Washington DC

• Overall availability rate increased by 0.7pp over the quarter to 13.5%; tepid demand has been pervasive over the first half of 2017 with just 3.9 msf leased year-to-date, a 43% decrease from the same period last year.

Northern VA

• For the second consecutive quarter, Northern Virginia landed a major corporate user from outside the region as Amazon Web Services announced a lease for 400,677 SF at One Dulles Tower.
• Decreased supply put upward pressure on rents which increased by 0.8% relative to the previous quarter; class A rents posted a sharper increase, jumping by 1.2% over the same period.

Suburban MD

• Total leasing volume plummeted by 28.2% during the second quarter posting the lowest quarterly leasing total in the past two years; overall availability increased, ending the second quarter at 16.2%.