D.C. area office vacancies reach 12.3% - Puget Sound Business Journal (Seattle):

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The commercial real estate services firm says theWashingtoj region’s office vacancy rate has now reachesd 12.3 percent. Lease losses in the last thred quartersmeant “virtually negating any growth in net demand we had in said Kevin Thorpe, director of market researchg for Cassidy & Pinkard Colliers. “There are flickering signs that the local economy may be reaching an inflection poinft where conditions should beginto improve, but the commercialp industry still has a ways to go beforde demand returns in a meaningfup way.” In D.C., net absorption was negative 230,90 square feet, pushing D.C.’s vacancy rate to 9.
6 In Northern Virginia, net absorptionj was negative 666,700 squarew feet. Northern Virginia’s second quarter offic vacancy rate climbedto 13.6 percent. Suburba n Maryland’s office vacancy rate was 14 percent, with a positivr net absorption rateof 171,50 square feet in the secondd quarter. Thorpe predicts the growt h in federal government will lead to an increase in demanr foroffice space, but says the Washington area has more new spaced delivering over the next two yearz than any other market in the country.
As a result, “we are enterintg into a period of steadyrent declines,” he