Availability holds steady, even as leasing activity booms
Overall availability in the District ended the quarter at 15.7%, essentially unchanged from Q1 and down just 40 basis points year over year. Class A availability followed a similar trend, holding flat quarter over quarter and declining 50 basis points on a year-over-year basis to end Q2 at 14.8%. New product continues to push overall asking rents up, now averaging $54.97 per square foot (psf) for all classes and $58.94 psf for Class A space. Still, concessions remain generous keeping effective rents in check. Tenants can generally expect to see upwards of $115.00 psf in tenant improvement allowances and an average of 15 months free rent on new, long-term, Class A leases.