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Washington Convention Center
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Last Chance - Register for WDCEP's Annual Meeting &
Development Showcase Today!
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The
2009 Annual Meeting and Development Showcase will not only feature DC's
leading developers, architects, brokers, and contractors, but also the
District's ability to remain at the cutting edge of emerging opportunities. READ MORE... To Register, click HERE and save $20 off the on-site registration
price.
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New DC Development Report To Be Released at AMDS09
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 When you register for
AMDS09, you are also securing your own personal copy of The DC Development
Report-an annual publication produced by the Washington, DC Economic
Partnership. This year's report features data on more than 1,170
development projects in DC, as well as development trends, neighborhood
"Hot Spots," and new this year, a DC development outlook prepared
by Delta Associates (see Buzz below for an in depth interview with Delta
Associates CEO Greg Leisch). The Development Outlook section details how
the national and local economies have been affected by the economic
downturn, as well as the outlook for the office, residential and capital
markets. Be the first to receive a copy of the Development Report at WDCEP's Annual Meeting and Development Showcase on
December 4th.
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Retail Summit Spotlights Local Talent
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The
WDCEP recently partnered with the Capitol Riverfront BID to showcase DC's
premier retail opportunities in the exciting neighborhoods of Capitol
Riverfront and Capitol Hill. The Storefront Retail Summit was
attended by close to 100 developers, brokers, investors, and other parties
with a vested interest in this vibrant and emerging area, who heard from
local restaurateurs from Justin's Café, Belga Café, Cornercopia, Subway,
and Good Stuff Eatery. This was the sixth year WDCEP has undertaken a
retail summit. Contact Keith Sellars at ksellars@wdcep.com for
more information.
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Small Business Development Fellow Joins WDCEP
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WDCEP
would like to congratulate Daour Diawara, the organization's first Small
Business Development Fellow. Daour underwent a rigorous selection
process and was the finalist from a pool of highly qualified candidates.
Daour is a second year graduate student at Howard University who is
studying International Economics. He holds a Bachelor's degree in Business
Administration with a concentration in Finance from American University.
With the help of his strong leadership and business experience, Daour will support
WDCEP's business development initiatives and entrepreneurship programs.
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ICSC Alliance Program
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The
ICSC Alliance Program is an outreach initiative which promotes
public-private partnerships and open dialogue on emerging issues impacting
the retail real estate industry and the quality of life in local
communities. The program provides educational and networking forums that
foster communication and collaboration between the public and private
sectors. The program's target audience is private sector developers,
brokers, owners, retailers AND public sector/non profit elected and
appointed officials, planners, economic development professionals, etc. A
key component of the program is creating strategic alliances in cooperation
with public sector & non-profit associations and organizations that
represent the target audience. READ MORE...
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Ward 4 Storefront Improvement Program
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The
Department of Small and Local Business Development (DSLBD) and the
Office of Ward 4 Councilmember Muriel Bowser are launching the Ward 4
Storefront Improvement Program. How can this service help your
business? Through this program, business owners can apply for services to
improve the appearance of their storefront, including: Signs, awnings,
exterior lighting; painting (exterior only), security grates (removal or
relocation to the store interior); and, window glass (replacement of broken
storefront glass or plexiglass).As a pilot program, DSLBD is only able to
provide services to a limited number of eligible businesses. READ MORE...
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WDCEP on YouTube!
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 If you recently missed a WDCEP event or are interested in
hearing from some of DC's most successful small businesses, then visit our
YouTube page. The WDCEP has uploaded many of its past events and guest
speakers including AMDS keynotes, Small Business Award winners and testimonials
from local entrepreneurs to YouTube.
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 Gregory H. Leisch
founded Delta Associates in 1980 and serves as its Chief Executive. He has
been active in the real estate business since 1970 as a consultant and
advisor. Delta Associates serves its public, private and institutional
commercial real estate clients with cutting edge consulting, subscription
data, and valuation services.
What is Delta Associates' forecast
for employment in the District?
While the national job picture remains bleak in the Fall of 2009, the
Washington region has turned the corner. The local recession ended in January
and the region has been growing jobs since. The area has added 20,200 jobs
since January, and most of those are in the District of Columbia. The
District of Columbia has added an average of 7,100 jobs per annum over the
past 15 years. I am projecting it to add 6,500 per annum over the next five
years, due largely to the expanded role of the Federal government. And this
bodes particularly well for the commercial real estate industry as it works
off some excesses created at the end of the last development cycle.
What is the outlook
for the Office Market?
The DC office market has undergone significant deterioration over the past
12 months. Absorption has been negative 168,000 sq. ft., while
vacancy has increased 360 basis points to 10.2%. Rents are in decline
throughout DC as concessions are on the rise. Notwithstanding these
negatives, DC remains one of the nation's strongest office markets. It is
my view that these weak conditions will peak quickly in 2010 and market
recovery will be underway thereafter, with product shortage emerging by
2014.
What are you
forecasting for the Condominium Market
Relative to the suburbs, the DC condominium market was early to respond
to peaking demand in 2004-2005 and early to slow down in 2007-2008. So also
is its recovery, in my view. I expect new condo product shortage in DC by
the end of 2010.
What is the
intermediate and long-term outlook for DC?
The outlook remains positive, as DC currently retains one of the
lowest vacancy rates and is home to the most premier space options for
tenants in the region. A well educated populous and a solid job market
produces continued demand for quality residential product, as we move past
the worst of this recessionary cycle. However, given the time it takes for
entitlements and construction in DC, this means the following dates for
construction commencement, in select submarkets, to catch the sweet spot of
the next cycle:
ˇ Now: Condominiums
ˇ Mid 2010: Apartments
ˇ Second Quarter 2011: Office
To read more about the shape the recovery will take and its relevance to
the Nation's Capital, pick up a copy of The DC Development Report at
WDCEP's Annual Meeting and Development Showcase December 4th. Register here.
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Pick
up your copy of the 2009/2010 DC Development Report, available
December 4th at AMDS09 for access to more facts like these:
$15.6
trillion: Total U.S. government bailout & guarantee initiatives
(Source: Delta Associates)
3.3 million: Square feet of office space expected to start construction by
the end of 2009
1,035: Hotel room currently under construction or renovation
5: Platinum rated LEED buildings in DC by the end of 2010
2: New grocery stores opening in DC by 1Q 2011
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