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CBRE
FIGURES
  | 
WASHINGTON, D.C. OFFICE | Q3 2022
Office market fundamentals remain challenged across D.C. metro region
CBRE RESEARCH
 | 
OCTOBER 2022
Office market fundamentals across the D.C. metro region remain challenged, still reeling from the effects of the pandemic and a rise in remote work. However, Kastle data shows a marked increase in office occupancy levels across the region since Labor Day, signaling companies’ commitment to get employees back to the office. As the new school year begins and companies continue implementing return to office requirements, the office market could see a boost in activity through the end of the year.
  • In the District, vacancy increased 40 basis points (bps) over the prior quarter to 20.3%, crossing the 20% mark for the first time on record. Gross leasing totaled 1.2 million sq. ft. during the third quarter, although at least 400,000 sq. ft. of additional leases are currently pending in the final stages of lease execution.
  • Suburban Washington posted mixed market fundamentals during the third quarter. Vacancy in Suburban Maryland increased 120 bps to 18.9% due to a new trophy delivery. Northern Virginia recorded a vacancy decline for the first time since Q2 2020, due to the conversion of several office properties into residential product. 
Download Q3 2022 Reports
For more information, please contact:
Erin
Janacek
Research Manager
erin.janacek@cbre.com 
Kevin
Gold
Senior Research Analyst
kevin.gold@cbre.com 
Isabelle
McGrath
Research Analyst
isabelle.mcgrath@cbre.com 
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