Washington, DC Economic Partnership Releases 2013/2014 Development Report
$85 Billion in Development, 1450 Projects Tracked
Washington, DC – November 13, 2013 The Washington DC Economic Partnership (WDCEP) is pleased to announce that the 2013/2014 DC Development Report is now available. The electronic version can be purchased on Scribd or free physical copies are available at the WDCEP’s office (1495 F Street, NW).
The WDCEP has taken a continuous look at development in DC since 2001. This report reveals trends about the 10 million sf of real estate projects expected to deliver in 2014. The Report was officially be released to the public at the WDCEP’s 2013 Annual Meeting & Development Showcase on November 15th at the Washington DC Convention Center.
“The 2013/2014 DC Development Report provides a broad audience
with an extraordinary window on the local real estate market and development economics,” said Keith Sellars, President/CEO WDCEP.
The 2013 /2014, DC Development Report is a compilation of nearly 13 years of data collection. Since WDCEP started tracking this information, they have collected data on over 1,450 projects and approximately $84.7 billion of development. “The data and research provided is used by developers, investors and business owners room to understand patterns of investment, new trends, and even predict where the market is going,” said Sellars.
WDCEP partnered with CBRE this year to provide an economic and development overview of DC and in-depth analysis of the office, retail, and residential markets. According to Jeffrey Kottmeier, CBRE’s Director of Research and Analysis, the annual development report provides investors with critical benchmarking data that paints a comprehensive picture of where the commercial real estate market is currently, and some clues as to its future directions.
“It is likely that 2014 will continue to be a year of modest growth and a continued flat market for the office markets until the current issues such as a long-term congressional budget and federal spending reach some resolution. That being said, DC continues to be in high demand for investors and we expect that momentum to carry forward into 2014,” said Kottmeier.
“The Development Report is an important component of the District’s economic development marketing and the statistics are vital to national and international developers making decisions about investing in DC,” Said Victor L. Hoskins, Deputy Mayor for Planning and Economic Development, Co-Chair, WDCEP Board of Directors. According to Hoskins, the report also supports local and international business attraction. “The confidence that retailers place on DC is evidenced by the nearly 770,000 sq. ft. of new retail and restaurant space to come online in 2014 due to market demand,” said Hoskins
More than 3,000 copies of the 2013/2014 DC Development Report will be printed and available at the WDCEP offices and partnering organizations. “All of this research has helped us tell a better story about why to choose DC”, said Sellars.
The Washington, DC Economic Partnership a 501(c) (3) organization, WDCEP promotes business opportunities throughout the District and contributes to business retention and attraction activities. WDCEP is the first point of access for real estate and corporate executives seeking market and demographic information, information about the city and incentives, and real estate investment. WDCEP publishes several reports on the market including the DC Development Report and the Neighborhood Profiles. For more information visit www.wdcep.com
The Annual Meeting and Development Showcase is one of the leading forums in the DC for the exchange of information about local development and real estate. The Meeting presents an opportunity to look into the future of DC’s real estate and, and to build and strengthen professional relationships. The Conference attracts real estate professionals from various industry sectors including development, brokerage, law, finance, design, and construction.
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 with the hope of creating a comprehensive database that would answer a number of questions in regards to the construction activity in the city. The Report summarizes our entire database of projects, highlights major projects and what lies ahead for development in the District of Columbia. The WDCEP performs an annual “development census” in the month of August and receives contributions from more than 140 developers, architects, contractors, and economic development organizations. This outreach results in updates to more than 200 projects.