In the third quarter of 2023, non-profit organizations and associations were a major driving force in office leasing activity in Washington, D.C. They accounted for nearly one-third of total gross leasing and almost half of new leasing activity in the area, according to Cushman & Wakefield’s Q3 2023 office statistics for the DC region.
According to Lauren Kraemer, associate director at Washington DC Metro Research, “Non-profits and associations have emerged as key players in this quarter’s office leasing market in Washington D.C., with many expanding their space within top-quality office buildings.”
New leases decreased by 27% compared to last year at 568,000 square feet. However renewal activity saw a significant increase of 95% year-over-year at 1.5 million square feet. Year-to-date gross leasing amounted to over five million square feet with new leases accounting for just under half (2.5 million) while renewals totaled three million square feet.
This article was originally published on Connect CRE.
