What's Reabsorbing Downtown?

The Real Deal blog has a story on a Cushman & Wakefield report on downtown commercial real estate occupancy that says success in the financial district is being driven by non-financial businesses.

The C&W report at this wrting is not yet on the real estate services' company's website.  But the article notes that downtown "was the only submarket to register positive net absorption in [2013's] third quarter."  The item says the area had "523,000 square feet of positive net absorption, while the average asking rents increased 14.8 percent, to $45.66 per square foot."

The article says more than 30 firms have relocated from midtown to FiDi in 2013. "Information/Media made up 20.5% of the leasing in the quarter; followed by Government, Education, and Social Services, with 20.1%; Real Estate, at 9.8%; and Financial Services, at 9.1 %."

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Separately, C&W today announced it re-stocked its McLean, Va., office in suburban Washington, D.C. It added new executive directors Josh Masi and Matt Bundy, longtime area leasing and investment professionals, both formerly with another national real estate investment firm, Transwestern.

 

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