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Annual Press Conference - GWCAR Presentation

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Presentation by the Greater Washington Commercial Association of Realtors at the Annual Press Conference - held at the National Press Club in Washington DC on December 15, 2009.

Presentation by the Greater Washington Commercial Association of Realtors at the Annual Press Conference - held at the National Press Club in Washington DC on December 15, 2009.

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Annual Press Conference - GWCAR Presentation Annual Press Conference - GWCAR Presentation Presentation Transcript

  • 5 5 WASHINGTON DC METRO MARKET OVERVIEW www.grubb-ellis.com grubb-ellis.com
  • Susan Pepper 2010 President GREATER WASHINGTON COMMERCIAL ASSOCIATION OF REALTORS Senior Vice President Grubb & Ellis Company
  • Greater Washington Office Market
    • Total SF : 297,376,507*
    • Overall Vacancy: 14.9%
    • Year To Date Net Absorption: (1,007,442)
    • Under Construction: 7,931,938 SF
    • Average Asking Rental Rates
      • Class A: $39.97
      • Class B: $30.90
      • * Stats compiled by Grubb & Ellis Research do not include Owner Occupied Buildings
    Center of the Universe Source: Grubb & Ellis Research
  • D.C. Metro – Best of the Biggest Washington – 37,000
  • Unemployment Rate Year-End Source: U.S. Bureau of Labor Statistics 10.2% 7.6% 6.2%
  • Loss of Jobs Rising Vacancy But there’s more to it…
  • D.C. Metro Office Deliveries Source: Grubb & Ellis Research, CoStar Square Feet (Millions) *Anticipated Deliveries
  • Vacancy and Average Asking Rental Rates Dollars per Square Foot Vacancy Rate D.C. Office Market Source: Grubb & Ellis Research *Projection
  • Vacancy and Average Asking Rental Rates Dollars per Square Foot Vacancy Rate Source: Grubb & Ellis Research *Projection Northern VA Office Market
  • Vacancy and Average Asking Rental Rates Dollars per Square Foot Vacancy Rate Suburban MD Office Market Source: Grubb & Ellis Research *Projection
  • 2009 at a Glance in Greater Washington
    • 1st Quarter
    • Overall Vacancy: 13.5%
    • Net Absorption: (732,458) SF
    • Average Asking Rental Rates
      • Class A: $39.70
      • Class B: $32.67
    • 2nd Quarter
    • Overall Vacancy: 14.2%
    • Net Absorption: 72,759 SF
    • Average Asking Rental Rates
      • Class A: $40.01
      • Class B : $31.75
    • 3rd Quarter
    • Overall Vacancy: 14.9%
    • Net Absorption: (281,723) SF
    • Average Asking Rental Rates
      • Class A: $39.97
      • Class B: $30.90
    Source: Grubb & Ellis Research
  • Available Sublease Space Source: Grubb & Ellis Research Increasing at a Decreasing rate… Square Feet
  • Office Sales Volume (In Billions) D.C. Metro Investment * Projection Source: Real Capital Analytics, Grubb & Ellis
  • 1099 New York Avenue – 178,000 SF Sale Price: $90.5 million Buyer: Credit Suisse Seller: Tishman Speyer What would we do without foreign money? 1999 K Street – 249,000 SF Sale Price: $207.8 million Buyer: Deka Immobilien Investment Seller: Vornado Realty trust
  • *Projection Source: General Services Administration, Grubb & Ellis GSA Regional Inventory of Leased Space GSA…YEA! (SF in Millions)
    • Economic and job growth expected to continue in 2010
    • New deliveries increased vacancy in Greater Washington
    • Rental Rates – relatively flat – major concessions to continue
    • Office Investment Sales expected to see an uptick in activity
    • Government leasing – drive market in 2010
    • Don’t shoot the MESSENGER!
    Summary