7/13/21 Washington, DC Mastermind Meeting

Washington DC July 2021 Key Take Aways

• Companies are bringing employees back to the office at different levels and speeds, but many are adopting some type of hybrid model to find a balance between creating an office culture and offering flexibility. (Cherry Bekaert LLP – Steven Kenney, INTEC – Keith Switzer, Loudon County – Kevin Welch, NAI KLNB – Kydin Nourazar)
• Tax legislation is uncertain and there are lots of concerns regarding future tax rates. (Cherry Bekaert LLP – Steven Kenney, Cherry Bekaert LLP – Rick Schneider, INTEC – Keith Switzer)
• M&A transactions have been busy and investors are interested in finding places to put their money that will work for them. (Cherry Bekaert LLP – Steven Kenney, Cherry Bekaert LLP – Rick Schneider)
• Seeing some new activity in repositioning projects (though owners are hesitant to spend a lot of money), steady work with grocery store renovations, lots of new interest from private schools and a lot of opportunities in life sciences. (INTEC – Keith Switzer)
• Retail seems to be picking up a little bit, with some large projects in the area, including the Dulles Town Center and Rivana. Bars and restaurants are opening up and it’s harder to find parking in the city. (Loudon County – Kevin Welch, NAI KLNB – Kydin Nourazar)
• The office market remains uncertain. Vacancies and sublets are both high. (Loudon County – Kevin Welch, NAI KLNB – Kydin Nourazar)
• Industrial remains hot with very limited supply and a lot of demand. (NAI KLNB – Keenan Woofter, Loudon County – Kevin Welch)
• Lots of activity in Manassas, VA. Microsoft recently purchased property for $95 million. (NAI KLNB – Keenan Woofter)
• Many GSA contracts had been amended to add community services due to Covid-19 concerns, but new contracts aren’t requiring similar modifications and it’s not expected that Covid will have a long term impact on these types of contracts. (NAI KLNB – Kydin Nourazar)