Washington, D.C
DC Office Landlords Want Help For Distressed Office Market
A few of Washington, D.C.’s most notable workplace landlords have reached out to metropolis officers requesting intervention within the District’s distressed workplace market, given the dangers it may pose to its fiscal well being.
In a letter despatched by the Federal Metropolis Council to Glen Lee, D.C.’s new chief monetary officer, the financial growth group requested that Lee’s workplace higher clarify how it’s accounting for the extent of misery going through town’s workplace market, significantly because the newest D.C. finances included elevated tax charges for business properties.
Firms that signed the letter embrace Hines, Boston Properties, Brookfield, Trammell Crow, JBG Smith, Carr Properties, PRP, Akridge and Hoffman & Associates.
Particularly, the letter asks for extra readability on how the District determines key variables like cap charges for workplace buildings, and the way it takes under consideration gross sales of distressed properties.
Whereas the letter doesn’t criticize District officers, it does unequivocally present the businesses concerned fear that D.C. policymakers don’t totally perceive how distressed the workplace market actually is, and it urges officers to satisfy with them to handle the approaching finances hole.
The letter states that the workplace market in downtown D.C. is experiencing vital setbacks ensuing from the dramatic and chronic decline in commuter exercise mixed with the uptick in distant work.
“To be clear, the years main as much as the pandemic noticed deteriorating situations within the D.C. workplace market,” the letter states. “The pandemic and do business from home have additional eroded fundamentals, and all indicators of the well being of the District’s workplace market level to elevated systemic threat and misery.”
Citing emptiness charges, the letter factors out that, of the 733 massive workplace buildings within the District with a heavy workplace presence, 137 are actually greater than 25 p.c vacant. General, the workplace emptiness fee within the Central Enterprise District is at 20.3 p.c, a rise from 10.6 p.c within the final quarter of 2019. Sinking workplace demand is one thing being skilled throughout the nation.
The letter additionally factors to lackluster leasing exercise, noting non-public firms and the federal authorities have each pulled again not too long ago. The year-to-date internet absorption within the CBD and East Finish submarkets was -174,763 and -391,485, respectively.
Moreover, there have been only a few gross sales in 2022, which the letter notes is a “troubling signal,” and it’s anticipated that there can be extra frequent distressed gross sales. And whereas some gross sales contain office-to-residential conversions, which is nice information for Downtown, it’s unhealthy information for workplace market valuations, the letter reads.
“D.C. is doing many promising issues to convey vitality and vitality again Downtown, like pursuing office-to-residential conversions and redoubling its tourism promotion efforts,” Kevin Clinton, chief program officer for the Federal Metropolis Council, informed Business Observer. “In the end, we expect that the way forward for downtown goes to have a higher mixture of makes use of, and workplace, residential, arts, leisure and parks will all be a part of the answer.”
So, at the same time as many firms pursue telework extra, there’s a must deal with company attraction for these firms that do need to be in dynamic locations, to switch some companies who downsize or vacate their house.
“Our curiosity on this matter isn’t about being overtaxed,” the letter states. “We’re primarily involved in regards to the future fiscal well being of town. For each decline of $100 million in business property tax assessments, annual property tax income falls by $2 million. It’s vitally essential for metropolis officers to completely comprehend the tough setting business workplace buildings are working underneath and the dangers to the longer term tax income.”
Paul C. Dougherty, president of PRP, informed CO it’s essential to take a look at how the D.C. market has arrived at its present state of affairs. A part of it has been by means of tenants resizing over the past cycle mixed with an increase in these working from house, he mentioned.
“A whole lot of this began earlier than the COVID interval — most likely 5 to 10 years in the past — however on the similar time, we have been introducing new markets into D.C., such because the ballpark, waterfront and Mount Vernon Sq.,” Dougherty mentioned. “Folks have been flocking to newer product, and people markets stuffed with older product — just like the CBD and the East Finish — have suffered.”
However past that, town has had a tough time attracting new firms and has misplaced quite a lot of firms, he added, and the pandemic simply added to those issues.
“What we mentioned to Glen Lee is we would like you to do very nicely, however this finances is proposing quite a lot of blue skies and excellent news revenues that we don’t assume are going to be there,” Dougherty mentioned. “The letter was written to say, ‘Look, it’s essential to step again and take a look at what’s occurring, and it’s essential to present for what we expect goes to be an prolonged down interval in downtown workplace. You must be conservative in the way you take a look at issues.’”
Keith Loria will be reached at Kloria@commercialobserver.com.
Washington, D.C
Rain-soaked Saturday across DC region, Sunday brings 60s and sunshine
A wet and dreary Saturday is on the horizon for the D.C. metro area, but Sunday’s weather may offer a brighter reprieve, with warmer temperatures and breaks of sunshine possible ahead of the Commanders’ Sunday night game. FOX 5 meteorologist Mike Thomas has the forecast.
Washington, D.C
The Weekend Scene: Last call to deck the halls in the DC area
Closing time! One last call for decking the hall and wrapping up your holiday cheer.
Celebrate Hanukkah with menorah lightings in Clarendon and National Landing and Kwanzaa at the Anacostia Community Museum and The Kennedy Center.
Though decorations are already deeply discounted, it’s your last weekend to check out plenty of Christmas classics, too.
The week between Christmas and New Year’s is all about catching up. Get extra sleep, exchange those not-quite-right gifts and check out some cool stuff you may have missed in the holiday hustle.
For one, it’s the finale weekend for the Washington Ballet’s “The Nutcracker.” We’re sorry to report that Tommy and Aimee Cho will not be on stage.
4 things to know about the weekend
See these holiday displays before they’re gone
Free pick
Holiday Walk of Lights at Neabsco Regional Park
Through Fri., Woodbridge
🔗 Details
Stroll the boardwalk covered with lights, enjoying characters and a holiday market. It’s free to visit. It’s friendly to pets, strollers and wheelchairs.
Winter Lights Festival at Seneca Creek State Park
Through New Year’s Eve, Gaithersburg
🔗 Details
Drive past hundreds of illuminated displays and trees on this 3.5-mile path. Tickets must be purchased in advance and cost $15 to $25 per vehicle.
Free pick
Seasons Greenings
Through Jan. 5, U.S. Botanic Garden
🔗 Details
The Conservatory and Garden have transformed into the ultimate holiday wonderland with botanical wreaths and décor, thousands of poinsettias and iconic D.C. landmarks made from plants.
Tingle Bells: An ASMR-Inspired Holiday Special
Through Jan. 5, ARTECHOUSE DC in Southwest, $17+
🔗 Details
The holidays can be a bit much sometimes with all of the hustle and bustle. Take some time to soothe your mind by visiting Artechouse’s Holiday Special: Tingle Bells. The ASMR-inspired experience soothes your senses with calming soundscapes and captivating visuals.
The newest addition to the multi-sensory experience is the Spectacular Factory, where you’ll feel like you landed in a dream in a holiday gift factory that came to life.
Can’t-miss museum exhibits
Free pick
“OSGEMEOS: Endless Story”
Through August, Hirshhorn Museum
Colorful and whimsical, this exhibit of twin brothers Gustavo and Otavio Pandolfo’s art takes over a full floor of the Hirshhorn with an incredible amount of work from paintings and sketches to larger-than-life sculptures. Make sure to grab timed tickets and stop by the Basquiat × Banksy exhibit, too.
Free pick
“Paris 1874: The Impressionist Moment”
Through Jan. 19, the National Gallery of Art in D.C.
🔗 Details
Don’t miss the only U.S. stop for this exhibit on the origins of the impressionist art movement. It’s filled with heavy hitters like Paul Cézanne and Claude Monet, plus lesser-known artists. Stop by to warm up after a morning ice skating in the Sculpture Garden!
JewCE: The Jewish Comics Experience
Through March 2025, Capital Jewish Museum, $10 (for non-members and those over 12 years old)
🔗 Details
In this new exhibit, you can explore 100 years of Jewish cartoons, comics, and graphic novels at the Capital Jewish Museum. Learn about the Jewish origins of iconic comic book superheroes from the 1930s through the 1960s.
A comic experience isn’t complete without reading a comic or two! After you’re done taking it all in, hang out in the reading room and enjoy comics, graphic novels, creator biographies, and works represented in the galleries.
Free pick
In Slavery’s Wake
Through June 8, 2025, National Museum of African American History and Culture, free (timed passes required for museum)
🔗 Details
The National Museum of African American History and Culture is opening its newest exhibit called “In Slavery’s Wake: Making Black Freedom in the World.” The multi-lingual experience is the museum’s first international traveling exhibition and will explore how racial slavery, colonialism and Black freedom-making influence the world.
The exhibit will be split into six sections on Concourse Level C and features 100 objects, 250 images, and 10 multi-media interactives and films.
The Future Scene: New Year’s Eve with the family
Free pick
Noon Yards Eve
10 a.m. to 1 p.m., The Yards Park
🔗 Details
A balloon drop at noon? We’re in! Let the little ones get in on the New Year’s Eve fun early with carnival games, a magic show, bounce houses and more. Take a selfie under the 13-foot illuminated Swinging Bells on The Yards’ Sun Deck, too.
First Night Alexandria
Starts at 2 p.m., $10-$22 to enter festival
🔗 Details
The longstanding family-friendly festival will celebrate its 30th year with music, arts and community at the center of Historic Old Town Alexandria. The festival will begin with performances for children and a day party for all ages.
The first round of fireworks is set to go off at 6 p.m. over the waterfront.
If you’re not ready for bed yet, explore Old Town for live music, comedy and more on 12 stages inside churches, stores and more until another round of fireworks at midnight.
Tickets for the festival range from $10 to $22 with free admission to children ages two and under.
Visit Alexandria has a list of great places for spotting fireworks even if you don’t go to the festival.
New Year’s Eve dance parties through the decades
Dance New Year’s Eve away with cover bands and DJs playing the greatest hits from their favorite eras.
Go old school cool with Peaches O’Dell and her 11-piece, big band orchestra at Black Cat’s New Year’s Eve Swing Ball. At The Anthem, Sammy Rae & The Friends blend indie rock band, jazz, soul and funk.
Gimme Gimme Disco: A Dance Party Inspired by ABBA at The Atlantis delivers a one-of-a-kind ’70s vibe while The Fillmore Silver Spring has a Black Sabbath cover band.
All about the ’80s? You’ll want to see The Legwarmers at the State Theatre in Falls Church, The Reagan Years at The Tally Ho Theater in Leesburg or the Ultimate 80’s NYE Dance Party with DJ D at Jammin Java in Vienna.
Show off your ’90s and Y2K fashion for White Ford Bronco at The Lincoln Theatre or Uncle Jesse, a ‘90s and early aughts cover band at Farm Brew Live in Manassas.
Love T.K.O., the Howard Theatre’s party with Mariah The Scientist, channels all eras of R&B.
If you’ve ever worn ripped tights as a fashion statement, maybe Indie Sleaze New Year’s Eve with Melina and Dahger at Songbyrd is your vibe.
Concerts this weekend
The Shirks, 8 p.m. Friday, Black Cat, $20
D.C. band plays classic, ‘70s-style punk rock – short and fast. Opener Baby Alcatraz and the Aurelions offer early rock & roll inspired instrumentals. Details.
“Salad Days” 10th Anniversary Party, 8 p.m. Saturday, Black Cat, $20
This celebration of the seminal documentary about D.C.’s punk scene features performances by D.C. supergroup Hammered Hulls, featuring Alec MacKaye and Mary Timony, and Birthday Girl DC – a terrific teen indie rock trio of D.C. alternative rock progeny with a bright future. Details.
More things to do in D.C.
Kwanzaa programs at Smithsonian’s Anacostia Community Museum: Events daily, Dec. 26-31, Southeast D.C., free
DowntownDC Holiday Skate Spectacular: Through Jan. 4, National Building Museum (401 F Street NW), free
Sculpture Garden Ice Rink: Daily, National Gallery of Art, $12 ($6 for skate rentals)
National Christmas Tree: Through Jan. 1, The Ellipse at President’s Park, free
Light Yards: Through Jan. 1, The Yards Park, free
Hot To Go – A Chappell Roan party: Fri., 9 p.m., 9:30 Club, $22
Best of DC Comedy Showcase: Fri. and Sat., DC Improv, $22+
The Legacy of the Dibinga Sisters and OrigiNation Cultural Arts Center (Kwanzaa celebration): Fri., The Kennedy Center, free
Seasons Greenings: Through Jan. 5, U.S. Botanic Garden, free
& Juliet: Through Jan. 5, The Kennedy Center, $45-$239
Life of Pi: Through Jan. 5, The Kennedy Center, $49-$179
Things to do in Maryland
Washington DC Temple Festival of Lights: Through Jan. 1, 9900 Stoneybrook Dr, Kensington, free
Disco Biscuits: Fri. and Sat., Fillmore Silver Spring, $60+
Winter Wonderland Extravaganza on the Farm: Sat., Charity’s Hope Family Farm in LaPlata, $7.18
Things to do in Virginia
Silent Disco! at Punch Bowl Social Arlington: Sat., 4238 Wilson Blvd. in Arlington, $10+
Winter Walk of Lights: Nov. 8 to Jan. 5, Meadowlark Botanical Gardens in Vienna, $18-$22
Aurora’s Winter Circus Adventure: Through Dec. 29, Dulles Town Center, $35+ (adult)/$28+ (child)
Want to know what’s up for your weekend? Sign up for The Weekend Scene, our newsletter about events, experiences and adventures for you and for your family around the DMV.
Washington, D.C
Rep. Greg Murphy, M.D.: December updates from Eastern North Carolina and Washington, D.C. — Neuse News
-
Technology7 days ago
Google’s counteroffer to the government trying to break it up is unbundling Android apps
-
News1 week ago
Novo Nordisk shares tumble as weight-loss drug trial data disappoints
-
Politics1 week ago
Illegal immigrant sexually abused child in the U.S. after being removed from the country five times
-
Entertainment1 week ago
'It's a little holiday gift': Inside the Weeknd's free Santa Monica show for his biggest fans
-
Lifestyle1 week ago
Think you can't dance? Get up and try these tips in our comic. We dare you!
-
Technology3 days ago
There’s a reason Metaphor: ReFantanzio’s battle music sounds as cool as it does
-
Technology1 week ago
Fox News AI Newsletter: OpenAI responds to Elon Musk's lawsuit
-
News5 days ago
France’s new premier selects Eric Lombard as finance minister