RDM was in attendance at Bisnow's 4th Annual D.C. State of the Market Event where leaders in commercial real estate gathered to assess the overall state of the market, as well as key trends and issues which lie ahead in the coming year.Here’s some of what we heard from panel members at the event:
• The DC office market has been somewhat stagnant at the beginning of 2013, class A rents are increasing, and law firms are using about 25% less space today.
• Douglas Jemal, Founder & President of Douglas Development sees DC as a long term bet for real estate investment.
• Oliver Carr, President & CEO of Carr Properties notes that downturns bring you back to fundamentals. He also sees landlords playing musical chairs to get what demand is out there.
• Doug Donatelli, CEO of First Potomac took advantage of the downturn by focusing on office property purchases. He sees a tremendous amount of demand for high quality buildings in the DC market.
• Phil Leibow, Managing Director of Jones Lang LaSalle notes that there are different tenant demands in DC, some want the “new experience” and others that don't care for change. He also sees City Center as a game changer in DC, which will cause a shift to the East.
• Victor Tolken, Managing Partner and Founder of Penzance Companies, notes that the Arlington market is performing strong at the moment.
• Willy Walker, CEO of Walker Dunlop notes that CMBS is back but there has been no reform to give rating agencies more clout.
• Matt Kelly, Managing Partner of JBG sees the GSA eventually getting back to focusing on efficiency.
• Todd Rich, Managing Director of Tishman Speyer sees natural light as a large driver in design.
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