WDCEP Releases DC Development Report: 2013/2014 Edition at 2013 Annual Meeting & Development Showcase
The WDCEP is pleased to announce that the 2013/2014 DC Development Report is now available. The WDCEP officially released the report to the public at the Partnership’s 2013 Annual Meeting & Development Showcase on November 15th at the Washington DC Convention Center. Since 2001, the WDCEP has taken a continuous look at development in DC and as a result has over a decade of research and data on the DC development market. This year’s report reveals trends about the 10 million sf of real estate projects expected to deliver in 2014.
“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 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 2013/2014 DC Development Report can be picked at WDCEP’s offices located at 1495 F. Street, NW at no charge, or downloaded at Scribd for a fee.