Northern Virginia - Office
Both vacancies and rents are at decade long highs in Northern Virginia. Covid-19 is still causing moveouts and downsizing as office users remain virtual. Construction is high, but not necessarily a source of risk.
Suburban Maryland - Office
Office buildings in suburban Maryland have seen rising vacancies over the past 12-18 months especially in B & C class space. Despite slow demand, year-over-year rent growth remains marginally positive in most areas.
District of Columbia - Office
Washington, D.C. office investors have suffered the brunt of the pandemic’s effect. The flight to quality that was ongoing before the pandemic had softened the market before employees switched their desks with their dining rooms.