DC Is A Good Market–Now Convince Everyone Else

“No one is paying attention to DC, but all the metrics are saying otherwise,” said Real Professionals member Brandon Henry of Greystar. Absorption of new residential units has been “great”, a sentiment other RPN members echoed; Greystar’s Adaire tower in Tysons is already 35% leased with move-ins starting just a few months back, yet deals aren’t getting done as quickly as members would like.

Some submarkets are still strong, including Reston, said Enterprise Realty’s Stevan Varga, and Anne Arundel County, which has received an influx of new cybersecurity and defense jobs. And for local homebuilders, there’s a twist advantage to D.C.’s slower growth, Varga added: national homebuilding companies are pulling back on their D.C.-area projects because they can get higher margins elsewhere. Still, he said, “we’re waiting for the next thing to happen.”