[Updated Oct 2020] A guide to executive suites and office space for rent in Washington DC as well as general information that may be useful if you are thinking of renting office space in Washington DC.
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History & Geography
The capital of the United States is not only the seventh-largest metropolitan area in the country but also its political hub and the home of its most treasured national monuments. The city is located on the Potomac River and its two tributaries, the Anacostia River and Rock Creek. Washington is situated in its own district which is under the jurisdiction of Congress, rather than any state. The area of Washington was initially inhabited by a band of Native Americans called the Nacotchtank. However, the tribe had mostly relocated by the time the area was first discovered by Europeans in the early 18th century. In 1790 the Residence Act was passed by Congress approving the construction of a national capital on the banks of the Potomac River. Then-President George Washington selected the exact location from land donated by the states of Maryland and Virginia. The city was named in honor of President Washington and the district was named Columbia, a poetic name for America in fashion at the time. In 1814 the British burned the new city to the ground, including the Capitol. It was not until 1868 that it would be rebuilt. The population of the city grew dramatically during the American Civil War due to the expanded powers and capabilities of the Federal government as well as an influx of freed slaves. When motorized streetcars were introduced in 1888 this also spurred the growth of the city. In the 1930s the New Deal resulted in more Federal departments and agencies which also led to more growth. By 1950 the district had over 50,000 residents, its population swelled further by WWII. Washington saw extensive rioting after the assassination of Martin Luther King Jr. After three days of rioting, Federal troops stemmed the unrest, though the damage was not completely repaired until the 1990s. Today Washington is one of the most iconic cities in the world and an economic powerhouse in its own right.
Economy
Today Washington’s economy is one of the fastest-growing in the nation. Washington also possesses one of the most diversified economies in the region. The gross state product of the district is approximately USD 100 billion and the gross product of the city of Washington itself is over USD 400 billion, the fourth largest city economy in the country. Washington also has the second-lowest unemployment of all cities in the country at 6.2 percent. Approximately 30 percent of all jobs in the city are for the Federal government. This generally means that Washington does not fare as badly as other American cities during downturns in the economy. There are also many associated job markets in the city such as law firms, lobby firms, non-profits, trade unions, professional associations and so forth. There are also almost 200 foreign embassies based in Washington and many organizations such as the World Bank, IMF and the Pan American Health Organization. Over 10,000 people are also employed by the diplomatic corps, which also contributes USD 400 million to the annual economy. Recently Expansion Magazine rated Washington as one of the top ten areas in the US to do business.
Culture & Tourism
Washington is one of the most popular cities in America for tourists. Its status as the nation’s capital and its cultural richness ensures that it never lacks for visitors. The National Mall is a large open-air park between the Lincoln Memorial and the Capital where many of the most popular monuments are located. Among the most well known are the Washington Monument, the Korean War Veterans Memorial, the Vietnam Veterans Memorial, the Lincoln Memorial Reflecting Pool, the National WWII Memorial and the Tidal Basin. The National Archives is also located in Washington and contains the Declaration of Independence, the US Constitution, and the Bill of Rights. The Library of Congress, the largest library in the world with 147 million books is also located in Washington. Among the museums found in Washington are the National Air and Space Museum, National Museum of Natural History, National Museum of African Art, National Museum of the American Indian, Hirshhorn Museum and Sculpture Garden and the Smithsonian Institution Building. The city also functions as a national arts hub and is home to many concert halls and art galleries.
Transportation
Washington is notorious for its congestion and lack of parking. A full 37 percent of commuters take public transportation to work, either with the city’s extensive bus system or the metro, operated by the Washington Metropolitan Area Transit Authority. Washington is served by Union Station, the main train station, which serves 70,000 passengers every day. A total of three airports serve the city, Ronald Reagan Washington National Airport, Washington Dulles International Airport, and Baltimore-Washington International Thurgood Marshall Airport. Currently, a DC Streetcar system is being constructed to deal with an expected increase in transportation requirements in the city over the next few years.
Office space for rent in Washington DC
In 2010 approximately 80 percent of leasing in Washington was by the government. In contrast that now stands at approximately 50 percent, representing a major downturn in the market. Vacancy rates have not been severely affected by this however as supply is still relatively limited in Washington. The vacancy rate in the CBD is 11.9 percent and the average asking rate is USD 59 per square foot. Overall demand for office space in the capital is expected to increase however as the economy recovers.
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