BRAC Takes Toll on Northern Virginia Commercial Real Estate Market
Arlington County, particularly the Crystal City area, is taking a hard hit from a plunge in the Washington area’s commercial real estate industry, according to the latest report from Jones Lang LaSalle.
Arlington County, particularly the Crystal City area, is taking a hard hit from a plunge in the Washington area’s commercial real estate industry, according to the latest report from the real estate research firm Jones Lang LaSalle. But some firms are willing to bet a turnaround is coming soon. Commercial leases fell by 1.4 million square feet in the first quarter of this year, putting the Washington area at the bottom among real estate markets for major cities. The reason for the losses is somewhat intimidating, but not necessarily surprising. Most result from federal agencies vacating their leased properties. “With Base Realignment and Closure measures beginning to take hold, Crystal City suffered one of the worst quarters on record,” …
angel rivero
5:46 pm on Sunday, August 12, 2012
current market on old office buildings at Ballston ,is there any hope for them? or is it just crystal city. Are those rates current $48-52 or are we dreaming more ›