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REAL ESTATE INSIDER

JLL projects strong Bethesda ‘trophy’ demand

A recent analysis by JLL expects extremely strong demand for ‘trophy’ office space in Bethesda’s central business district for the foreseeable future pushing speculative development.

Vacancy in buildings constructed after 2000 currently sits at 3.8 percent. Demand is expected to continue at a historic pace, pushing occupancy in top-tier office buildings to 3.7 million square feet by 2019. There’s 2.6 million square feet of D.C. area tenant expirations into 2025, according to JLL research, that could be looking for space in Bethesda.

“Escalating demand, lack of new quality space and recent major relocation news is prompting the next phase of speculative development,” according to JLL’s report.

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