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Availability remains elevated, nearly unchanged over the quarter and the decade
The fourth quarter ended with availability stable at 15.7%, a mere ten-basis-point change from last quarter (15.8%) and seeing just a slight fluctuation down from the end of last year (16.1%). The decade closes with availability above where it began in 2010 (15.3%), evidence of just how long the District has sat firmly in tenant favor. Though the market has much more balance amongst the industries leasing space in D.C., activity has not been strong enough to materially change market fundamentals. The year closed with 9.7 million square feet (msf) leased in total, falling below 2018 activity (10.6 msf), and under the 10-year average of 10.1 msf.