INDUSTRY IMPACT

Over the years, DCBIA has achieved a prominent position in the local business community as an advocate for a vigorous, responsible real estate industry. It interprets that advocacy role broadly – to not only give voice to the specific concerns of its members, but also to speak out in support of public policies that promote the economic growth and vitality of the nation’s capital.

Highlights from the 2020/2021 Washington DC Economic Partnership report:

During the past 20 years, the District has experienced more than 216.5 million SF of new development resulting in 65.5 million SF of new and modernized office buildings, 91,500 housing units, 21,200 hotel rooms, and nearly 10 million SF of retail space.

From 2010–2019 the District averaged 11.6 M SF of development starts. In 2020 groundbreakings totaled 6.5 M SF, the lowest figure since the Great Recession in 2009 (4.3 M SF).

Development continues to head east and areas such as St. Elizabeths (8 M SF), Anacostia and Barry Farm (4.5 M SF), and Minnesota & Benning (2.6 M SF) are anticipated to experience significant growth over the next decade.

In 2020, during the COVID-19 pandemic (March 2020–December 2020), 4.6 M SF of groundbreakings occurred in the District. 80% of these development starts were residential projects totaling more than 4,000 units.

The District had a stabilized vacancy rate of 10.3% for Class A apartments as of the end 2020, more than double the 4.9% rate a year prior.

Read the Washington DC Development Report 2020/2021.

D.C. POLICY CENTER

Read about the issue areas of interest to the DC real estate development industry and the DC business community at large at the D.C. Policy Center. The D.C. Policy Center is a non-partisan think tank advancing policies for a strong and vibrant economy in the District of Columbia. The work of the D.C. Policy Center (and its Board of Directors ) is singularly focused on the economy and demographics.