Real estate pipeline data and analytics company Recity has just released a new analysis about future development trends in the Washington DC area.
Recity is a real estate analytics company that provides data-driven insights and metrics around real estate development and investment activity in urban markets. It gathers data about recently completed, under construction, planned, and even unannounced construction projects to empower real estate professionals and their clients to make better informed decisions.
In its latest report, Recity said its analysis of the Washington DC market touched upon a variety of topics including trends around building size, location preferences and insights into mixed-use projects.
The biggest finding is that the Washington DC area is expected to add around 15.5 million square feet of new real estate in 2017. Furthermore, Recity said the city has an extremely “healthy pipeline for the years that follow.”
Recity further identified a number of trends impacting Washington DC real estate, finding that buildings in general are set to become much larger. Upcoming residential buildings being developed have on average around 60,000 square feet more than older buildings in the city, for example. Meanwhile upcoming commercial renovations encompass around 100,000 more square feet than those that have been recent completed. It also found that there are just twenty ongoing projects in DC that account for just over a fifth of all square feet currently in development.
Recity’s analysis also noted that mixed-use developments are increasingly dominating the city’s construction scene. Some 64 percent of all ongoing and upcoming projects have a mix of uses, with 12 percent mixing both offices and residential uses.
The study also found that much of DC’s development is focused on mass transit corridors, with 80 million square feet of upcoming development located within half a mile of Metro stations. Finally, the analysis also finds that Washington DC is reclaiming its waterfront area, with 18 million square feet of current and future development found along the Anacostia and Potomac waterfronts.