DC to see 15.5M square feet of new development in 2017
The nation's capital will add another 15.5 million square feet of development in 2017, according to a Curbed Washington DC analysis of a report from real estate data source Recity, which does not track public-use projects like libraries or schools.
The Recity data revealed that 64% of upcoming projects in Washington, DC, will be mixed-use, 12% of which will include office and residential space. So far, more than 175 million square feet of newly completed, underway and planned projects are within a half mile of a Metro station.
There are 50,000 residential units and more than 23.5 million square feet of commercial development in store in the District's pipeline. Since 2012, the District has gained 23,000 residential units and nearly 15 million square feet of commercial space.
According to the Metropolitan Washington Council of Governments, commercial construction in the DC metro area rebounded 69% between 2015 and 2016, after 2015's slowdown in activity. In the District alone, COG reported that commercial construction rose 63% (2.3 million square feet) from 2015, while the entire metro area saw 160 new buildings totaling 12 million square feet — 5 million square feet more than in 2015.
Mixed-use developments in the area are also on the rise, with construction crews breaking ground in April on a $1 billion project on the grounds of Walter Reed's hospital campus. The Parks at Walter Reed will transition 66 acres of a historic military medical campus into residential, retail and office space, along with a hotel and conference center, art and cultural space, charter schools, a park and new space for the Howard University Hospital.
The District is also prepping for the addition of the $2 billion Wharf mixed-use development along the Potomac River. The project will include office, retail and residential space and will feature the city's first pier-top office building.
Elsewhere in the District, the new D.C. United Major League Soccer stadium will be the anchor for Buzzard Point, a planned mixed-use project near the $300 million venue. Developers aim to deliver up to 485 residential units and more than 70,000 square feet of retail space, in addition to a possible grocery store and pharmacy.
- Curbed Washington DC D.C. will add over 15.5M square feet of development in 2017 alone
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