{"id":405,"date":"2020-08-31T07:01:07","date_gmt":"2020-08-31T11:01:07","guid":{"rendered":"https:\/\/www.lee-associates.com\/dc\/?p=405"},"modified":"2020-08-31T08:18:28","modified_gmt":"2020-08-31T12:18:28","slug":"washington-d-c-office-marketflash","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/dc\/2020\/08\/31\/washington-d-c-office-marketflash\/","title":{"rendered":"Washington D.C. Office MarketFlash: D.C. Leads Nation in Rising Lease Concessions, Tenant Favorable Conditions"},"content":{"rendered":"<div id=\"pl-405\" class=\"panel-layout\">\n<div id=\"pg-405-0\" class=\"panel-grid panel-no-style\">\n<div id=\"pgc-405-0-0\" class=\"panel-grid-cell\" data-weight=\"1\">\n<div id=\"panel-405-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"0\" data-style=\"{&quot;padding&quot;:&quot;10px 10px 10px 10px&quot;,&quot;mobile_padding&quot;:&quot;10px 1px 10px 10px&quot;,&quot;background_image_attachment&quot;:false,&quot;background_display&quot;:&quot;tile&quot;,&quot;border_color&quot;:&quot;#ffffff&quot;}\">\n<div class=\"panel-widget-style panel-widget-style-for-405-0-0-0\">\n<div class=\"so-widget-sow-editor so-widget-sow-editor-base\">\n<div class=\"siteorigin-widget-tinymce textwidget\">\n<p><a href=\"https:\/\/www.lee-associates.com\/dc\/wp-content\/uploads\/sites\/78\/2020\/08\/US-Market-Flash.pdf\">Washington D.C. Office Marketflash: D.C. Leads Nation in Rising Lease Concessions, Tenant Favorable Conditions<\/a><br \/>\nby <a href=\"https:\/\/www.lee-associates.com\/dc\/patrick-scanlon\/\">Patrick Scanlon<\/a> &amp; <a href=\"https:\/\/www.lee-associates.com\/dc\/john-colan\/\">John Colan<\/a><\/p>\n<h3><strong>NATIONAL TRENDS<\/strong><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-406 size-medium alignleft\" src=\"https:\/\/www.lee-associates.com\/dc\/wp-content\/uploads\/sites\/78\/2020\/08\/08132020-Office-MarketFlash-F1-512x300.png\" alt=\"\" width=\"512\" height=\"300\" srcset=\"https:\/\/www.lee-associates.com\/dc\/wp-content\/uploads\/sites\/78\/2020\/08\/08132020-Office-MarketFlash-F1-512x300.png 512w, https:\/\/www.lee-associates.com\/dc\/wp-content\/uploads\/sites\/78\/2020\/08\/08132020-Office-MarketFlash-F1-768x449.png 768w, https:\/\/www.lee-associates.com\/dc\/wp-content\/uploads\/sites\/78\/2020\/08\/08132020-Office-MarketFlash-F1.png 1000w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/p>\n<p class=\"p1\" style=\"text-align: justify\"><span class=\"s1\">It would be hard to overstate the dramatic fallout from COVID-19 that defined the commercial real estate sector &#8211; and every major global market<span class=\"Apple-converted-space\">\u00a0 <\/span>\u2013 in Q2 2020, as the world came to terms with the reality of a global pandemic.<span class=\"Apple-converted-space\">\u00a0 <\/span>As employers across the country began to reevaluate their need for permanent, traditional office space, leasing markets in major US cities experienced record-setting drops in transaction volume, massive negative absorption, and climbing vacancy rates.<span class=\"Apple-converted-space\">\u00a0 <\/span>On the ground, occupiers and owners saw firsthand the tangible effects of the pandemic as tenant concession packages \u2013 periods of free rent and tenant improvements allowances &#8211; rose to record high levels while the demand for office space fell by the largest amount since 2009.<\/span><\/p>\n<p class=\"p2\" style=\"text-align: justify\"><span class=\"s1\">Despite a staggering drop in leasing volume, US base rents across the largest U.S. markets remained relatively stable from Q2 2019. Average net effective rents, however, which incorporate free rent and TI allowances into <\/span><span class=\"s1\">the calculation &#8211; fell expectedly given the massive packages offered to tenants this quarter. As illustrated in the graph (left), base rents fell only 1.1% in Q2 from a year ago, whereas net effective rents plummeted by 6.6%. These changes were far more pronounced in the largest U.S. markets, where the coronavirus has been more destructive.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-407 size-medium alignright\" src=\"https:\/\/www.lee-associates.com\/dc\/wp-content\/uploads\/sites\/78\/2020\/08\/08132020-Office-MarketFlash-F2-512x337.png\" alt=\"\" width=\"512\" height=\"337\" srcset=\"https:\/\/www.lee-associates.com\/dc\/wp-content\/uploads\/sites\/78\/2020\/08\/08132020-Office-MarketFlash-F2-512x337.png 512w, https:\/\/www.lee-associates.com\/dc\/wp-content\/uploads\/sites\/78\/2020\/08\/08132020-Office-MarketFlash-F2-768x506.png 768w, https:\/\/www.lee-associates.com\/dc\/wp-content\/uploads\/sites\/78\/2020\/08\/08132020-Office-MarketFlash-F2.png 1000w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/p>\n<p style=\"text-align: justify\"><span class=\"s1\">Rent abatement was the primary driver of the dramatic dip in net effective rents, with free rent periods depicted below as a rolling average.<span class=\"Apple-converted-space\">\u00a0 <\/span>Office leases in major markets averaged 10 months of free rent in Q2, up 13.7% from Q1.<span class=\"Apple-converted-space\"> \u00a0<\/span><\/span><span class=\"s1\">While less dramatic, tenant improvement allowances also rose significantly as a result of COVID-19, increasing 5.1% over Q1 to $75.57 per sq. ft.<\/span><\/p>\n<h3 class=\"p4\" style=\"text-align: justify\"><span class=\"s1\" style=\"font-size: 14pt\"><b>WASHINGTON D.C.<\/b><\/span><\/h3>\n<p class=\"p1\" style=\"text-align: justify\"><span class=\"s1\">Nowhere is the impact of Covid-19 more visible than in the nation\u2019s capitol.<span class=\"Apple-converted-space\">\u00a0 <\/span>With Q2 leasing velocity down 73% from last year, the District\u2019s vacancy rate surpassed the suburbs and hit an all-time high<span class=\"Apple-converted-space\">\u00a0 <\/span>of 15.4%.<span class=\"Apple-converted-space\">\u00a0 <\/span>While a massive federal government presence traditionally insulates the District \u2019s asking rents from wild fluctuations, the significantly increased value of concession packages \u2013 already the nation\u2019s highest since 2018 \u2013<span class=\"Apple-converted-space\">\u00a0 <\/span>continue to validate the conclusion that market conditions are the most tenant-favorable they\u2019ve been in recent memory. For long-term, new, Class A leases, concessions for DC office tenants currently average $127.00 psf in tenant improvement allowance and 17 months of free rent, totaling $220.00 psf in combined value, the highest in the US.<\/span><\/p>\n<p class=\"p1\" style=\"text-align: justify\"><span class=\"s1\">The growing supply-demand chasm favoring tenants in the office market &#8211; and the ensuing rise in concessions \u2013 will continue to<span class=\"Apple-converted-space\">\u00a0 <\/span>increase in coming months, at least until the advent of a vaccine for COVID-19.<span class=\"Apple-converted-space\">\u00a0 <\/span>While the national trend among major US markets will be largely similar, tenants in the DC market will continue to experience the most dramatic benefits of the current climate, given preexisting market conditions and a continued schedule of construction deliveries to an already-saturated office market. Tenants nearing the end of a lease cycle are well-advised to engage their brokers in conversations about strategies to maximize<span class=\"Apple-converted-space\">\u00a0 <\/span>leverage and respectively strong bargaining positions.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b><i>Patrick and John are both commercial real estate brokers with Lee &amp; Associates and former practicing attorneys.<br \/>\n<\/i><\/b><b><i>They represent office tenants in DC, Maryland, and Northern Virginia.<\/i><\/b><\/p>\n<p class=\"p1\"><span class=\"s1\"><a href=\"https:\/\/www.lee-associates.com\/dc\/patrick-scanlon\/\"><b>PATRICK SCANLON<\/b><\/a><\/span><br \/>\no: 202-892-5944 | c: 703-314-1112<br \/>\npscanlon@lee-associates.com<\/p>\n<p class=\"p1\"><a href=\"https:\/\/www.lee-associates.com\/dc\/john-colan\/\"><span class=\"s1\"><b>JOHN COLAN<\/b><\/span><\/a><span class=\"s1\"><br \/>\n<\/span>o: 202-892-5946 | c: 804-513-1566<br \/>\njcolan@lee-associates.com<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Washington D.C. Office Marketflash: D.C. Leads Nation in Rising Lease Concessions, Tenant Favorable Conditions by Patrick Scanlon &amp; John Colan NATIONAL TRENDS It would be hard to overstate the dramatic fallout from COVID-19 that defined the commercial real estate sector &#8211; and every major global market\u00a0 \u2013 in Q2 2020, as the world came to terms with the reality of a global pandemic.\u00a0 As employers across the country began to reevaluate their need for permanent,&#8230;<\/p>\n","protected":false},"author":138,"featured_media":409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,3],"tags":[317,197,318,319,198,257],"class_list":["post-405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-market-reports","tag-covid19","tag-jcolan","tag-john-colan","tag-patrick-scanlon","tag-pscanlon","tag-tenant-advisory"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.6 (Yoast SEO v28.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Washington D.C. 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Leads Nation in Rising Lease Concessions, Tenant Favorable Conditions by Patrick Scanlon &amp; John Colan NATIONAL TRENDS It would be hard to overstate the dramatic fallout from COVID-19 that defined the commercial real estate sector &#8211; and every major global market\u00a0 \u2013 in Q2 2020, as the world came to terms with the reality of a global pandemic.\u00a0 As employers across the country began to reevaluate their need for permanent,...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/dc\/2020\/08\/31\/washington-d-c-office-marketflash\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; Associates | Washington, DC\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-31T11:01:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-08-31T12:18:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/dc\/wp-content\/uploads\/sites\/78\/2020\/04\/USMarketflash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"rjones\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rjones\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/dc\\\/2020\\\/08\\\/31\\\/washington-d-c-office-marketflash\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/dc\\\/2020\\\/08\\\/31\\\/washington-d-c-office-marketflash\\\/\"},\"author\":{\"name\":\"rjones\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/dc\\\/#\\\/schema\\\/person\\\/f7ca4a1afb2d2ff41fe0a12b69f4a0a6\"},\"headline\":\"Washington D.C. 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