DC Area Leads In Suburban Office Construction For 2018
November 27, 2017 | Erika Morphy | GlobeSt.com
WASHINGTON, DC–Office development in 2018 will be focused on suburban areas and the Washington DC area will be among the top markets for this activity, according to a new study by Yardi Systems.
Overall, it reports, close to 35 million square feet of office space will be delivered to the suburbs in 2018, compared to 24 million square feet underway in urban areas, and 15 million square feet headed for the central business districts for a total of 57.8 million square feet. The reason for the shift to the suburbs is that space is either at a premium or in scarce supply in CBDs.
With 3.7 million square feet of development scheduled for delivery, the Washington DC-Maryland area is counted among the top five regions in the nation, according to Yardi Systems’ ranking. Separately, Northern Virginia is expected to deliver 1.37 million square feet.
