Despite signs of a real estate recession, Washington, D.C. is poised for significant development in the near future. The Washington D.C. Economic Partnership has identified 77 projects slated for completion by 2023, totaling 10 million square feet and $3.9 billion in construction costs.
An additional 34 projects are projected to be completed by 2024, totaling 9.1 million square feet and $3.1 billion in costs.While this represents a slowdown compared to the past five years due to financing constraints causing delays on some projects,the trend of converting office spaces into residential units continues to contribute to the city’s development landscape as rising office vacancy rates make such conversions financially appealing.
