| In 2012, the Washington commercial real estate market became more competitive for investors. Our region faced the threat of sequestration — automatic federal budget cuts — only to see a decision on those cuts deferred until March. Uncertainty led to stasis: executives across the region paused their hiring and investment, waiting for the government to act.
This led to the first year of negative net absorption — more space being vacated than leased — on record for the Washington area office market. At the same time, developers began building so many new apartments that supply now exceeds demand...............................................Full Article: Source
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