CohnReznick Launches Quarterly Report on Washington Real Estate Market

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Condominiums, apartments, retail up; office and housing sluggish in third quarter

CohnReznick has launched the quarterly Washington Area Commercial Real Estate Market Update.

CohnReznick's new quarterly report provides real estate market analysis and data designed to help investors, owners, and operators evaluate current market conditions in Washington, D.C.

CohnReznick LLP, the 10th largest accounting, tax, and advisory firm in the U.S., today announced the launch of a new quarterly report on the commercial real estate market in the Washington, D.C. metro area. The report, titled “Washington Area Commercial Real Estate Market Update,” provides market analysis and data designed to help investors, owners, and operators evaluate current market conditions.

Produced in collaboration with Delta Associates, each quarterly report will explore the national and regional economic factors impacting local real estate markets, including office, apartments, condominiums, retail, and housing. The first edition of the report, released today, features data from the third quarter of 2014. Key findings for each vertical include:

  • Office: Washington’s vacancy rate remains low by national standards, but edged slightly upward, at 11.0% as of September 2014, as compared to 10.8% at year-end 2013.
  • Apartments: Apartments in the metro area saw record-setting absorption—10,663 over the past 12 months, 77% ahead of the long-term average.
  • Condominiums: The market is in the throes of a comeback: new condominium sales activity improved during the third quarter of 2014 to the highest quarterly total in nearly two years.
  • Retail: The continued decline in retail vacancy rates is accelerating. During the third quarter, the suburban vacancy rate was at 6.9%, a decline of 50 basis points from 7.4% at year-end 2013.
  • Housing: This market is showing signs of cooling. Average prices increased but at a much slower pace, just 1.1% year over year. Sales volume slipped 6.6% from one year ago.

The full report provides data and analysis on net absorption, vacancy, pipeline, rent, investment sales and cap rate, along with a summary and forecast for each industry vertical. With clear, user-friendly graphics and charts, the Market Update makes the dynamic trends and complex challenges of the Washington area real estate market easy to understand. The full report is available at http://www.cohnreznick.com/insights/whitepapers/commercial-real-estate-market-update/third-quarter-2014.

About CohnReznick
With origins dating back to 1919, CohnReznick LLP is the 10th largest accounting, tax, and advisory firm in the United States, combining the resources and technical expertise of a national firm with the hands-on, entrepreneurial approach that today's dynamic business environment demands. CohnReznick serves a large number of diverse industries and offers specialized services for Fortune 1000 companies, owner-managed firms, international enterprises, government agencies, not-for-profit organizations, and other key market sectors.

Headquartered in New York, NY, CohnReznick serves its clients with more than 280 partners, 2,500 employees, and 26 offices. The Firm is a member of Nexia International, a global network of independent accountancy, tax, and business advisors. For more information, visit http://www.cohnreznick.com.

About Delta Associates
Delta Associates is a firm of experienced professionals offering consulting, valuation, and data services to the commercial real estate industry. For more than 30 years, Delta Associates has provided commercial real estate research, advisory, and publication services to a broad array of clients throughout the United States. For more information, visit http://www.deltaassociates.com.

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Courtney Benhoff