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 Comp...
Greater Washington Office Market <ul><li>Total SF : 297,376,507*   </li></ul><ul><li>Overall Vacancy:  14.9% </li></ul><ul...
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 Res...
Vacancy and Average Asking Rental Rates Dollars per Square Foot Vacancy Rate Source:  Grubb & Ellis Research *Projection N...
Vacancy and Average Asking Rental Rates Dollars per Square Foot Vacancy Rate Suburban MD Office Market Source:  Grubb & El...
2009 at a Glance in Greater Washington  <ul><li>1st Quarter   </li></ul><ul><li>Overall Vacancy:  13.5% </li></ul><ul><li>...
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 ...
*Projection Source:  General Services Administration, Grubb & Ellis GSA Regional Inventory of Leased Space  GSA…YEA! (SF i...
<ul><li>Economic and job growth expected to continue in 2010 </li></ul><ul><li>New deliveries increased vacancy in Greater...
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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.

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Transcript of "Annual Press Conference - GWCAR Presentation"

  1. 1. 5 5 WASHINGTON DC METRO MARKET OVERVIEW www.grubb-ellis.com grubb-ellis.com
  2. 2. Susan Pepper 2010 President GREATER WASHINGTON COMMERCIAL ASSOCIATION OF REALTORS Senior Vice President Grubb & Ellis Company
  3. 3. Greater Washington Office Market <ul><li>Total SF : 297,376,507* </li></ul><ul><li>Overall Vacancy: 14.9% </li></ul><ul><li>Year To Date Net Absorption: (1,007,442) </li></ul><ul><li>Under Construction: 7,931,938 SF </li></ul><ul><li>Average Asking Rental Rates </li></ul><ul><ul><li>Class A: $39.97 </li></ul></ul><ul><ul><li>Class B: $30.90 </li></ul></ul><ul><ul><li>* Stats compiled by Grubb & Ellis Research do not include Owner Occupied Buildings </li></ul></ul>Center of the Universe Source: Grubb & Ellis Research
  4. 4. D.C. Metro – Best of the Biggest Washington – 37,000
  5. 5. Unemployment Rate Year-End Source: U.S. Bureau of Labor Statistics 10.2% 7.6% 6.2%
  6. 6. Loss of Jobs Rising Vacancy But there’s more to it…
  7. 7. D.C. Metro Office Deliveries Source: Grubb & Ellis Research, CoStar Square Feet (Millions) *Anticipated Deliveries
  8. 8. Vacancy and Average Asking Rental Rates Dollars per Square Foot Vacancy Rate D.C. Office Market Source: Grubb & Ellis Research *Projection
  9. 9. Vacancy and Average Asking Rental Rates Dollars per Square Foot Vacancy Rate Source: Grubb & Ellis Research *Projection Northern VA Office Market
  10. 10. Vacancy and Average Asking Rental Rates Dollars per Square Foot Vacancy Rate Suburban MD Office Market Source: Grubb & Ellis Research *Projection
  11. 11. 2009 at a Glance in Greater Washington <ul><li>1st Quarter </li></ul><ul><li>Overall Vacancy: 13.5% </li></ul><ul><li>Net Absorption: (732,458) SF </li></ul><ul><li>Average Asking Rental Rates </li></ul><ul><ul><li>Class A: $39.70 </li></ul></ul><ul><ul><li>Class B: $32.67 </li></ul></ul><ul><li>2nd Quarter </li></ul><ul><li>Overall Vacancy: 14.2% </li></ul><ul><li>Net Absorption: 72,759 SF </li></ul><ul><li>Average Asking Rental Rates </li></ul><ul><ul><li>Class A: $40.01 </li></ul></ul><ul><ul><li>Class B : $31.75 </li></ul></ul><ul><li>3rd Quarter </li></ul><ul><li>Overall Vacancy: 14.9% </li></ul><ul><li>Net Absorption: (281,723) SF </li></ul><ul><li>Average Asking Rental Rates </li></ul><ul><ul><li>Class A: $39.97 </li></ul></ul><ul><ul><li>Class B: $30.90 </li></ul></ul>Source: Grubb & Ellis Research
  12. 12. Available Sublease Space Source: Grubb & Ellis Research Increasing at a Decreasing rate… Square Feet
  13. 13. Office Sales Volume (In Billions) D.C. Metro Investment * Projection Source: Real Capital Analytics, Grubb & Ellis
  14. 14. 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
  15. 15. *Projection Source: General Services Administration, Grubb & Ellis GSA Regional Inventory of Leased Space GSA…YEA! (SF in Millions)
  16. 16. <ul><li>Economic and job growth expected to continue in 2010 </li></ul><ul><li>New deliveries increased vacancy in Greater Washington </li></ul><ul><li>Rental Rates – relatively flat – major concessions to continue </li></ul><ul><li>Office Investment Sales expected to see an uptick in activity </li></ul><ul><li>Government leasing – drive market in 2010 </li></ul><ul><li>Don’t shoot the MESSENGER! </li></ul>Summary

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