Availability moderates, even amidst construction boom
Overall availability in the District ended the quarter at 15.8%, a 70-basis-point decrease over the year. The decline was more pronounced in class A space, with availability dropping 120 basis points over the same period to end Q1 at 14.9%. Demand for top-tier and new space has been strong enough to offset D.C.’s robust construction pipeline. Two properties delivered in Q1, with an additional 11 buildings slated to complete by the end of the year. 1701 Rhode Island Avenue NW delivered 101,850 square feet (sf), fully-leased to WeWork, while 1101 16th Street NW delivered 47.2% pre-leased with Bain & Company taking 47,892 sf.