June 24, 2020
Top 10 Office Projects Under Construction in DC
Roxana Baiceanu | Commercial Property Executive
As of May, some 12 million square feet was under construction in the metro, based on Yardi Matrix data.
The COVID-19 crisis, on top of rising construction costs, has placed additional strain on the office sector this year. With the real estate industry still facing many uncertainties, new office developments across the country are being delayed, with several large markets such as Washington, D.C., seeing no new deliveries in the first two quarters of the year, according to Yardi Matrix data.
However, May data shows that, with Amazon breaking ground on its 22-story HQ2 towers in Pentagon City at the beginning of the year, the metro’s pipeline spans 36 projects accounting for 12.4 million square feet. More than 3 million square feet is expected to come online by year-end. The table below displays the 10 largest projects underway as of May, based on Yardi Matrix data. Some projects have been grouped according to location.
One of the most anticipated developments in downtown Bethesda, Md., Avocet Tower, features a Pickard Chilton design comprising a hotel and office tower. StonebridgeCarras’ $300 million project was initially scheduled for completion in the summer of 2021, but construction is expected to last longer.
The 530,000-square-foot glass tower is topped with a 7,500-square-foot sky terrace and is expected to feature advanced mechanical systems, secured bicycle storage and electric vehicle charging stations. The development, located at 7373 Wisconsin Ave., is designed to meet LEED Platinum standards.