Avison Young in Washington, DC
Washington, DC is a uniquely global environment vibrating with influence and innovation. Its unrivaled workforce and broad economy are regarded throughout the world, making it an ideal foothold for Avison Young’s North American growth. Since opening in 2010, the DC region has been a principal driver of the firm’s meteoric success by adding more than 250 local professionals to advise commercial real estate owners and users in tenant representation, landlord agency leasing, investment sales, capital markets, project management, multi-family residential management and commercial property management.
|Transaction Management||Landlord Representation||Management and Advisory|
|Tenant Representation||Capital Markets||Design Management|
|Consulting and Advisory||Mortgage Services||Construction Management|
|Facility Management||Investment Sales|
|Project Management||Property Management|
|Enterprise Solutions||Investment and Asset Management|
The DC region is America’s sixth most-populated urban center with more than 6 million residents including the surrounding counties in Suburban Maryland and Northern Virginia. Residents enjoy an unemployment rate that consistently beats the national average, thanks to a highly-educated base which has attracted numerous Fortune 500 companies. These skilled professionals also enjoy the highest median incomes in the U.S., laying the foundation for a strong economy which has flourished as private sector growth lessens reliance on federal spending.
As one of the world’s best-performing markets, it’s no surprise that the region receives considerable attention from both foreign and domestic real estate investors seeking safe and steady capital gains. Growing industries in the areas of education, finance, healthcare, hospitality, public policy and scientific and medical research generate demand for more than 375 million square feet of office inventory, making DC one of the largest commercial real estate markets in the nation.
Washington, DC commercial office space totals more than 134 million square feet. From a landscape once characterized by large corner offices, landlords here have adapted to increased tenant efficiency by shifting buildouts towards shared amenities and incorporating retail or medical uses to attract the millennial worker. An increasingly connected urban landscape has led to a surge in mixed-use developments as owners pursue “placemaking” to create destinations which draw (and keep) visitors. Old guidelines are quickly becoming obsolete, requiring a new approach to deal-making informed by comprehensive data and the latest market intelligence.
Blessed with the highest real income and spending power of all the major metro regions within the U.S., residents here support a diverse and thriving retail market which has made the area an international destination for food and shopping. The retail market contains over 280 million square feet of all types, ranging from lively urban scenes in Georgetown, Adams Morgan and Bethesda to high-end shopping areas including Tysons Corner Center (the largest shopping mall in Virginia).
The Washington region’s industrial market comprises nearly 200 million square feet with core concentrations along Interstate 95 (the major north/south access corridor of the eastern United States) as well as near Dulles International Airport. The region is also a critical hub for digital infrastructure with an estimated 70 percent of the world’s internet traffic passing through data centers located here. The rapid rise of technology and e-commerce is simultaneously revolutionizing and constraining the region’s industrial market, as an increasing number of users compete for limited land and building availability. As such, it is even more critical to identify opportunities before they become available.
The Washington, DC region remains one of the most sought-after investment locations in the U.S. due to its overall stability, long-term performance and growth of the private-sector knowledge economy, in addition to the presence of the federal government and numerous mission-critical installations.