Made in the District: The Washington DC Economic Partnership Releases 2016-2017 Development Report
November 18, 2016 (Washington, D.C.) – The Washington, DC Economic Partnership (WDCEP) today released at their Annual Meeting the latest edition of the DC Development Report. The 2016-2017 DC Development Report is a summary of the major development and construction projects in the District of Columbia.
WDCEP tracks major development/construction projects throughout the year and performs an annual “development census” in the month of August. This research and outreach receives contributions from more than 100 developers, architects, contractors, and economic development organizations and results in updates to more than 400 projects. For the third year in a row, WDCEP proudly partnered with CBRE for the creation of the report. To view the report click here.
Highlights from this year’s report includes:
- 2016 & 2017 will set new records for development deliveries (by SF) with 2016 expecting to see 13.7 million SF of projects deliver and 2017 is expected to see nearly 13 million SF – most since WDCEP started tracking this information back in 2001, with 2016 setting a new high-water mark over the past 16 years.
- DC is experiencing record residential construction. As of August, there were more than 14,800 units under construction (or major renovation). In 2015 at this time there were 13,294 units under construction. This is the third consecutive year a new record has been established for residential development since WDCEP began tracking this information in 2001. Nearly 45% of the units under construction will deliver in just three submarkets – Capitol Riverfront, NoMa / Union Market, and Southwest. (Note: 2014 survey was conducted in September; units include affordable/non-market rate).
- By the end of the year, it is expected that 2016 will have delivered 6,524 residential units and 2017 is expected to deliver 8,250 units. Both respective unit counts will be new records for DC since WDCEP started tracking this information in 2001. Major deliveries in 2017 include The Wharf, Channing Place, ART Place at Fort Totten, Agora, and AVA NoMa. (Note: includes affordable/non-market rate units).
“Since WDCEP has been keeping records over 16 years ago, the District has seen an unprecedented residential growth with a portfolio of residential projects being developed or soon to come on line,” said Keith Sellars, President & CEO of WDCEP. “It’s amazing to see this record number of housing bursting throughout the District of Columbia, proving that the city is an attractive place for people to live, work, play and build a business.”
“For the third year in a row, CBRE’s proprietary research, combined with WDCEP’s development tracker, has created a comprehensive overview of the 2016 real estate market in the Washington, D.C. area,” said Revathi Greenwood, Director of Research and Analysis, CBRE, Greater Washington, D.C. region. “The District’s diversified office tenant base, vibrant retail market and population growth all underpin the increase in development across asset classes.”
About Washington, DC Economic Partnership (WDCEP)
The Washington, DC Economic Partnership (WDCEP) is a 501(c)(3) organization aimed to promote economic development and business opportunities for Washington, D.C. and enhance the city’s economy through jobs creation, increased tax revenues, retaining existing businesses, and attracting new businesses. WDCEP facilitates economic development through business attraction, and business retention programs and activities including site location assistance, educational seminars and workshops, and networking and relationship building events. WDCEP is a key resource for Washington, D.C. economic development information and publishes several reports throughout the year including the DC Development Report, DC Doing Business Guide, and Neighborhood Profiles. For additional information, please visit www.wdcep.com.