From the Washington Post on our region's office vacancies:
"[T]he Washington area had its slowest leasing period since the second quarter of 1995, according to data from CoStar, a real estate research firm in Bethesda.Vacancy Rates, Q1 2008 vs. Q1 2007:
. . .
'What I am wondering is, with supply coming online so much faster than demand, who is really going to step up and take that space?" Hartley said. 'There are still a lot of people talking about continued development, and that is a little worrisome. We really need to see a lot more activity from all sectors. We need to see more government leasing, we need to see private-sector leasing'.
The Washington area's vacancy rate at the end of the first quarter was 11 percent, up from 9.8 percent at end of the first quarter in 2007".
DC: 9.1% vs. 8.5%
Reston and Herndon: 15.4% vs. 11.2%
Route 28 South: 17.9% vs. 11.9%
Prince George's County: 17.1% vs. 14.8%
Montgomery County: 9.8% vs. 8.9%