Colliers Experts Mark Sullivan and Miles Rodnan speak to the Washington Post
Downtown Washington has long been known as a hub for lobbyists and lawyers commuting to and from the office like clockwork each weekday.
But experts say that may change.
Between 2014 and 2017, the vacancy rate in D.C.’s central business district hovered around 9 percent, according to data from real estate brokerage firm Colliers International. It climbed to nearly 11 percent in 2018 before surging in 2020 and reaching almost 17 percent in the first quarter of this year.
While the vacancy rate climbed in D.C., the rate in Northern Virginia was trending downward until the pandemic struck, according to Colliers. Amazon’s selection of Arlington for its corporate expansion boosted the surrounding area’s appeal.
“Right now we have simply a supply issue, and therefore vacancy is continuing to rise,” said Mark Sullivan, an executive vice president of Colliers.