A new article from the Washington Business Journal examines a quarterly report released by CB Richard Ellis showing that commercial real estate in the DC Metro area has cooled a bit. The report shows that vacancy rates fell to 12.6% in the second quarter from 12/7% in the previous quarter, while the office vacancy rate little changed at 10%. According to the article, CB Richard Ellis reported that only four of the top 25 deals in the District were with the federal government, and only one government deal over 10,000 square feet was recorded in suburban Maryland in the second quarter, a two-year low.
"While we remain one of the strongest and most stable commercial real estate markets in the country, everyone seems to have hit the pause button as they take a "wait and see" approach," said John Germano, executive managing director of CBRE's Washington-Baltimore region. "We are poised to see improvement in subsequent quarters but not until there is a clearer picture of where the economy is headed and what will happen with regard to the federal government, a key driver of real estate activity here in our region."
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