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K Street downtown
Yesterday the Urban Land Institute released its annual survey on commercial real estate across the country naming D.C. the number one “recession-proof city,” ahead of San Francisco, Boston, Austin, and New York.
This is really no surprise. Though I recently posted on a vision—-laid out by New York magazine—-about artists transforming empty office spaces into the new loft studios, the truth is neither their city, nor our’s has suffered much in terms of office vacancies. As of last month, D.C.’s office vacancy rates were up “sharply” from the previous year, but they still remained the second lowest in the country, according to the Washington Business Journal.
Here’s what the Urban Land Institute had to say about Washington’s future in the coming year:
Washington D.C. scores the highest marks during a recession. While hard-pressed lenders pull back in most cities, major insurers and big banks have taken a long term view and are actually providing financing for new deals. Bethesda, home to the National Institutes of Health, should benefit from increased bio-medical spending and Virginia markets, inside the Beltway, are expected to suffer only modest erosion relative to past downturns. Survey respondents expect suburban vacancies to advance well into the high teens further out.
Image byJonathan Pfeiffer, Flickr Creative Commons Attribution License