The office market in DC saw a rise in vacancy rates during 2023, although not as significant as the previous two years. According to Collier’s Q4 2023 DC Office report, there is limited construction activity in the area.
One of the most notable transactions of the year was when the United States Securities and Exchange Commission (SEC) restructured its lease by securing 1,071,236 square feet across Station Place I and II in NoMa. This involved a reduction of approximately 210,000 square feet with their departure from Station Place III.
Kaiser Permanente acquired Station Place III after already occupying around 200,000 square feet within it. They plan to use this additional space for their expanding operations. Despite several large deals being made during this quarter, there were only about thirty leases exceeding 10
