DC Market Update – Winter 2022
TECH COMPANY TIKTOK EXPANDS TO THE DISTRICT
TikTok’s parent company ByteDance signed a lease for almost 50,000 SF of office space in Union Market. The social media company will join NeighborWorks, Industrious, and a restaurant from STARR Restaurant Group in the new Signal House office building.
To learn more about the future of development in the Union Market neighborhood, explore WDCEP’s interactive map:
The District ranked third in the country on the 2021 City Clean Energy Scorecard, which accounts for progress in clean energy in the policy areas of local government operations, community-wide initiatives, buildings, energy and water utilities, and transportation.
Workforce & Economy
The District continues to invest in economic recovery and development through several funding mechanisms.
Programs for businesses include $58 million in Food Access Funds to incentivize the development of food businesses in Wards 7 and 8, a new $40 million round of the Bridge Fund for brick and mortar small businesses, $40 million for a Hotel Recovery Grant program, $8 million for an Arts and Entertainment Venue Relief Fund, up to $4 million for a Commercial Property Acquisition Fund to assist businesses in acquiring commercial property, and $1.25 million for the Inclusive Innovation Equity Impact Fund.
More to Know:
- Two national foundations announced new investments in workforce initiatives in the District. The PNC Foundation granted Howard University with a five-year, $16.8 million grant to create an entrepreneurship center, while Bloomberg Philanthropies pledged $2.5 million to CityWorksDC to create a new apprenticeship program, CareerWise DC.
- DC metro area companies are attracting more seed- and early-stage capital, a trend that continues with the announcement that the region raised $5B in venture capital in 2021.
- DC-based tech company FiscalNote is planning to go public in a $1.3 billion deal. Other local companies had successful fundraising rounds including data analytics firm Optoro, pharmaceuticals company Chase Therapeutics, software company Adlumin, intelligence and research firm Enquire.ai, healthtech company Babyscripts, digital review platform Procurated, tech security company KeyCaliber, gaming studio Dubit, geospatial data company Hydrosat, and risk advisory company The Demex Group.
Real Estate & Housing
The District is halfway to meeting its goal of building 36,000 new housing units by 2025
The District has produced 57% of the total units and 33% of the affordable units needed to meet its goal. Progress on the Park Morton redevelopment, the Hill East Reservation 13 project, the Greenleaf redevelopment, and the Grimke School redevelopment will all contribute to advancing housing production.
More to Know:
- The District celebrated a major milestone with the completion of Phase I and the start of Phase II of the MLK Gateway project in Anacostia, a development bringing office space anchored by tech company Enlightened, retail options, and amenities to the historic neighborhood. The project was supported with New Market Tax Credits, Opportunity Zone equity, and Neighborhood Prosperity Funds.
- Nine buildings delivered 1.4 million SF of office space to the District during 2021.
Transportation & Infrastructure
The infrastructure bill will lead to critical investments for the District and metro region
The District could receive nearly $3 billion in federal funding for infrastructure investments over the next five years with the passage of The Infrastructure Investment and Jobs Act. The bill targets investments in public transportation, broadband coverage, water infrastructure, highways, bridges, and EV chargers.
More to Know:
- Several significant transportation projects in the region are scheduled for completion in 2022, including Metrorail expansion, highway, and bike lane projects.
- District agencies are making plans to build climate resilience throughout the city’s transportation system.
- Catholic University is proposing to build the District’s largest community solar array totaling 25 acres on its West campus.
DC in the News
- DC was ranked #5 in a list of best cities for young professionals for both its economic and recreational opportunities.
- 24 DC area businesses and agencies were included on a Forbes list of 200 Best Employers for Veterans.
- The District was ranked third among the best states to have a baby on measures of cost, health care, baby- and family-friendliness.