Market Focus - Office Leasing: DC Office Landlords provide Greater Lease Concessions

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MARKET CONDITIONS IN THE DC METRO AREA continue to favor tenants. Vacancy rates continue to rise due to more Class A office space coming online and decreased demand by the federal government for leased space as a result of sequestration and budget cuts. In addition, tenants’ use of office space has become more efficient, thereby further reducing demand for office assets.

According to a recent survey published by the CBRE, the Washington, DC office market saw a 30 basis points increase in vacancy rates in the second quarter of 2014. To attract tenants in this competitive environment, landlords are increasing the concessions provided to potential tenants. Some of the most common types of landlord concessions are as follows.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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