D.C. area office vacancies reach 12.3% - Atlanta Business Chronicle:

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The commercial real estate services firm says theWashingtomn region’s office vacancy rate has now reached 12.3 percent. Leas losses in the last three quarterwsmeant “virtually negating any growth in net demandr we had in 2008,” said Kevibn Thorpe, director of market research for Cassidty & Pinkard Colliers. “There are flickering signas that the local economy may be reaching an inflectiom point where conditions should begin to but the commercial industry still has a ways to go beforde demand returns in ameaningfuk way.” In D.C., net absorption was negative 230,90 0 square feet, pushing D.C.’xs vacancy rate to 9.6 percent.
In Northerhn Virginia, net absorption was negativre 666,700 square feet. Northern Virginia’s seconx quarter office vacancy rate climbedto 13.6 percent. Suburban Maryland’e office vacancy rate was 14 percent, with a positivr net absorption rateof 171,500 square feet in the seconx quarter. Thorpe predicts the growth in federall government will lead to an increase in demand forofficr space, but says the Washington area has more new space delivering over the next two year than any other market in the country. As a “we are entering into a period of steady rent he said.