DC's Office Real Estate Market May Not Be Doomed After All

There are some bright spots in the local office market. Plus, our first-ever career achievement awards for commercial real estate.Amazon’s Met Park complex in National Landing, one of this year’s award-winning commercial projects. Photograph by Anna Cheng.

“Areas where we anticipate interest to be highest are in those submarkets with the highest vacancy rates, such as the central business district and the East End in DC,” Duggal says. Here, too, historic structures hold appeal. “Conversions are also more likely in areas with historic buildings with smaller footprints, making conversions easier, such as Alexandria, Leesburg, and Frederick.”

And whether it’s the fancy pools or just demographics, the area’s apartment market is hot. “The Washington, DC, multifamily market outperforms the nation on multiple metrics,” Duggal says. “It’s one of the country’s top markets for annual rent growth, and supply has been in line with demand. Population growth has provided a tailwind for apartment demand in the Washington area throughout 2024.”

“We successfully implemented a complicated structure that not only secured the necessary funding but also allowed us to address the need for affordable housing in the community,” says Jon McAvoy, chief investment officer at Hoffman & Associates.The Westerly—a joint venture of Hoffman & Associates, Affordable Homes & Communities , and real-estate developers CityPartners and Paramount—is less than a block from the Waterfront Metro station and three blocks from the Wharf.

JBG Smith and Amazon also installed non-reflective glazing to deter bird strikes. They took care of people, too: Among the dozen-plus retailers at Met Park are options including doughnuts, pizza, and health foods. There are also fitness centers, a cycle shop, and a contemporary-­art space.

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