The skyline of the nation’s capital has been dominated by cranes for the last several years, with development rapidly spreading to new parts of the District, and a new report detailing D.C.’s pipeline shows it is not expected to slow down any time soon.
Developers have completed 622 projects in D.C. since 2010, totaling roughly 76M SF of commercial real estate and $27B of cumulative investment, according to the Washington D.C. Economic Partnership’s annual development report. D.C. had 162 developments under construction totaling 27M SF and $11.2B in investment as of August, the report shows, and the city’s future pipeline is even larger.
The report breaks down D.C.’s pipeline by developer, property type, estimated delivery, cost and other metrics, shedding light on how D.C.’s built environment will change in the coming years, and who will be responsible for that transformation.
Of the 162 projects under construction as of August, 63 are expected to deliver by year-end, 71 are expected to deliver in 2019, 25 have an anticipated 2020 delivery, and three are expected in 2021 and beyond.
The vast majority of the cranes in D.C.’s sky today are building residential developments. There are 94 residential projects under construction totaling 14.3M SF, or roughly 15,600 units.
Click here to read the rest of the article written by Jon Banister over at Bis Now