Washington, DC Economic Partnership Releases 2011-2012 DC Development Report
2012-2013 Will Be Significant for Retail Development in Washington, DC
Contact: Chad Shuskey
Vice President, Research & Visual Communications
March 20, 2012
Washington, DC— The Washington, DC Economic Partnership (WDCEP) released its DC Development Report: 2011-2012 edition today, an annual publication that gives a comprehensive overview of development and construction activity in the District of Columbia. The DC Development report has long been a tool used by public officials, developers, brokers and investors looking to inform their clients and constituents about the development occurring in the District. This year’s report not only summarizes DC’s development pipeline and five development hot spots, but also highlights development trends seen in DC over the past 10+ years.
Washington, DC has remained a top investment market both nationally and globally, even through the most recent recession. Despite DC development activity bottoming out in 2009 with only 4.3 million square feet of construction starting, it made a quick and significant comeback in 2010 with nearly 11 million square feet of construction starts. This dramatic increase was in large part due to federal and local government investment in the office, hospitality, and education development markets.
The significant story for DC has been seen in the retail market over the past few years. Despite the overall construction activity decreasing in 2008 and 2009 due to the recession, retail development starts (when measured by square feet) has increased year-over-year since 2008.
“The increase in retail space last year verifies that the District’s retail market is alive and thriving, and we need to make sure that this story is being told across the region and the nation,” says Keith Sellars, President & CEO of Washington, DC Economic Partnership.
Since the beginning of 2011, more than 1.1 million square feet of retail projects have broken ground with about 90% of this space expected to deliver by the end of 2013 or early 2014. Large retail developments such as 1212 4th Street, CityMarket at O Street, CUA South Campus Redevelopment, Boilermaker Shop, 3 Constitution Square, The Shops at Dakota Crossing, 360 H Street and CityCenterDC represent a vast majority of this new retail development.
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.
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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