DC Development Report: 2014/15 Edition Now Available
FOR IMMEDIATE RELEASE
Julie Y. Weber
+1 202 661-8679
The Washington, DC Economic Partnership Releases the 2014/2015 DC Development Report
The annual report highlights major development and construction project in the District of Columbia
WASHINGTON, DC (December 9, 2014) – The Washington, DC Economic Partnership (WDCEP) releases today its 2014/2015 DC Development Report, a summary of the major development and construction projects in the District of Columbia. Since 2001, WDCEP has performed this annual development census with contributions from more than 100 developers, architects, contractors, and economic development organizations. This outreach has resulted in nearly 14 years of tracked development activity and a comprehensive database regarding construction activity in Washington, DC. The publication is produced by the WDCEP as a free resource to the city’s business community.
“The DC Development Report is an important initiative for the Washington, DC Economic Partnership,” says Keith Sellars, president & CEO. “Our organization is a central and unbiased resource to the development sector. This collection of data provides key insights and highlights of DC’s major projects and upcoming development plans in the city. We are proud to produce this information in support of the continued growth of the District’s economy.”
For the past three years, WDCEP has partnered with CBRE, a global real estate services and investment firm, to provide this economic overview of DC and in-depth analysis of the office, retail, hospitality, education, and residential markets in the DC Development Report.
“The DC Development Report shows that the city’s economy is well-positioned for renewed growth and expansion,” says Nevena Bosnic, research analyst at CBRE. “As you will be able to see from this report, there has been particular growth in the construction, retail, leisure, and hospitality sectors over the last five years, embodied in the mixed-use developments including the completion of CityCenterDC. The city continues to appeal and attract prestigious global firms and international investors while also showcasing a thriving urban retail and restaurant scene. This progress is likely to continue with upcoming projects including Storey Park, Capitol Crossing, and The Parks at Walter Reed.”
Key findings from the report include the following highlights (please note that all data is reported as of September 2014):
- The District of Columbia has averaged 10.2 million square-feet of development groundbreakings per year from 2010 to 2013.
- There is 1.8 million square-feet of retail space currently under construction.
- MOM’s Organic Market (opened November 2014) became the city’s 28th new grocery store since 2000.
- 2014 will see the most residential units delivered in DC (6,908) since the WDCEP began tracking this information in 2001.
- Of the 11,937 units under construction, 1,425 are condominiums.
- Residential groundbreakings have topped 5,000 units each year since 2011.
- The H Street, NE corridor will see an addition of 1,238 new residential units by the end of 2016/early 2017.
- In 2014, only one million square-feet of office space will be delivered compared to a 13 year average of 3.86 million.
- Of the one million, 570,000 square-feet is private sector space, which is the lowest since WDCEP began tracking this data. In 2015, there will be a slight uptick of 1.3 million square-feet of new private sector office space largely due to the deliveries of 601 Massachusetts Avenue, National Square (500 D Street, SW) and 900 G Street, NW.
- According to a CoreNet Global Real Estate survey in 2012, the national average of square-feet occupied per person dropped from 225 square-feet in 2010 to 175 square-feet in 2012 and is expected to reach 151 square-feet by 2017.
- The city will add 1,908 net new rooms by the end of 2017. This is in addition to the 1,795 net new rooms added in 2014.
- Since 2008, 52% of all education and/or medical projects are public and private primary and secondary schools developing new facilities and modernizing existing buildings.
- From 2001 to 2013, DC has averaged about 946,000 square feet of education deliveries per year, a total that will be surpassed by the end of 2014, 2015, and 2016.
To download and review the full DC Development Report, please visit our publications page. Copies of the DC Development Report may also be picked up at WDCEP’s headquarters located at 1495 F Street, NW. For additional information regarding the WDCEP, please visit www.wdcep.com.
About Washington, DC Economic Partnership
The Washington, DC Economic Partnership (WDCEP) is a 501(c)(3) organization aimed to promote business opportunities throughout the District and enhance the city’s economy through jobs creation, increased tax revenues, retaining existing businesses, and attracting new businesses. The WDCEP facilitates economic development through business attraction and business retention programs and activities including site location assistance, educational seminars and workshops, networking and relationship building events, and serves as a key resource for DC economic development information. The WDCEP 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.