vacancy rates are up in Washington D.C.

Washington D.C., which only a few years ago was one of the strongest U.S. office markets, has been hit with a double whammy in recent years. Federal austerity measures has diminished demand and put excess space back on the market. Boeing and Northrop Grumman moved out and in the Rosslyn-Ballston submarket the vacancy rate went from 10% in 2011 to 22% at the end of last year. A 31-story office tower with 575,000 square feet has been waiting since 2013 for its first tenant. (The Wall Street Journal February 10, 2015)