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DC Office Market Eyes Brighter Future

Colliers Research Expert Weighs in on Impacts of Joe Biden Inauguration and Vaccine Roll Out

Joe Biden’s inauguration and his plans for speeding up vaccinations against the coronavirus will mean big things for a Washington, D.C., commercial real estate market buffeted by uncertainty.

Miles Rodnan, senior research analyst at Colliers International, noted the region has an increasing amount of available sublease space on the market.

“Tenants in the market have a lot of options. Alternatively, landlords, who may be facing longer downtimes on current and upcoming vacancies, have increased overall concession packages to entice the few active requirements,” he told CO. “However, we foresee some pent-up demand for those groups, who delayed their space search or may have signed short-term extensions and will be back in the market during the second half of this year.”

Since it will take time before employees feel comfortable returning to the office, any office leasing will be a lagging indicator of the overall market’s health.

“With the anticipation of a significant portion of the population having been vaccinated by mid-summer, we anticipate spec suites will be the most active in 2021,” Rodnan said. “Companies that pushed out a decision or are currently on the sidelines will be on a compressed timeline. Built-out suites provide a move-in-ready solution. Furnished spec suites will become a trend.”

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Miles Rodnan

Senior Research Analyst

Tysons Corner

As the senior research analyst, Miles Rodnan assists on all research related tasks. Miles has five years of commerical real estate experience. Prior to joining Colliers International in 2016, Miles worked at the Fairfax County Economic Development Authority. 
 

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