In March 2017, a brand new resource emerged, called Recity, that offered a quick and easy way to learn about every planned project in every Washington, D.C. neighborhood. Now, Recity has unveiled a 13-page document on real estate pipeline trends in the District with a bounty of information worth knowing.
Here are some of the highlights. First, D.C. is expected to add more than 15.5 million square feet of real estate in 2017 alone with over 80 million square feet located within a half mile of a Metro station. This year, there are over 23,000 residential units and over 23.5 million square feet of commercial space planned. Additionally, just over 20 projects in the city account for over a fifth of all square feet in development.
Compared to “recently completed” developments, upcoming residential buildings have over 60,000 more square feet on average. Furthermore, out of all of the upcoming projects in the city, 64 percent are mixed-use.
To compile all of this information, Recity collects over 70 data points from hundreds of sources to create a comprehensive database on the market, according to the 13-page document recently released. Public services and educational use projects, such as parks, libraries, and schools, are not tracked in Recity.
Be sure to check out the full document below.