An end-of-year boost in leasing activity chips away at Washington, D.C.'s stubbornly high availability

Leasing volume rebounded to 1.8 million square feet (msf) in Q4, lowering Washington, D.C.'s overall availability rate by 70 basis points (bps) from Q3. However, availability remains 160 bps higher than this time last year. Class A availability improved, dropping to 22.9% from 24.1% in Q3, just 90 bps above its level at the end of 2023. Larger relocations driving the decline in availability were concentrated in Class A space, where demand for prime options remains high. Available sublease space decreased modestly over the year, with 3.0 msf (10% of total available space) currently on the market.

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