With tenants continuing to shed space in the Washington, DC market, the East End has seen a 162% increase in available sublease space over the past five years alone. Law firms, associations, and professional services firms alike are seeking to streamline footprint, adding several large sublease blocks to the already elevated availability in this submarket. With the majority of this space in class A buildings, it gives tenants in the market seeking flexibility an alternative lower-cost option to the class B market.
East End Sublease Statistics at a Glance
Currently, there is 2.6 msf of sublease space available throughout all of Washington, DC. Of this, 1.4 msf, or 54% of all available sublease space is located in the East End. This marks the highest amount of sublet availability since 1993.
The average time that sublease space spends on the market in the East End is currently 18 months, two months longer than the overall DC average. Time on market has increased significantly over the past 10 years, doubling from an average of 9 months in 2007 due to the increased competition for tenants in a softer market.
Large options in particular have increased in recent quarters, with three buildings that have over 100,000 sf of sublease space available, an additional three options with over 50,000 sf available, and another nine with more than 25,000 sf available making the sublease market a more viable solution for tenants of all sizes.
Sublease Availability (SF) 2007 - 2017