Cresa Research - 2023 Construction Report

From 2015-2020, Washington DC experienced rapid development, providing the market various newly built offices for tenants. However, since the onset of COVID-19, employee work patterns have significantly changed, with companies downsizing their office footprint and remote work coming to the forefront. These effects have brought substantial challenges to the broader office market, with older, Class 3 & 4-star buildings feeling the most burden. 

Download our report to learn how shifts in work patterns amid COVID-19 put pressure on Washington's older office buildings following a development boom.