Washington Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $53.29 2024 Avg. Asking Rent
  • 1.43% Y-o-Y Avg. Asking Rent Change
  • 17.26% 2024 Office Vacancy Rate
  • $1.3B2024 Total Office Sales
  • $296.40Avg. Sale Price/SF

Washington office price per square foot in 2024 was $53.29 on average. This marked a +1.43% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.26% across all asset classes combined. The 25 transactions that closed here throughout 2024 amounted to a total sale volume of $1.3B. Washington office space commanded an average sale price per square foot of $296.40.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Washington Class A & A+ Office Space$57.96
  • Washington Class B Office Space$47.04
  • Washington Class C Office Space$34.89
  • District of Columbia Class A & A+ Office Space$57.96
  • District of Columbia Class B Office Space$47.04
  • District of Columbia Class C Office Space$34.89

Washington, DC Office Asking Rents by Class

Average office rent in Washington rested at $53.29 per square foot in 2024. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Washington averaged $57.96 per square foot. Across all submarkets, class B office space recorded an average asking rent of $47.04 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $34.89 per square foot, on average. Comparably, statewide District of Columbia average office rents by class in 2024 were: $57.96 per square foot for class A office space; $47.04 per square foot for class B office space; $34.89 per square foot for class C office space.

2024 Office Vacancy Rates in Washington

Submarket Asking Rents Vacancy Rates
Capitol Riverfront $58.31 27.63%
East End $56.60 20.00%
Washington DC CBD $55.89 20.37%
Capitol Hill $54.69 18.92%
Embassy Row $53.91 20.56%
NoMa $47.95 11.74%
Chevy Chase $47.27 26.48%
Seventh Street Corridor $46.93 17.12%
West End $46.41 11.06%
Georgetown $45.51 20.26%
Southeast DC $43.88 8.40%
Northwest DC $43.41 17.35%
Southwest DC $42.00 9.05%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Washington market was 17.26% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Washington was 8.40% in the Southeast DC submarket, while the highest office vacancy in the market was 27.63%, recorded in Capitol Riverfront.

Office Spaces for Rent in District of Columbia

Washington Office Sale Price per SF

  • $296.402024 Avg. Price per SF
  • -26.62%Y-o-Y Avg. PpSF Change
  • $1.3B2024 Office Sales Volume
  • 252024 Number of Transactions

Washington, DC Sale Price per SF Trend

  • Washington Avg. Sale Price per SF in 2024$296.40
  • District of Columbia Avg. Sale Price per SF in 2024$296.40
Washington office space cost in 2024 marked a -26.62% change compared to the previous year. The sale price for office space in Washington averaged $296.40 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide District of Columbia average office sale price during the same time period was $296.40 per square foot.

2024 Office Sales Volume

  • Washington, DC Total Office Sales Volume in 2024 $1.3B
  • Washington, DC Total Number of Office Sales Closed in 2024 25
A total of 25 deals closed on the Washington office market in 2024, adding up to a yearly sales volume of $1.3B. Notably, the largest transaction on the market saw Gallery Place - 616 H Street NW change hands for $225,675,400 on 6/10/2024.

Largest Washington Office Sales in 2024

Property name Address Date Price
Gallery Place - 616 H Street NW 616 H Street NW 6/10/2024 $225,675,400
2000 K Street 2000 K Street NW 7/16/2024 $140,200,000
2101 L Street NW 2101 L Street NW 12/20/2024 $110,100,900
1099 New York Avenue 1099 New York Avenue NW 3/22/2024 $95,000,000
1750 K Street NW 1750 K Street NW 8/20/2024 $57,661,730
Data provided by Commercial Edge

Coworking Spaces in District of Columbia

2024 Office Construction in Washington, DC

  • Washington, DC Total SF completed in 2024 664,428

During 2024, 664,428 square feet of new office space were delivered across the market. At the close of 2024, the Washington office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 664,428 square feet of office space.

Largest Office Properties Recently Completed in Washington
Office building Address SF Completed
20 Mass 20 Massachusetts Avenue NW, 20001 421,691 2023
1530 1st St SW 1530 1st St SW, 20024 8,500 2023
Chemonics HQ 1275 New Jersey Ave SE, 20003 315,000 2021
Signal House 350 Morse Street NE, 20002 214,501 2021
The Bank Building 699 14th Street, NW, 20005 164,000 2021
6100 Chillum Pl NE 6100 Chillum Pl NE, 20011 10,000 2021
Capitol Crossing - 250 Massachusetts 250 Massachusetts Avenue NW, 20001 548,842 2020
1050 17th Street NW 1050 17th Street NW, 20036 155,901 2020
1201 New York Ave 1201 New York Avenue NW, 20005 444,442 2019
Anthem Row - 700 K Street 700 K Street NW, 20001 390,000 2019

Worth noting among recent office completions on the Washington market is 20 Mass, which is currently the largest new office development in the city, at 421,691 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Washington commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.