Skip to main content

With highest vacancy rate since 1993, downtown DC’s office woes continue to mount

Downtown D.C.’s office vacancies hit another record-setting high in late 2019, a continued cause for alarm among the District’s commercial real estate industry.

The Downtown D.C. Business Improvement District estimates there’s about 7.7 million square feet of empty office space within its borders, per a report the BID released earlier this month. That number surpassed the previous record of 6.8 million the business district reported with its annual State of Downtown report released last April. The latest numbers bring the vacancy rate to 13.9%, the highest rate since 1993.

The problem, caused by a confluence of events, which include new construction and increased efficiency among tenants, continues to put strain on landlords, forcing many to sweeten the pot with free rent and tenant improvement packages in an effort to plug holes or stave off potential vacancies, according to the BID report.

“The office market in Downtown D.C. continues to move sideways at best,” the report stated. “Landlords…

Read the full story from the Washington Business Journal.

Sonic Drive-In to open its first restaurant in Northern Virginia’s I-95 corridor

Fast-food chain Sonic Drive-In has filed plans to build a new restaurant in Prince William County, its first outpost along the Interstate 95 corridor in Northern Virginia. The 1,400-square-foot restaurant, with two drive-thru lanes, 12 pull-up ordering stalls and a dining patio, will be located at 4115 Talon Drive in Dumfries, part of the Barracks Row at Quantico commercial development less than a mile northwest of the I-95 interchange at state Route 234. The location “will constitute a flagship Sonic design that will serve as a benchmark for future restaurant drive-thru development,” according to a written narrative accompanying the application, filed by Noah Klein of Venable LLP.
Read Next Story