
1.0
1.7
0.5
0.0
Q4 10
1.2
1.2
Q4 11
Q4 12
Vacant
0.4
2.0
1.9
Q4 13
Q4 14
0.7
0.9
0.6
1.5
0.6
1.7
Q3 15
Asking Rent
$55
Outlook

Though the pending deliveries over the next

three years could potentially bring additional
large blocks of vacant space to the market,
Capitol Hill/NoMas proximity to the Capitol,
transportation options, and growing amenity
base will continue to remain attractive for private
and public sector tenants alike particularly
those who are seeking core-quality assets at
non-core pricing .
Full Service PSF
$50
$45
$40
$35
$30
$25
2009
2010
2011
Class A
2012
2013
2014
2015
Class B, $ PSF
Southwest/Capitol Riverfront/Southeast
Vacancy
9.7%
Net Absorption
Under Construction
Deliveries
Asking Rent
62,900 SF
553,900 SF
0 SF
$44.36 FS
Southwest/Capitol
Riverfront/Southeast
continues
to show signs of growth adding another 63,000 sf of
absorption in the third quarter of 2015. Year-to-date totals
in Southwest and Capitol Riverfront/Southeast come in at
102,900 sf and 62,500 sf, respectively. For a submarket
that registered negative net absorption of 437,800 sf
between 2012 and 2014, the submarket seems to have
turned a new leaf with two consecutive years of strong
positive demand. The vacancy rate continues to drop from
10.0% to 9.7%, a function of the strong leasing market.

3
With 70,000 sf preleased out of 550,000 sf under

construction in Southwest, rising vacancy is a definite
possibility.
The National Association of Broadcasters will be

moving to a build- to- suit office building at 1 M
Street, SE in the Capitol Riverfront neighborhood. The
building will break ground in spring of 2016 and bring
130,000 sf of office space to the submarket by 2018.
With its ever-expanding amenity base, the Capitol
Riverfront is rapidly becoming the citys full-service
entertainment district.
Several regionally competitive private sector deals are

weighing a move to SW/Capitol Riverfront. Landing
these deals could change the impression of the market
from a govenment enclave to an invreasing private
-1
12%
8%
4%
05
06
07
08
09
Net Absorption
10
11
Deliveries
12
13
14
Vacancy Rate
YTD
2015
0%

3.5
3.0
MSF
2.5
2.0
0.1
0.6
1.6
1.8
2.0
1.8
1.7
Q4 11
Q4 12
Q4 13
Q4 14
Q3 15
0.5
1.5
1.3
0.5
0.0
1.5
0.6
0.7
1.0
Q4 10
Vacant
Asking Rent
$55
Full Service PSF
16%
There is one building currently under construction in the

submarket is 400 6th Street, SW (also known as 500 D
Street, SW). The property, developed by Trammell Crow,
is expected to be finished by the end of this year and will
supply 341,300 sf to the submarket. Currently the project
is unleased but is expected to be very competitive for an
unprecedented amount of government deals hitting the
market in the near future.
Outlook
20%
One of the largest leases of the quarter was the 164,700

sf extension/expansion completed by CareFirst BlueCross
BlueShield at 1250 Maryland Avenue, SW. The tenant has
constantly expanded their footprint in the building after
originally taking around 100,000 sf. CareFirst has now
expanded twice in the building since the beginning of 2014
and bumped their lease term out seven years.
Rents continue to be a large driver of demand in the
submarket. Hovering around $44.00 per square foot (psf),
Southwest/Capitol Riverfront/Southeast is a strong player
for the large GSA tenants in the market. Throughout the
past couple of years, the GSA has continued to bump
out leases with short-term renewals leading to a build-up
of roll coming in the next five years. With the GSA rent
cap coupled with significant roll, the emerging markets
especially those submarkets south of the Capitol should
continue to see growth.
24%
Vacancy Rate
MSF
Market Indicators
$50
$45
$40
$35
2009
2010
2011
Class A
2012
2013
2014
2015
Class B, $ PSF
sectr location.
Uptown
Vacancy
14.4%
Net Absorption
Under Construction
(24,300) SF
0 SF
Uptown experienced its third consecutive quarter of

weak demand registering another 24,000 sf of negative
finished the quarter at 14.4%, up from 14.1% at mid-year.
100
a vacancy rate that hovered anywhere from 6% to 10%.

Recently the submarket has now risen to an all-time high at
Square Feet, 000s
200
its headquarters to the suburbs, the submarket registered
Asking Rent
0 SF
$41.04 FS
net absorption. The vacancy rate continued to rise as it

Prior to the second quarter of 2014, when Intelsat relocated
Deliveries
14.4%, well above the historical average of 8.0%. Over the
16%
12%
0
-100
8%
-200
4%
-300
last 10 years, absorption has registered negative 668,000
-400
sf or negative 17,100 sf per quarter.
05
06
07
08
09
Net Absorption
For a submarket that is dominated by smaller-sized leases,
10
11
Deliveries
12
13
14 YTD
2015
Vacancy Rate
Vacancy Rate
Market Indicators
0%
the area is home to numerous local doctors, wealth

management firms, lawyers and smaller associations/
non-profits. The Uptown submarket experienced its

1.8
Metalogix deal broke the streak of 4 consecutive quarters
1.6
without a deal over 10,000 sf, FHI 360 sublet 13,300 sf of
1.4
expansion space at 1875 Connecticut Avenue, NW. FHI 360
1.2
currently occupies 200,000 sf in the building just north

of Dupont Circle. Of note, after Fannie Mae signed for
MSF
second lease over 10,000 sf in as many quarters. After the
1.1
1
0.8
0.2
0.7
0.6
0.5
0.5
Q4 10
Q4 11
Q4 12
Q4 13
0.4
the GSEs existing buildings on Wisconsin and Connecticut
0.2
Avenues will likely go to market for redevelopment. Given
the slow leasing market in Uptown, expect the property to

undergo a repurpose play and potentially change its use
Vacant
to residential.
0.3
0.9
0.9
Q4 14
Q3 15
0.8
0.1
0.6
700,000 sf in the East End during the first quarter of 2015,
0.4
Asking Rent
Outlook

Most of the large blocks of available space in

Uptown are already vacant, the submarket
inventory is only 6.6 msf and there are no
buildings under construction. Because of these
conditions, even a few moderate-sized leases
over the next year will allow vacancy to trend
back downward toward its long-term average.
Smaller tech-oriented firms have shown a
preference for non-traditional loft style space.
Uptown could potentially fill the demand as this
is largely non-existent in the core markets
Full Service PSF
$50
$45
$40
$35
$30
$25
2009
2010
2011
Class A
2012
2013
2014
2015
Class B, $ PSF
Appendix
Table Summaries
Metro Washington Office
Market Summary
13
Employment Data
13
Office Availability, Vacancy,
and Net Absorption
14
Metro Washington Office Market Summary: Third Quarter 2015p

Total
Inventory
Total Space
Vacant
Vacancy
Rate
Q3 2015
Absorption
YTD
Absorption
Washington, DC
123,122,911
13,612,467
11.1%
268,706
518,835
Northern Virginia
163,278,088
30,366,384
18.6%
97,405
270,010
Suburban Maryland
72,899,650
13,600,005
18.7%
93,027
306,374
Regional Totals
359,300,649
57,578,856
16.0%
459,138
1,095,219
Trailing 12-Month Data

15
Historical Year-End Data
16
Metro Washington Current Employment Data

Non Farm
Employment
(Jan-Sep 2014)
Non Farm
Employment
(Jan-Sep 2015p)
Jobs Added/
Lost*
Percent Change
Washington, DC
751,400
763,400
12,000
1.6%
Northern Virginia
1,377,800
1,401,700
23,900
1.7%
957,900
976,700
18,800
2.0%
3,104,700
3,162,800
58,100
1.9%
Market Statistics by Class

17-18
Survey of New Office Space
by Submarket
19-22
Methodology & Definitions
23
Suburban Maryland
Regional Totals
SOURCE: U.S. Bureau of Labor Statistics (Not seasonally adjusted)

* Average per year to date
p - preliminary
40,291,779
5,921,127
4,642,579
10,289,374
13,382,559
3,736,758
6,564,289
123,122,911
East End
West End/
Georgetown
Capitol Hill
NoMa
Southwest
Capitol
Riverfront/
Southeast
Uptown
TOTAL
p - preliminary
38,294,446
CBD
Total
Inventory
1,375,878
217,298
122,042
724,464
47,854
127,756
136,464
New Space
Vacant
11,543,802
893,410
172,009
1,113,419
523,954
345,161
638,349
4,530,970
3,326,530
Relet Space
Vacant
692,787
53,201
10,800
17,655
49,324
12,075
27,405
293,478
228,849
Sublet
Space
Vacant
13,612,467
946,611
400,107
1,253,116
1,297,742
405,090
665,754
4,952,204
3,691,843
Total Space
Vacant
11.1%
14.4%
10.7%
9.4%
12.6%
8.7%
11.2%
12.3%
9.6%
Vacancy
Rate (%)
Office Availability, Vacancy, and Net Absorption, Third Quarter 2015p
450,351
2,022
(154)
24,213
424,302
(32)
New Space
Absorption
(234,874)
(33,953)
3,084
38,857
148,308
6,842
42,628
(376,068)
(64,572)
Relet Space
Absorption
53,229
9,685
18,983
(18,325)
(1,209)
(1,500)
40,037
5,558
Sublet
Space
Absorption
268,706
(24,268)
5,106
57,840
129,829
29,846
41,128
88,271
(59,046)
Total
Absorption
Appendix
39,708,356
5,921,127
4,642,579
10,289,374
13,382,559
3,736,758
6,564,289
122,889,802
East End
West End/
Georgetown
Capitol Hill
NoMa
Southwest
Capitol Riverfront/
Southeast
Uptown
TOTAL
p - preliminary
38,644,760
CBD
4th Qtr
2014
Trailing 12-Month Data
122,850,343
6,564,289
3,736,758
13,382,559
10,289,374
4,642,579
5,921,127
39,812,897
38,500,760
1st Qtr
2015p
122,850,343
6,564,289
3,736,758
13,382,559
10,289,374
4,642,579
5,921,127
39,812,897
38,500,760
2nd Qtr
2015p
Total Inventory
123,122,911
6,564,289
3,736,758
13,382,559
10,289,374
4,642,579
5,921,127
40,291,779
38,294,446
3rd Qtr
2015p
11.2%
13.0%
12.4%
10.1%
13.9%
10.8%
12.4%
10.7%
10.9%
4th Qtr
2014
11.3%
13.5%
12.0%
9.7%
14.3%
10.3%
12.0%
11.6%
10.2%
1st Qtr
2015p
11.0%
14.1%
10.8%
9.8%
13.9%
9.4%
11.9%
11.5%
9.9%
2nd Qtr
2015p
Vacancy Rate (%)
11.1%
14.4%
10.7%
9.4%
12.6%
8.7%
11.2%
12.3%
9.6%
3rd Qtr
2015p
197,943
41,706
18,180
10,105
13,454
(1,011)
(14,688)
121,711
8,486
4th Qtr
2014
(25,004)
(22,760)
12,882
54,501
(43,179)
24,583
25,466
(296,022)
219,525
1st Qtr
2015
275,133
(38,397)
44,514
(9,499)
41,964
43,527
3,214
64,365
125,445
2nd Qtr
2015
Total Absorption
268,706
(24,268)
5,106
57,840
129,829
29,846
41,128
88,271
(59,046)
3rd Qtr
2015p
Appendix
39,225,153
6,019,052
4,504,027
9,636,850
13,907,238
3,736,758
6,408,307
122,155,805
East End
West End/
Georgetown
Capitol Hill
NoMa
Southwest
Capitol Riverfront/ Southeast
Uptown
TOTAL
p - preliminary
38,718,420
CBD
2012
Historical Year-End Data
122,183,159
6,489,940
3,736,758
13,516,238
10,289,374
4,642,579
6,019,052
38,522,051
38,967,167
2013
122,889,802
6,564,289
3,736,758
13,382,559
10,289,374
4,642,579
5,921,127
39,708,356
38,644,760
2014
Total Inventory
123,122,911
6,564,289
3,736,758
13,382,559
10,289,374
4,642,579
5,921,127
40,291,779
38,294,446
2015p
10.6%
7.4%
17.6%
8.1%
10.0%
5.2%
10.2%
10.4%
12.3%
2012
10.6%
7.2%
18.6%
9.8%
16.2%
6.3%
5.7%
9.1%
11.8%
2013
11.2%
13.0%
12.4%
10.1%
13.9%
10.8%
12.4%
10.7%
10.9%
2014
Vacancy Rate (%)
11.1%
14.4%
10.7%
9.4%
12.6%
8.7%
11.2%
12.3%
9.6%
2015p
(95,156)
109,221
(36,363)
(206,657)
39,153
183,514
5,912
(411,536)
221,600
2012
550,914
51,902
(41,373)
(223,402)
175
88,177
152,871
175,785
346,779
2013
(489,588)
(373,697)
219,686
(149,719)
127,212
(208,225)
(515,786)
136,495
274,446
2014
Total Absorption
543,839
(62,665)
49,620
48,341
171,793
73,373
44,342
152,636
66,399
2015p
Appendix
Market Statistics
Washington, DC 3rd Quarter 2015 Market Statistics
Buildings
Total
Inventory
(SF)
New
Vacancy
(%)
Relet
Vacancy
(%)
Sublet
Vacancy
(%)
Total
Vacancy*
(%)
Total
Availability
(%)
Net Absorption
Current QTR
(SF)
Under
Construction
(SF)
Average
Asking
Rent
(FS)
101
22,414,164
0.6%
9.0%
0.5%
10.1%
14.8%
(89,511)
607,951
$55.17
128
15,002,584
0.0%
8.5%
0.8%
9.3%
12.0%
19,384
$42.13
20
877,698
0.0%
3.8%
0.0%
3.8%
3.0%
11,081
$34.81
TOTAL
249
38,294,446
0.4%
8.7%
0.6%
9.6%
13.6%
(59,046)
607,951
$50.40
117
31,386,913
0.4%
11.1%
0.7%
12.3%
21.5%
302,233
459,617
$58.15
65
7,921,789
0.0%
12.7%
0.7%
13.4%
16.3%
(222,695)
$43.89
22
983,077
0.0%
3.0%
0.6%
3.5%
7.0%
8,733
$47.25
TOTAL
204
40,291,779
0.3%
11.2%
0.7%
12.3%
20.2%
88,271
459,617
$54.92
CBD
Class
East End
Class
West End/Georgetown
Class
A
23
3,886,159
0.0%
13.7%
0.7%
14.4%
17.3%
2,139
$50.85
29
1,942,755
0.0%
5.4%
0.0%
5.4%
10.7%
38,989
$40.33
92,213
0.0%
0.0%
0.0%
0.0%
0.0%
$35.00
TOTAL
58
5,921,127
0.0%
10.9%
0.5%
11.2%
14.8%
41,128
$48.51
13
2,865,971
1.7%
8.3%
0.1%
10.1%
14.6%
24,213
966,617
$56.11
17
1,364,132
0.0%
5.6%
0.7%
6.3%
18.3%
1,010
$43.09
14
412,476
0.0%
7.2%
0.0%
7.2%
8.5%
4,623
$44.87
TOTAL
44
4,642,579
1.0%
7.3%
0.3%
8.7%
14.7%
29,846
966,617
$56.05
32
9,497,067
7.6%
2.9%
0.4%
11.0%
16.2%
129,789
200,000
$49.41
730,545
0.0%
26.7%
1.0%
27.7%
19.6%
40
$29.20
61,762
0.0%
88.1%
0.0%
88.1%
23.4%
$13.43
TOTAL
39
10,289,374
7.1%
5.1%
0.5%
12.6%
16.5%
129,829
200,000
$47.71
Capitol Hill
Class
NoMa
Class
* Total Vacancy - the vacancy rate is calculated using the combined total of relet, sublet and new vacant space.
Market Statistics
Washington, DC 3rd Quarter 2015 Market Statistics
Buildings
Total
Inventory
(SF)
New
Vacancy
(%)
Relet
Vacancy
(%)
Sublet
Vacancy
(%)
Total
Vacancy*
(%)
Total
Availability
(%)
Net Absorption
Current QTR
(SF)
Under
Construction
(SF)
Average
Asking
Rent
(FS)
Southwest
Class
A
23
10,099,177
1.2%
6.9%
0.2%
8.2%
17.0%
38,967
553,879
$47.71
11
3,283,382
0.0%
12.8%
0.0%
12.8%
23.3%
18,873
$40.79
TOTAL
34
13,382,559
1.0%
9.3%
0.1%
9.4%
18.8%
57,840
$44.99
Capitol Riverfront/Southeast
Class
A
11
3,736,758
5.8%
4.6%
0.3%
10.7%
16.3%
5,106
$42.71
TOTAL
11
3,736,758
5.9%
4.7%
0.3%
10.7%
16.3%
5,106
$42.71
12
2,126,653
0.0%
2.4%
1.9%
4.3%
9.4%
12,973
$43.01
55
3,603,081
0.0%
22.1%
0.3%
22.4%
26.9%
(14,738)
$40.87
31
834,555
0.0%
5.5%
0.4%
5.9%
1.7%
(22,503)
$29.40
TOTAL
98
6,564,289
0.0%
14.8%
0.9%
14.4%
19.6%
(24,268)
$41.04
Uptown
Class
Washington, DC
Class
A
332
86,012,862
1.6%
8.7%
0.6%
10.9%
17.7%
425,909
2,234,185
$50.60
310
33,848,268
0.0%
11.5%
0.6%
12.0%
16.2%
(159,137)
$41.62
95
3,261,781
0.0%
5.9%
0.3%
6.2%
5.5%
1,934
$37.46
TOTAL
737
123,122,911
1.1%
9.4%
0.6%
11.1%
17.0%
268,706
2,234,185
$50.37
* Total Vacancy - the vacancy rate is calculated using the combined total of relet, sublet and new vacant space.
Brookfield Office Properties

Deutsche Asset & Wealth Mgmt
2001 M Street, NW
1800 K Street, NW
Gould Property Company
600 Massachusetts Avenue, NW
= Full Service NN = Plus Electric & Char

= Plus Electric NT = Plus Taxes
FS
N
U/R = Under Renovation

NNN = Net of all Operating Expenses and Taxes
Operating Expense and Real Estate Tax Base
Status
U/C = Under Construction
Total
Withheld
$44.00-$51.00 NNN
Republic Properties Corporation
660 N Capitol Street, NW
200 and 250 Massachusetts Avenue,

Property Group Partners
NW
RENTAL RATE
OWNER/DEVELOPER
BUILDING ADDRESS
Capitol Hill/ NoMa
Total
$55.00-$65.00 NNN
Douglas Development
1000 F Street, NW
U/C
STATUS
U/R
U/R
U/C
STATUS
U/C
U/C
STATUS
Low to Mid $50's NNN U/C
RENTAL RATE
OWNER/DEVELOPER
$46.00 - $48.00 NNN
BUILDING ADDRESS
East End
Total
Mid $60's NNN
The JBG Companies
900 16th Street, NW

$45.00-$55.00 NNN
RENTAL RATE
OWNER/DEVELOPER
BUILDING ADDRESS
CBD
1Q18
1Q16
DELIVERY
DATE
3Q16
3Q16
DELIVERY
DATE
1Q16
1Q16
1Q16
DELIVERY
DATE
1,166,917
966,917
200,000
RENTABLE
BUILDING
AREA
459,617
364,962
94,655
RENTABLE
BUILDING
AREA
607,951
201,226
284,000
122,725
RENTABLE
BUILDING
AREA
1,166,917
966,917
200,000
AVAILABLE
SPACE
210,231
123,659
86,572
AVAILABLE
SPACE
427,876
161,546
234,000
32,330
AVAILABLE
SPACE
Washington, DC Survey of Office Space Under Construction/Under Renovation
0%
0%
0%
PERCENT
PRELEASED
54%
66%
9%
PERCENT
PRELEASED
30%
20%
18%
74%
PERCENT
PRELEASED
N/A
N/A
MAJOR TENANTS
Venable
N/A
MAJOR TENANTS
N/A
Bracewell Giuliani
Miller & Chevalier
MAJOR TENANTS
N

= Plus Electric NT = Plus Taxes
FS
U/R = Under Renovation
2,788,364
TOTAL CURRENTLY UNDER

CONSTRUCTION/RENOVATION
966,917
2018 DELIVERIES
Status
212,596
2017 DELIVERIES
U/C = Under Construction
1,267,568
AVAILABLE
SPACE
RENTABLE
BUILDING
AREA
2,358,901
966,917
212,596
838,107
341,281
553,877
212,596
341,281
AVAILABLE
SPACE
553,879
212,596
341,283
RENTABLE
BUILDING
AREA
2016 DELIVERIES
3Q17
4Q15
DELIVERY
DATE
341,283
U/C
U/C
STATUS
2015 DELIVERIES
Washington, DC Summary
Total
PN Hoffman / Madison Marquette
The Wharf Phase 1- 800 Maine

Avenue, SW
Mid to High $50's FS
Trammell Crow Company / Columbia

Withheld
Funding Corp
400 6th Street, SW A.K.A. 500 D

Street, SW
RENTAL RATE
OWNER/DEVELOPER
BUILDING ADDRESS
Southwest/Capitol Riverfront/Southeast
Washington, DC Survey of Office Space Under Construction/Under Renovation
15%
0%
0%
34%
0%
PERCENT
PRELEASED
0%
0%
0%
PERCENT
PRELEASED
N/A
N/A
MAJOR TENANTS
900 G Street, NW
Perseus Realty
Brookfield Office Properties
Akridge
Hines
Union Investments
799 9th Street, NW
AAMC
655 K Street, NW
600 13th Street, NW
N = Plus Electric NT = Plus Taxes

FS
Hines
Furioso Development
CityCenter DC
North and South Towers
800/850 10th Street NW
Total
OWNER/DEVELOPER
BUILDING ADDRESS
2014 Deliveries
$46.50 FS
N/A
RENTAL RATE
$47.00-$53.00 NNN
$54.00 NNN
RENTAL RATE
Withheld
$36.00-$47.00 NNN
$50.00-$57.00 NNN
East End
East End
East End
CBD
East End
Uptown
Uptown
SUBMARKET
East End
East End
SUBMARKET
1,328
149,355
1,473,976
24,845
19,996
63,811
39,375
NEW SPACE
AVAILABLE
102,736
25,198
77,538
NEW SPACE
AVAILABLE
531,652
221,659
273,454
168,837
204,025
27,761
46,588
RENTABLE
BUILDING
AREA
577,295
104,541
472,754
RENTABLE
BUILDING
AREA
*Vacancy rate for new office space- does not include relet or sublet space available
Delivered 1Q14
Renovation
$44.00-$48.00 NNN
Completed 1Q14
Delivered 2Q14
Delivered 3Q14
Renovation
$43.00-$54.00 NNN
Completed 3Q14
Delivered 3Q14
Delivered 4Q14
STATUS
Delivered 1Q15
ASB Real Estate Investments / MRP

Realty, Inc
Total
Delivered 3Q15
Boston Properties
601 Massachusetts Avenue, NW
STATUS
OWNER/DEVELOPER
BUILDING ADDRESS
2015 Deliveries
Washington, DC Survey of New Office Space
10%
0%
11%
7%
38%
19%
0%
0%
VACANCY RATE
(AS OF CURRENT
QUARTER)*
18%
24%
16%
VACANCY RATE
(AS OF CURRENT
QUARTER)*
97%
85%
79%
60%
73%
100%
100%
PERCENT LEASED UPON

DELIVERY
40%
84%
PERCENT LEASED UPON

DELIVERY
Renovation
Low-Mid $40's FS
Completed 2Q13
Delivered 1Q13
First Potomac Realty Trust / The

Lenkin Company Management
Douglas Development Corporation
Angelo Gordon / Monument Realty /
Verizon Communications
440 1st Street, NW
Wonder Bread Building

641 S Street, NW
2055 L Street, NW
Boston Properties
Broadcast Center Partners, LLC

Potomac Investment Properties
500 N Capitol Street, NW
Offices at Progression Place

1805 7th Street, NW
1000 Connecticut Avenue, NW
N = Plus Electric NT = Plus Taxes

FS
Total
OWNER/DEVELOPER
BUILDING ADDRESS
2012 Deliveries
Douglas Development Corporation
Renovation
$48.00-$52.00 FS
Completed 3Q13
Carr Properties
1700 New York Avenue, NW
Arch Square
801-803 7th Street, NW
Total
Delivered 4Q13
Trammell Crow Company
Uptown
Capitol Hill
SUBMARKET
East End
CBD
Uptown
Capitol Hill
CBD
NoMa
High $40's to Mid $50's FS CBD
N/A
$44.00-$48.00 NNN
RENTAL RATE
N/A
N/A
$55.00 NNN
$52.00-$55.00 FS
NoMa
SUBMARKET
715,373
385,791
98,243
231,339
15,272
9,468
5,804
NEW SPACE
AVAILABLE
700,735
1,145,399
RENTABLE
BUILDING
AREA
45,087
3,124
289,524
363,000
NEW SPACE
AVAILABLE
25,000
126,760
81,633
137,495
121,987
289,524
363,000
RENTABLE
BUILDING
AREA
*Vacancy rate for new office space- does not include relet or sublet space available
Delivered 2Q12
Delivered 4Q12
Delivered 4Q12
STATUS
Delivered 1Q13
Delivered 4Q13
$30.00's NNN
Sentinel Square Phase II

1050 1st Street, NE
Delivered 4Q13
StonebridgeCarras
RENTAL RATE
Three Constitution Square

175 N Street, NE
STATUS
OWNER/DEVELOPER
BUILDING ADDRESS
2013 Deliveries
Washington, DC Survey of New Office Space
2%
2%
0%
3%
VACANCY RATE
(AS OF CURRENT
QUARTER)*
61%
0%
0%
0%
33%
3%
100%
100%
VACANCY RATE
(AS OF CURRENT
QUARTER)*
83%
52%
82%
PERCENT LEASED UPON

DELIVERY
76%
74%
0%
14%
78%
0%
0%
PERCENT LEASED UPON

DELIVERY
Methodology & Definitions

Methodology
Explanation of Terms
Market statistics are calculated

from a base building inventory
made up of office properties
deemed to be competitive in the
typical Washington, DC office
market. Single-tenant buildings and
privately-owned buildings in which
the federal government leases space
are included.
Generally, owneroccupied
and
federally-owned
buildings are not included. Older
buildings unfit for occupancy or ones
that require substantial renovation
before
tenancy
are
generally
not included in the competitive
inventory. Vacant space is defined
as space that is physically vacant and
available immediately. Sublet space
still occupied by the tenant is not
counted as vacant space.
Total Inventory: The total amount

of office space (in buildings greater
than 10,000 square feet) that can be
rented by a Fourth party.
New Space Vacant: First generation,
never-occupied office space in
newly constructed or substantially
renovated buildings, being actively
marketed by a landlord.
Relet
Space
Vacant:
Secondgeneration,
unoccupied
office
space being actively marketed by a
landlord. (Space that is marketed but
largely occupied is not counted as
vacant space.)
Sublet Space Vacant: Secondgeneration, unoccupied space being
actively marketed by a tenant.
(Sublet space that is marketed but
still occupied is not counted as
vacant space.)
Total Space Vacant: The sum of
new, relet, and sublet space that
is unoccupied and being actively
marketed.
Vacancy Rate: The amount of
unoccupied space (new, relet, and
sublet) expressed as a percentage of
total inventory. (Total Space Vacant
divided by Total Inventory.)
Total Space Available: The total

amount of space, both vacant and
occupied, being actively marketed
for lease by a tenant or landlord.
(This includes space that is currently
occupied but marketed for future
availability.)
Availability Rate: The total amount
of space being actively marketed for
lease (both vacant and occupied)
expressed as a percentage of total
inventory. (Total Space Available
divided by Total Inventory.)
Absorption: The net change in
occupied space between two points
in time. (Total occupied space in the
previous quarter minus total occupied
space in the current quarter, quoted
on a net, not gross, basis.)
New Space Absorption: The net
change in occupied new space
between two quarters.
Relet/Sublet Absorption: The net
change in occupied relet and sublet
space between two quarters.
Total Absorption: The The net
change in total occupied (new, relet,
and sublet) space between two
quarters.
Disclaimer
This report and other research materials may be found on our website at www.cushmanwakefield.com. This is a research document of Cushman
& Wakefield in Washington, DC. Questions related to information herein should be directed to the Research Department at 202-463-2100.
Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firms
43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors
around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services
of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management
(DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.
com or follow @CushWake on Twitter.
Visit cushmanwakefield.com for more information on the full range of

Cushman & Wakefield commercial real estate services or contact:
Nathan Edwards
Regional Director
2101 L Street, NW, Suite 700
Washington, DC 20037
+1 202 463 2100
Joseph Wood
Research Analyst
+1 202 463 2100
Summer Newman
Senior Research Analyst
+1 202 463 2100
About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients
transform the way people work, shop, and live. The firms 43,000 employees in more
than 60 countries provide deep local and global insights that create significant value for
occupiers and investors around the world. Cushman & Wakefield is among the largest
commercial real estate services firms with revenue of $5 billion across core services
of agency leasing, asset services, capital markets, facility services (C&W Services),
global occupier services, investment & asset management (DTZ Investors), project &
development services, tenant representation, and valuation & advisory. To learn more,
visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Publication date: 11.12.15

Copyright 2015 Cushman & Wakefield. All rights reserved.
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Market Report

Washington, DC | 3rd Quarter 2015

DC Metropolitan Area Oveview................................................................................3

Cushman & Wakefield | 2

Washington, DC Metropolitan Area

Necessary fiscal clarity coming from the federal government

Average Asking Rent (FS)

Net Absorption/Asking Rent

Net Absorption, MSF

Asking Rent, $ PSF

Washington, DC Metropolitan Area

The Washington, D.C. Metropolitan regions economic

Two Years of Clarity Ahead for the

The District of Columbia experienced its second consecutive

Gross Leasing Activity

The Washington, D.C. Metropolitan regional economy continued to

Overall Vacancy Rate

Historical Average = 10.8%

Large Blocks of Contiguous Space

Cushman & Wakefield | 4

GSA - Department of Justice

655 New York Avenue, NW

The Advisory Board Company

1825 Eye Street, NW

Renewal and Contraction

1250 Maryland Avenue, SW

CareFirst BlueCross BlueShield

GSA - Immigration & Customs Enforcement

1201 Eye Street, NW

International Food Policy Research Institute

800 Maine Avenue, SW

American Psychiatric Association

1200 19th Street, NW

Key Sales Transactions 3Q 15

500 8th Street, NW

Boston Properties / Prudential

1152 15th Street, NW

UBS / Carr Properties

1401 Eye Street, NW

Shorenstein Properties / Blackrock

1750 Pennsylvania Avenue, NW

Vornado Charles E Smith / John Hancock

Washington, DC Office Market

Washington, DC Office Market

Net Absorption - Deliveries - Vacancy, Third Quarter 2015

Inventory by Class, Third Quarter 2015

West End/ Capitol Hill/

Cushman & Wakefield | 6

Throughout the third quarter 2015, East End continued

Vacant and Available Space

Marketed Available (not yet vacant)

The largest lease of the quarter was signed by the Advisory

Net Absorption Deliveries Vacancy

Tenant demand for quality and efficient space has

*Arrows = Current Qtr Trend

Central Business District

Washington, D.C.s Central Business District submarket

Net Absorption Deliveries Vacancy

Looking forward, prospects for the CBD submarket

Vacant and Available Space

The CBD attracts institutional investment from around the

Marketed Available (not yet vacant)