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Availability holds, asking rents push upwards as development pipeline remains active
Overall availability in Washington, D.C. ended the third quarter at 15.8%, up 20 basis points quarter over quarter, but ultimately unchanged over the year. Class A availability followed a similar trend, holding flat at 15.0%. Still, owners continue to push asking rents in top-tier product. More than 2.0 million square feet (msf) has delivered so far this year, with an additional 4.5 msf under construction. Accordingly, Class A asking rents increased by 1.6% over the quarter, now at $59.91 per square foot (psf). With nearly one third of all development activity concentrated in the Central Business District (CBD) submarket, Class A rents there are topping out at $64.86 psf – the highest in the city.