Metro Washington, DC Office Sector Absorption Slowing as More Tenants Renew Leases

WASHINGTON, DC--GVA Advantis presents highlights from its second quarter Office Market Review of the metro Washington, DC market. For a complete copy of the report, please contact

Tonya L. Ginter, CCIM, Director of Research & Marketing, 703.790.2127, tginter@gvaadvantis.com

Market Highlights:

--The office sector faced slowing absorption and increasing vacancies during the second quarter of 2008, as vacancy rates increased to 10.8 percent from a first quarter rate of 10.1 percent.

--Landlords are granting generous concessions in response to the slowing rate at which new leases are being signed.

--The increased number of renewals is hurting the absorption of new projects.

--While commercial property sales slowed considerably during the first quarter of the year, activity accelerated during the second quarter of 2008.