WDCEP Releases DC Development Report: 2019/2020 Edition

Washington DC Economic Partnership Releases DC Development Report

Analysis of Major Commercial Real Estate Projects in the District

November 14, 2019 (Washington, DC) – The Washington DC Economic Partnership (WDCEP) has released the latest edition of their signature publication, 2019-2020 DC Development Report; an annual summary of 2,000 major projects, representing more than 340 million SF of development in the District of Columbia. This year’s report is complemented by a suite of digital resources including the DC Real Estate search tool and mobile app.

The DC Development Report represents the only consistent synopsis of DC’s ever-changing landscape, providing both unique insights into the latest development trends as well as important analysis on future investment opportunities,” said Keith J. Sellars, President & CEO of WDCEP.

Highlights from this year’s report include:

  • WDCEP estimates total groundbreakings in 2019 will be approximately 10 million SF, marking the 10th consecutive year this mark will be reached.
  • DC continues to experience record residential construction. As of August 2019, there were 17,000 residential units under construction (approximately 78% are market-rate units).
  • 9,622 residential units will deliver in 2019 and 6,805 units in 2020 [1]
  • DC’s 2018 taxable retail & restaurant sales increased by 9% from the previous year to $15.6 billion.[2]
  • Since 2000, more than 40 new grocery stores have opened in DC.

WDCEP tracks development projects throughout the year, performs an annual “development census” every August, and receives contributions from more than 100 developers, architects, contractors, and economic development organizations that result in updates to more than 300 projects.

This year, WDCEP proudly partnered with Delta Associates to provide insight into DC’s economy and various real estate sectors including office, retail, hospitality, and residential.

The Neighborhood Development chapter has also been updated to highlight five areas of DC – Capitol Riverfront/Anacostia Waterfront, Rhode Island Avenue NE, Capitol Hill/Pennsylvania Avenue SE, Golden Triangle/West End, and Union Market/NoMa – that have undergone tremendous change over the past 10 years.

“In order to provide relevant and timely local market intelligence, we have created a suite of tools to allow the real estate and business community to find new investment opportunities in DC,” said Chad Shuskey, Senior Vice President of Research & Real Estate for WDCEP. “This year’s report extends our research efforts by showcasing the latest development information in DC.”

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 About the DC Development Report

The report can be downloaded from wdcep.com and the interactive DC Real Estate Search tool allows users to query WDCEP’s development project database, find pipeline projects in Opportunity Zones and analyze detailed demographics. The DC Real Estate Search tool is available at http://search.wdcep.com and is available on the Google Play and Apple App stores.

 

Sources
1. Based on projects under construction as of August 2019, with 2019 targeted deliveries.
2. Year denotes fiscal year (October–September). Taxable retail & restaurant sales include retail, liquor & restaurant sales (categories are based on tax rates and may include other categories).

 

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