Newly Released DC Development Report Reveals Thriving Economic Climate
The WDCEP released the 2012 DC Development Report at the Partnership’s Annual Meeting held on Tuesday, December 4th at the Washington Convention Center. As the national economy continues to improve, the District’s economy continues to thrive and become more diversified. According to the report, there is 21.5M sq. ft. under construction, with a total estimated value of $9.5 billion. 2012 has been a record year in residential construction with 10,357 units under construction – the most since 2001.
The DC Development Report is a summary of the major development and construction projects in the District of Columbia. The Washington, DC Economic Partnership (WDCEP) began tracking development activity in 2001, creating a comprehensive database that helps to benchmark investment and development in the city. The Report summarizes the entire database of development activity and highlights key development projects.
“The 2012/2013 Development report reveals the dynamic investment being made across the District. The Partnership is proud to have worked with many of the developers to help lease their properties and make a strong economic impact on the District,” said Keith Sellars. “This year we partnered with CBRE to make this a more robust report with greater detail on key development sectors. We continually strive to make certain our work is relevant and purposeful,” said Keith Sellars, President/CEO, WDCEP.
This report is a comprehensive look at all aspects of the development marketplace, including office, retail, hospitality and residential development and trends. It highlights how these sectors have evolved over the past decade, and their status today. As a resource book, the DC Development Report is a compilation of nearly 12 years of data collection and research that provides an overview of an ever-changing development and construction cycle. According to the Deputy Mayor for Planning & Economic Development and Co-Chair of WDCEP’s Board of Directors, Victor L. Hoskins, “the findings are exceptional and suggest that DC is on a path to maintain its position as a top tier investment market, once again. The data will also be useful to support our implementation of the City’s Five Year Economic Development Strategy, which was announced by Mayor Gray in November 2012.”
Historically, developers, investors, brokers, tenants and site selectors regularly use the data as part of their reconnaissance to evaluate the overall market and individual sites.
Highlights of the Report
- Unprecedented residential growth as singles, young couples, and empty nesters are choosing to live in DC. The population has grown b7 43,592 people in the past 4 years (2007 – 2011).
- Preleasing remains strong, close to 50% for retail projects.
- 16 new grocery stores have opened in DC since 2000
- More than 434,000 Sf. Ft. of new retail space will deliver in 2013, across the city, with another 587,000 projected to come on line in 2014. 2014 will market the most retail deliveries since 2008.
- 2014 is also shaping up to be a significant year for hotel deliveries with a minimum of 1,357 new rooms and up to 2,361 if several pipeline projects break ground in the coming months.
- Our educational base is expanding. Over 1.7 m Sq. Ft. of education space is under construction including public high schools, medical space, and college and university facilities.
- DC now ranks second in the U.S. in combined registered and certified buildings DC has a total of 316 LEE D certified buildings/projects (more than half of which are Gold) with another 1,054 LEED registered projects .
- As of August DC had 10,357 residential units under construction—the highest number since the WDCEP began tracking development data in 2001
The information found in the DC Development Report is the result of WDCEP’s annual development census (conducted in August, 2011) which compiles research and data from more than 135 developers, architects, contractors and economic development organizations each year. While typically released annually each fall, the 2011-2012 edition was not released until March, 2012 due to a funding shortfall. The DC Development Report can be picked up at the Washington, DC Economic Partnership’s office (1495 F Street, NW) or downloaded at WDCEP.com.
DC Development Report 2012/2013 edition
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It is the mission of the Washington, DC Economic Partnership, a 501(c)(3) nonprofit organization to promote business opportunities throughout the District of Columbia and to contribute to business retention and attraction activities