{"id":2320046,"date":"2024-08-06T14:14:01","date_gmt":"2024-08-06T18:14:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nearly-a-quarter-of-all-dc-office-space-is-empty-washington-examiner\/"},"modified":"2024-08-06T14:19:40","modified_gmt":"2024-08-06T18:19:40","slug":"nearly-a-quarter-of-all-dc-office-space-is-empty-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nearly-a-quarter-of-all-dc-office-space-is-empty-washington-examiner\/","title":{"rendered":"Nearly a quarter of all DC office space is empty &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnearly-a-quarter-of-all-dc-office-space-is-empty-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2320046&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A recent report\u2062 by CBRE Group and JLL reveals that\u200b nearly 25% \u2063of office space\u200b in downtown Washington, \u200cD.C. is currently vacant, marking a record high. \u200bThe surge in empty offices is \u2062largely attributed to the enduring impact of the\u200d COVID-19 pandemic, which has led\u200d to\u2062 a significant decrease in on-site work;\u2064 less than half of office workers \u200bare back in their workplaces compared to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/australia-expects-unemployment-rate-to-rise-as-global-economy-slows\/\" title=\"Australia anticipates higher unemployment rates due to the global economic slowdown.\">pre-pandemic\u2064 levels<\/a>. This \u2062trend has\u2062 resulted\u2062 in\u200d numerous &#8220;For Lease&#8221; signs and\u200d over half a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tesla-is-pouring-1-billion-into-its-texas-based-gigafactory\/\" title=\"Tesla Is Pouring  Billion Into Its Texas-Based \u2018Gigafactory\u2019\">million square feet<\/a> of unoccupied office\u2063 space between April and June of this year. <\/p>\n<p>Mayor Muriel Bowser&#8217;s \u200boffice has \u200cacknowledged this increase\u2063 in vacancies, noting that 42% of jobs in\u200c the city can \u2064be done \u200cremotely,\u2064 reducing the \u200cdemand for traditional office \u2064space. The decline \u2064in\u200b daily commuters\u2014about 200,000\u200c to 250,000 fewer\u2063 people\u2014has\u200c consequently strained the city&#8217;s economic vitality, impacting local businesses reliant on these additional customers. the report underscores a\u2064 long-term shift in\u200b office occupancy\u200c trends in Washington,\u2064 exacerbated by the pandemic.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Nearly a quarter of all DC office space is empty<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1724370\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>Downtown&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/washington-dc\" target=\"_blank\" rel=\"noreferrer noopener\">Washington, D.C.<\/a>, is seeing a record amount of&nbsp;<a href=\"https:\/\/www.washingtonexaminer.com\/tag\/business\" target=\"_blank\" rel=\"noreferrer noopener\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-commercial-real-estate-crash-coming-to-san-francisco\/\" title=\"The Commercial Real Estate Crash Coming To San Francisco\">empty office space<\/a><\/a>, according to a report.<\/p>\n<p>A study by real estate firms CBRE Group and JLL said nearly a quarter of all office space in Washington is empty, according to <a href=\"https:\/\/www.wjla.com\/features\/i-team\/out-of-the-office-washington-dc-office-space-vacant-vacancy-k-street-corridor-work-from-home-remote-real-estate-business-economy-for-lease-rent-available-cbre-group-inc-jll\" target=\"_blank\" rel=\"noopener\" title>7News<\/a>, leading to a large number of vacancies and &ldquo;For Lease&rdquo; ads throughout the city. Between April and June, more than half a million square feet of office space lay empty in Washington, according to the report, a record high for the city.<\/p>\n<p>A 2023 forecast by Mayor Muriel Bowser&rsquo;s office acknowledged an increase in empty office space and blamed the trend on the pandemic, and less than half of Washington office workers are working on-site compared to pre-pandemic levels, according to data from security firm Kastle.<\/p>\n<p>&ldquo;For the last two decades, Downtown has seen traditional office occupancy decrease and vacancy rates increase,&rdquo; the mayor&rsquo;s office said in its report. &ldquo;The pandemic has only worsened these trends.&rdquo;<\/p>\n<p>The mayor&rsquo;s report also pointed out that 42% of jobs in Washington can be done remotely, which would lead to a decrease in the need for traditional downtown building space for office work that can be done from home.<\/p>\n<p>A <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-09\/washington-dc-s-cash-bounty-to-wither-on-empty-offices-downtown\" target=\"_blank\" rel=\"noopener\" title>report from earlier this year<\/a> suggested a lack of workers commuting into the city is negatively affecting the city&rsquo;s economic outlook.<\/p>\n<p>&ldquo;There is a reality that not having 200,000 to 250,000 people in the jurisdiction every day means a lot less lunches and other things,&rdquo; Glen Lee, the district&rsquo;s chief financial officer, told <em>Bloomberg<\/em>. &ldquo;That&rsquo;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-derek-chauvin-trial-coverage-to-ninth-day\/\" title=\"The Derek Chauvin Trial \u2013 Coverage to Ninth Day\">real money<\/a>, and it has a dampening effect on our sales tax.&rdquo;<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/strong><\/p>\n<p>Not all buildings in downtown Washington are emptying, however. Fannie Mae reversed course on leaving the large, K Street-adjacent Midtown Center, according to <a href=\"https:\/\/wtop.com\/business-finance\/2024\/08\/fannie-mae-will-keep-downtown-dc-headquarters-after-all\/\" target=\"_blank\" rel=\"noopener\" title>WTOP<\/a>. Carr Properties, the real estate firm handling Midtown Center, has also said 90% of its buildings <a href=\"https:\/\/www.axios.com\/local\/washington-dc\/2024\/04\/04\/office-buildings-weddings\" target=\"_blank\" rel=\"noopener\" title>remain leased<\/a>.<\/p>\n<p>Businesses such as Carr Properties are also reportedly looking into renting out office space with &ldquo;spectacular views&rdquo; for weddings, according to <em><a href=\"https:\/\/www.axios.com\/local\/washington-dc\/2024\/04\/04\/office-buildings-weddings\" target=\"_blank\" rel=\"noopener\" title>Axios<\/a><\/em>, while other properties are being turned into apartments, according to <a href=\"https:\/\/wtop.com\/dc\/2024\/07\/how-dc-turns-empty-offices-into-apartments\/\" target=\"_blank\" rel=\"noopener\" title>WTOP<\/a>. <\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1724370\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1724370\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A significant portion of office space in downtown Washington, D.C., is currently unoccupied. A report from real estate companies CBRE Group and JLL indicates that almost 25% of all office space in the city is vacant, as reported by 7News. This has resulted in numerous vacancies and &#8220;For Lease&#8221; signs appearing throughout the area. Between April and June, over half a million square feet of office space was reported as empty, marking a record high for Washington. A forecast from Mayor Muriel Bowser&#8217;s office for 2023 acknowledged this rise in vacancies, attributing it to the pandemic; less than half of the city&#8217;s office workers are now working on-site compared to pre-pandemic levels, according to data from security firm Kastle. The mayor&#8217;s report noted that traditional office occupancy has been declining for two decades and vacancy rates have been increasing, with the pandemic exacerbating these issues. Additionally, it highlighted that 42% of jobs in Washington can be performed remotely, reducing the demand for conventional downtown office spaces suitable for work that can be done at home. An earlier report indicated that fewer commuters negatively impacts the city&#8217;s economic outlook; Glen Lee, the district\u2019s chief financial officer, remarked on how not having 200,000 to 250,000 people present daily affects local businesses significantly\u2014resulting in decreased lunch sales and impacting sales tax revenue.<\/p>\n<p>However, not all buildings are experiencing high vacancy rates; Fannie Mae has decided against leaving its large Midtown Center location near K Street. Carr Properties manages Midtown Center and reports that 90% of its buildings remain leased. Furthermore, some businesses are exploring options like renting out offices with &#8220;spectacular views&#8221; for events such as weddings while others are converting properties into apartments<\/p>\n","protected":false},"author":3042,"featured_media":2320047,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/office-space-istock-empty-1024x683.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[37347,37346,27491],"class_list":["post-2320046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-commercial-properties","tag-dc-office-space","tag-real-estate"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/office-space-istock-empty-1024x683.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2320046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/3042"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2320046"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2320046\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2320047"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2320046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2320046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2320046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}