When the coronavirus pandemic hit, the blocks of downtown office buildings emptied. As offices slowly make their return, downtown is finding a new image.
The DowntownDC BID wrote in its Winter 2022 economic update that February 2022 reached a record level of office vacancy in downtown, with 9.7 million square feet of vacant office space. The trend tracked for the rest of D.C. as well, which reached a record office vacancy of 14.6 million square feet.
Based on the number of people who’ve returned to working in offices, D.C. follows closely with trends in cities such as San Jose, Chicago and Philadelphia,The highest levels of return have been in cities in Texas, where coronavirus mitigation measures have been more relaxed; more than 50 percent of workers consistently swiped into buildings in Austin, Houston and Dallas in April.connection to the federal government gives it a unique asset.
According to its winter report, there are 741 units under construction or announced in the DowntownDC BID, equating to a 10.6 percent increase in the housing supply there. D.C. Mayor Muriel E. Bowser’s 2023 budget also includes investments in office-to-residential conversions with affordable housing, which could lead to the conversions of 500 to 1,000 residential units per year downtown over the next 10 years.
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