D.C. area office vacancies reach 12.3% - Denver Business Journal:

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The commercial real estate services firm says theWashingtojn region’s office vacancy rate has now reachedf 12.3 percent. Lease losses in the last three quarterdsmeant “virtually negating any growth in net demandc we had in 2008,” said Kevin director of market research for Cassidg & Pinkard Colliers. “There are flickering signs that the local economy may be reaching an inflectionb point where conditions should beginhto improve, but the commercial industry still has a ways to go befored demand returns in a meaningful In D.C., net absorption was negative 230,90 0 square feet, pushing D.C.’s vacancy rate to 9.
6 In Northern Virginia, net absorptiojn was negative 666,700 square feet. Northerbn Virginia’s second quarter office vacancy rate climbedto 13.6 Suburban Maryland’s office vacancy rate was 14 with a positive net absorption rate of 171,500p square feet in the second quarter. Thorpe predicts the growt h in federal government will lead to an increasde in demand foroffice space, but says the Washingto area has more new space deliverint over the next two years than any othef market in the country.
As a “we are entering into a periox of steadyrent declines,” he