Government sector dominates Q2 2024 leasing activity as overall volume increases

The Washington, D.C. office market continued to experience an increase in leasing activity in Q2 2024 with volume totaling nearly 2.1 million square feet (msf), compared to 1.7 msf in the previous quarter. Leasing volume also increased year over year from just 1.4 msf reported a year ago. Q2 2024 leasing activity was dominated by the Government sector, which executed half of the top ten leases. Most notable were two GSA deals: the Federal Housing Finance Agency (FHFA) and Commodity Futures Trading Commission (CFTC) each signed deals at 400 7th Street NW for 377,092 square feet (sf), and at 355 E Street SW for 147,050 sf, respectively. The second largest deal of the quarter was the District of Columbia Department of General Services which signed at 64 New York Avenue NE for 333,658 sf. The Federal Bureau of Investigation (FBI) executed two renewals at 375 E and 395 E Streets NW totaling 94,838 sf.

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