2022 Office Space Rent & Sales
- $52.97 2022 Avg. Asking Rent
- 13.77% 2022 Office Vacancy Rate
- $1.8B2022 Total Office Sales
- $417.36Avg. Sale Price/SF
Washington office price per square foot in 2022 was $52.97 on average. The local office market recorded an average vacancy rate of 13.77% across all asset classes combined. The 17 transactions that closed here throughout 2022 amounted to a total sale volume of $1.8B. Washington office space commanded an average sale price per square foot of $417.36.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Washington Class A & A+ Office Space$55.97
- Washington Class B Office Space$48.36
- Washington Class C Office Space$37.42
- District of Columbia Class A & A+ Office Space$55.97
- District of Columbia Class B Office Space$48.36
- District of Columbia Class C Office Space$37.42
Washington, DC Office Asking Rents by Class
Average office rent in Washington rested at $52.97 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Washington averaged $55.97 per square foot. Across all submarkets, class B office space recorded an average asking rent of $48.36 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $37.42 per square foot, on average. Comparably, statewide District of Columbia average office rents by class in 2022 were: $55.97 per square foot for class A office space; $48.36 per square foot for class B office space; $37.42 per square foot for class C office space.
2022 Office Vacancy Rates in Washington
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
NoMa | $62.46 | 7.90% |
Seventh Street Corridor | $59.40 | 12.69% |
East End | $56.86 | 13.83% |
Capitol Riverfront | $55.89 | 5.91% |
West End | $53.66 | 22.84% |
Washington DC CBD | $52.76 | 20.34% |
Capitol Hill | $51.23 | 11.59% |
Chevy Chase | $47.82 | 33.62% |
Embassy Row | $45.42 | 15.06% |
Northwest DC | $45.40 | 7.42% |
Southeast DC | $45.09 | 5.76% |
Northeast DC | $41.78 | 2.58% |
Georgetown | $40.24 | 18.23% |
Washington Office Sale Price per SF
- $417.362022 Avg. Price per SF
- -7.74%Y-o-Y Avg. PpSF Change
- $1.8B2022 Office Sales Volume
- 172022 Number of Transactions
Washington, DC Sale Price per SF Trend
- Washington Avg. Sale Price per SF in 2022$417.36
- District of Columbia Avg. Sale Price per SF in 2022$417.36
2022 Office Sales Volume
- Washington, DC Total Office Sales Volume in 2022 $1.8B
- Washington, DC Total Number of Office Sales Closed in 2022 17
Largest Washington Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
601 Massachusetts Avenue NW | 601 Massachusetts Avenue NW | 8/30/2022 | $531,000,000 |
Patrick Henry Building | 601 D Street NW | 3/7/2022 | $375,431,500 |
2550 M Street NW | 2550 M Street NW | 3/31/2022 | $153,100,000 |
2300 N Street | 2300 N Street NW | 1/28/2022 | $152,750,000 |
Universal Building South | 1825 Connecticut Avenue NW | 4/8/2022 | $102,178,800 |
Coworking Spaces in District of Columbia
- New York City Coworking Space
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2022 Office Construction in Washington, DC
- Washington, DC Total SF completed in 2022 1,366,880
- Washington, DC Total SF under construction in 2023 994,015
During 2022, 1,366,880 square feet of new office space were delivered across the market. At the close of 2022, the Washington office inventory included 5 buildings equal to or larger than 25,000 square feet, which comprised 1,366,880 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 994,015 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
The Parks at Walter Reed | 1201 Main Drive Northwest, 20307 | 282,000 | 2024 |
The Campbell Building | 1401 Massachusetts Avenue NW, 20005 | 52,000 | 2024 |
20 Mass | 20 Massachusetts Avenue NW, 20001 | 421,691 | 2023 |
City Ridge - 14 Ridge Square NW | 14 Ridge Square NW, 20016 | 105,101 | 2022 |
Chemonics HQ | 1275 New Jersey Ave SE, 20003 | 315,000 | 2021 |
The Bank Building | 699 14th Street, NW, 20005 | 164,000 | 2021 |
6100 Chillum Pl NE | 6100 Chillum Pl NE, 20011 | 10,000 | 2021 |
Capitol Crossing - 250 Massachusetts | 250 Massachusetts Avenue NW, 20001 | 548,842 | 2020 |
2100 L Street, NW | 2100 L Street Northwest, 20037 | 190,000 | 2020 |
1050 17th Street NW | 1050 17th Street NW, 20036 | 155,901 | 2020 |
Worth noting among recent office completions on the Washington market is The Parks at Walter Reed, which is currently the largest new office development in the city, at 282,000 square feet.
See reports for other markets
- Chicago Office Rent Price
- Atlanta Office Rent Price
- Dallas Office Rent Price
- San Diego Office Rent Price
- Austin Office Rent Price
- Denver Office Rent Price
- New York City Office Rent Price
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Washington commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.