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With the third largest office inventory in the country, DC offers one of the best markets for investors, developers, corporate offices and tenants. With net absorption remaining strong, lease rates and purchase prices continue to rise, and vacany rates hover at the 7% mark it is no wonder that investors continue to rank the District as the #1 office investment market nationally and internationally.
The table below highlights the significant office development occuring in the District of Columbia. For up-to-date office development information please visit our on-line Development Database.
| Office Development (August 2006) | | Projects | Sq. Ft. | Project Cost1 | | Completed in 2004 | 13 | 3,243,153 | $815 million | | Completed in 2005 | 16 | 3,580,716 | $1,134 million | | Completed in 2006 YTD | 17 | 4,568,229 | $1,370 million | | Under Construction | 38 | 8,175,099 | $3,322 million | | Planned | 57 | 22,850,880 | $9,535 million | | Proposed | 57 | 22,628,404 | $7,351 million | | TOTAL2 | 267 | 77,129,078 | $26.7 billion |
(1) project cost may include non-office components
(2) Totals include 2001, 2002 & 2003 figures (not shown in table) |
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