Washington Industrial

Washington

Office Space Market Report

Number of Listings (last 90 days)
63
Median Rate ($/sqft/yr)
$58
Median Size (sqft)
5,630
As of: September 27, 2016

Washington DC Office & Commercial Space

The city of Washington DC serves as the capital of the United States, and features a wide array of political, economic and cultural infrastructure. Featuring a residential population of 600,000 individuals, Washington DC and the larger Washington metropolitan area (which features a population of well over 1.5 million residents) serve as a vibrant hub of activity in this region of the country. Due to its advantageous positioning in close proximity to both Maryland and Virginia, it is not uncommon for residents of these two states to commute into Washington DC during the workweek. In fact, the population of Washington DC often doubles on workdays because of this influx. Business owners seeking rental properties for lease in this city, including both office space for rent and commercial space for rent, will find that the available properties here are very conducive for establishing a strong presence in the region that is capable of further expansion. The various neighborhood zones of Washington DC each host numerous business enterprises that vary widely in size and scope.

Washington DC Economic Overview

The median household income level in Washington DC is approximately $65,000, well above many of the surrounding communities. Due to the large number of high-income occupations found within Washington DC, it should come as no surprise that incomes have reached their current levels here. That being said, Washington DC also features a relatively large income gap between the higher and lower-income demographic groups. In a recent survey, it was revealed that nearly 19% of the local population here currently lives below the poverty line.

Common occupations for residents of Washington DC include positions in industries such as media, agriculture, law, education and public administration. As could be expected, the various political offices found throughout the area are a significant source of employment.

Washington DC is also home to a number of notable universities, each of which employs a substantial number of academics and professionals. These higher education institutions provide a valuable source of income for the area, thanks in large part to the substantial number of tuition payments made each semester by thousands of domestic and international students.

Tourism is also a large industry in Washington DC, and accounts for a large portion of the city’s annual income. Visitors from around the world flock to Washington DC in order to take in the sights and sounds of the US capital.

Washington DC At A Glance

For those who have not yet been to Washington DC, the first steps taken in this magnificent city will reveal a wide array of spectacular sights and attractions. Washington DC is home to some of the finest museums in the country, including the National Museum of Natural History, the National Air and Space Museum, the Smithsonian Institution Building and the Hirshhorn Museum and Sculpture Garden.

A number of famed performance ensembles can also be found here, including the National Symphony Orchestra, the Washington National Opera and the popular Washington Ballet. The United States Marine Band, the oldest professional performing ensemble in the country, is also located here.

Washington DC is also one of twelve cities in the United States that hosts a professional sports team in each of the major athletic disciplines: the Washington Wizards (basketball), the Washington Capitals (hockey), the Washington Nationals (baseball), and the Washington Redskins (football).

Washington DC History

The origins of Washington DC can be traced back to the early days of the United States following the victory over the British during the American Revolution for Independence. The passage of the Residence Act in 1790 called for the creation of a national capital along the banks of the Potomac River. In September of 1791, the new city that had been erected to house the capitol was named Washington in honor of the country’s first president. In 1814, Washington DC was severely damaged during the “Burning of Washington,” an event which involved the burning of the White House by invading British troops as part of the War of 1812. The city remained a volatile environment well into the 1900s. In April of 1968, massive riots broke out in the streets of Washington DC following the assassination of Dr. Martin Luther King, Jr. This formative period of time helped shape the cultural landscape of the United States as we know it today. Washington DC has continued to evolve and expand in recent years, and remains an essential component of modern-day America.

Washington DC Population

Demographically, Washington DC is largely mixed. In the 2012 census, it was found that nearly 50% of the DC metropolitan area is African American, with a variety of other groups representing significant portions of the overalls population. Nearly 42% of the population in Washington DC is currently classified as Caucasian. Due to the large number of academic institutions and political organizations found throughout Washington DC, it is estimated that roughly 10,000 foreign nationals can be found living in the city at any given time.

Washington DC has long suffered from a lack of education and training among members of the general population. A recent study has revealed that nearly 33% of DC residents were “functionally illiterate.”

Trends of Washington DC

As is common with a vast number of large cities in the United States, Washington DC is continuing to develop its economy, culture and overall ethnic diversity. Having long been a popular destination among foreign students, the city is slowly beginning to host an increasing number of foreign-born professionals who have been trained in American institutions. Some of the more rapidly expanding industries currently found in DC include education, scientific research and financial management, among others.

Where to Lease in Washington DC

Washington DC’s economic fabric consists of pockets of activity and development situated throughout the city at large. Not only does Washington DC proper feature a number of viable rental properties, but the surrounding metropolitan area is also quite conducive for leasing.

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