DCBIA News

The DC Development Report is a summary of the major development and construction projects in the District of Columbia. Published on March 11, 2021 by Washington, DC Economic Partnership.

HIGHLIGHTS

Groundbreakings - Despite the health pandemic more than 4.6 million SF of projects broke ground between March and December 2020. During this time the month of August experienced the most project starts with five, totaling just over one million SF. The vast majority of projects were multifamily residential showing the continued investor interest in this sector.

Office - While the long-term nature of leases in the office sector have provided better protection from the COVID-19 shock compared to other sectors such as hospitality and multifamily, it has not escaped unscathed

Retail - 2020 has been a tumultuous year for the District of Columbia’s retail and restaurant market as the COVID-19 pandemic has heavily curtailed demand, with the notable exception of grocery stores. Prior to the pandemic, the retail landscape in the District was robust and recorded strong growth in 2019 into the first quarter of 2020.

Residential - The Washington metro area is the seventh largest apartment market in the U.S., with the Census Bureau approximating its multifamily supply at 561,000 units.

Hospitality - After years of consistent occupancy and RevPAR rates, despite thousands of new hotel rooms being added to the market, the COVID-19 pandemic has made a major impact on the hospitality sector.

Quality of Life - Given the challenges presented by the Covid-19 pandemic, “quality of life” spaces, defined as serving education, medical, and community purposes, have never proved more essential.

Download HERE2020-DCDR-web.