​​Washington, D.C. Office Supply Update​

• With record high vacancy rates and a slowing pipeline coupled with an aging office inventory, Washington, D.C. is anticipating a quality squeeze.
• As the lending environment remains challenging, we expect to see reduced new supply in the pipeline.
• Recent deliveries and under construction buildings have leased top stacks and left few trophy middle and lower levels available.
• The D.C. government has proposed adding 7 million square feet of residential units and increase the city’s population up to 725,000 sf (a 9.9% increase over the next five years) in Mayor Bowser’s “Comeback Plan”.
• There is over 3 million square feet (msf) of office space planned for residential conversion while another 3 msf is rumored for conversion.

Download the full report to get all the Q1 2023 supply insights.