6.4 Million Square Feet: The Most Interesting Statistics From DC’s Development Report

• November 18, 2016

by UrbanTurf Staff

Rendering of a new mixed-use development planned near Union Market.

The Washington DC Economic Partnership is hosting its annual meeting today, so we decided to go through their annual report and pick out some of the most interesting statistics and highlights when it comes to development in the city.

Here is a quick rundown:

• DC has added 13,800 jobs since September 2015, a 1.8 percent increase for a total of 780,000 jobs.
• As of 2015, young professionals made up 36.9 percent of the city’s population. This segment of the population has risen 19 percent since 2010.
• 59 projects totaling 6.4 million square feet will deliver in DC this year.
• DC currently has 84 residential projects under construction that will deliver in the next three years, for a total of 11,241 units.
• 80 percent of the largest residential projects under construction in the city are in Ward 6.
• The most active developer in the city (not limited to residential development) is The JBG Cos. with 15 projects either under construction or in the pipeline. Douglas Development comes in second with 13 projects.
• The most active architect is Shalom Baranes with 21 projects in the works.
• Nearly 90 percent of the 14,847 residential units under construction in DC will be rental apartments.
• In the 12 months ending September 2016, the city has issued 5,129 housing permits, up 24.1% from a year ago.
• The Foggy Bottom sub-market had DC’s highest effective rental rate for apartments in the third quarter of 2016 at $2,672/month. Anacostia had the lowest at $1,621/month.
• In the Union Market/NoMA sub-market, there are 15.6 million square feet of development under construction or in the pipeline, including approximately 11,400 residential units and 4.6 million square feet of office space.
• The average size of a one-bedroom in the early 2000s was 850 square feet. That has dropped to 725 to 750 square feet today.

For the full report, click here. For more on the residential development on tap for DC and the region, check out UrbanTurf’s Pipeline.

This article originally published at http://dc.urbanturf.com/articles/blog/the_most_interesting_statistics_from_dcs_development_report/11900