District of Columbia Office Market
| Average Asking Rent (Price/SF) | $56.88 |
| Vacancy Rate (%) | 17.2% |
| Net Absorption (SF) | 44,848 |
The District of Columbia’s office market continued to show signs of modest recovery from the pandemic’s worst effects. For the first time since the second quarter of 2020, the District recorded positive net occupancy. Although the move-ins have outweighed the move-outs over the last quarter, other market fundamentals remain pressured by the pandemic. Asking rents have contracted for the last two quarters and a wave of new deliveries increased vacant space in the market, causing the vacancy rate to rise 40 basis points on the quarter, despite occupancy growth.