Georgetown/Uptown Submarkets Q2 2019

georgetown_sunset_credit_samkittnerforgeorgetownbid.jpg

Georgetown

  • RBA: 3,764,891 SF
  • Vacancy Rate: 11.4%
  • 12 Month Net Absorption: (140,000 SF)
  • Average Asking Rent: $46.16
  • 12 Month Rent Growth: 0.2%

The Georgetown Waterfront is an analogy for the submarket, as a whole. The delivery of the Wharf shifted the “center” of DC to the Southwest; offering newer and better dining, boating, and working options. This has contributed to negative net absorption over the past 3 years (140,000 SF in the past 12 months, alone). The one upside for Georgetown is also one of its main weaknesses as a submarket: there have been no new deliveries since 2006 and none are planned for the next 2 years. This is not expected to change due to the lack of developable land combined with the historic nature of the neighborhood. Most of Georgetown’s inventory is comprised of small and old offices with most properties being built in the early 1900s. Lack of metro access will always be an issue in Georgetown, but with an average rental rate of $46.16/SF/yr the submarket offers a prime location with reasonable rents compared to DC’s core office submarkets.

Uptown

  • RBA: 12,205,546 SF
  • Vacancy Rate: 10.7%
  • 12 Month Net Absorption: (481,000 SF)
  • Average Asking Rent: $42.19
  • 12 Month Rent Growth: -0.4%

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s