Office Rental in Washington, DC: Private Sector Investment Can Boost the Local Economy

Leasing commercial office spaces in the nation’s capital may be more beneficial than you realize. According to an article that appeared in The Washington Post, the district of Columbia’s Office of Revenue Analysis (ORA) revealed in its latest quarter report ending in June that occupied office spaces in the capital increased to 123.38 million square feet, up 1.4 percent from the same period last year. Meanwhile, vacancies for office spaces slipped to 9.3 percent overall.

Such good news coincides with the local administration’s plans to generate up to $600 million in revenues over the next 5 years. The economic stability of Washington, D.C. was fueled by heavy post-9/11 government spending. However, some analysts say that growth may have plateaued, and could face a possible decline unless new investments from the private sector are made. Business owners and professionals who want to revitalize the local economy can turn to companies that specialize in office rental in Washington, D.C., such as Metro Offices.

One of the most important factors to look into before renting office spaces in the Metro D.C. area is the location. The location should not only be recognized as a reputable business address, but should also be accessible to both your clients and employees. Moreover, the office space should be located in an area with nearby amenities, such as restaurants and coffee shops, as well as transportation services.

Many companies that provide innovative workspace solutions, such as Metro Offices, also have centers in Virginia and Maryland. Aside from providing high-speed and redundant Wi-Fi, business solutions include virtual office services; fully furnished work spaces; private and semi-private offices; fully equipped conference rooms and training rooms; and efficient mail and address programs (including weekly mail forwarding). Other perks include complimentary drinks such as coffee, tea, and spring water, and exclusive use of business lounges and executive cafes.

Business owners and professionals who want to grow their businesses in the Metro D.C area can get Class A office space for lease in Washington, D.C. Class A office spaces have floor areas covering at least 50,000 square feet and were built after 1997. Those who are looking for affordable rental rates are in luck as the recent quarter report released by the ORA stated that Class A rental rates in the Metro D.C. area slipped to $47.20 per square foot, down 1.3 percent from $47.8 in late 2012.

While the number of jobs in the Metro D.C. area may have plateaued due in part to federal spending cutbacks, renewed investments from the private sector can create new jobs to offset federal declines. Business owners and professionals can establish their operations in the Metro D.C. area and take advantage of a highly qualified workforce. With such affordable rental rates and other advantages, businesses can only expect success.

tags: Industry News