Gross leasing volume in the District ended the year at 6 million sq. ft., down 40% from 2018-2019 annual levels—a rate of decline consistent with that of the overall U.S. office market.
A total of 1.7 million sq. ft. of sublease space has been added to the market since the onset of the pandemic, bringing total sublease availability to 3.5 million sq. ft. Nonprofits and law firms have been the largest contributors with 480,000 sq. ft. and 580,000 sq. ft. of additions, respectively.
Five notable D.C. coworking locations closed during 2020, returning a combined 124,000 sq. ft. to the market. This follows 2018 and 2019 in which the coworking market expanded by 1.5 million sq. ft. in the District.