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Well, that explains why D.C. can trail only NYC in train ridership approaching system capacity and still trade off with L.A. as having the worst traffic in the nation. People are commuting from way outside the metropolitan area to work in the D.C. area. The D.C. metro area has 453,964,000 square feet of office space in the metropolitan area. That puts D.C.'s office space compared to population of 5.6 million people so far in front per capita of the rest of nation including NYC it's not funny. How in the world does D.C. support that amount of office space!
This can't be right......
Gov't subsidy via the gov't complex and deficit spend is the main catalyst.
Also though remember not all jobs are in offices. DC does significantly that direction though
Odd list. Atlanta in the CBD is less than 30K it must include Midtown and Buckhead while Philly excludes everything other than Market West and doesnt add places one block away in either Market East or U City both with substantial office space
Yeah, it has long been established that this list is crazy.
BTW even with Buckhead and Midtown ATL doesn't get to 56M
ATL (rounding up to the closest 500K)
Downtown: 17.5M
Buckhead: 15.5M
Midtown: 16M
Total: 49M
Most probably it is Downtown+ Midtown+ Norcross/Peachtree Corners+ Buckhead
btw, counting mid town and Buckhead gives ATL a vacancy sf of 12M that is about 30% of the CBD market
I'm guessing the suburban figures include all office space not in the downtown.
http://www.colliers.com/Country/UnitedStates/content/officenahighlights3q2011v1.pdf (broken link)
It's interesting to note downtown construction rates also. Manhattan has a staggering 8,317,000 sq feet under construction. That's like adding an Omaha, NE. No other city comes close, and that figure doesn't include downtown Brooklyn. Boston and Washington DC are 2nd and 3rd for downtown construction, and are head and shoulders above everyone else in the nation.
Suburban office construction rates are also telling:
North Jersey, Central Jersey, Fairfield CT, Long Island, and Westchester NY have 2,542,000 under construction, with Long Island providing the majority.
Suburban DC (Northern Virginia, Southern Maryland) has 4,248,000 square feet under construction. From eyeballing it, it looks like Houston with 1,251,000 under construction is a distant 3rd place behind suburban NY.
This report is telling for Philly of large cities it is by far the most suburban in sq footage. CC lost so many companies to the burbs over the last 60 years do to horrible tax issues in the city. Something that has been trying to be resolved for many years.
Oddly Philly also has a really low vacancy rate in both the city and burbs relative to most other cities though
Major Companies that Call the DC area home:
Fannie Mae
Freddie Mac
Sallie Mae
Host Hotels & Resorts
Marriott Hotels
Pepco
General Dynamics
Lockheed Martin
Capital One
SAIC (alone employs over 22,000 employees in DC)
Gannett
NVR Inc.
Daneher Corp.
CSC
Coventry Health Care
NII Holdings
Booz Allen Hamilton
Computer Sciences
AES
WR Grace & Co.
WGL Holdings Inc.
BET
Washington Post
USA Today
National Geographic
Discovery Channel
Other Private companies that call DC area home:
Riggs Bank
National Savings & Trust Company
JMA Solutions
AppAssure Software
Evoke Research & Consulting
MindPetal
Zenoss
epcSolutions
Standard Solar
LinkVisum Consulting Group
Innotion Enterprises
Clean Currents
The Rehancement Group
Kiplinger
Washington Gas
Spark Revenue
Ciphent
Kaiser Associates
Satory Global
Qnexis
Infojini
Axom Technologies
FedStore
Avian Engineering
North Star Group
Clearspring
etc..............
(not to mention that there are a CRAP load of law firms in DC because what better place to do law than the home of the government. Law firms are not government, but they have lots of office space).
International Companies with major DC area presence:
World Bank
IFC
IBEW
Fiduciary Investment Management International
NTV International
Routers
Chemonics International
etc.............................
I see that people here underestimate DC's private business
First off DC is a huge office center no doubt and it is very impressive for DC. But seriously saying companies like SAIC, Lockheed and Gen Dynamics, Titan etc. are not totally bloated by govt contracts is a little bit of stretch really. probably at least 50% of their employees in the DC area are directly billable to Govt contracts...
I mean seriously home many people working at these companies go through various Gov't security clearences just to stay employed. The Gov't IS the driver of the DC economy not the private industry which to be fair has increased but by no means is the majority.
Its not by mere coincidence that so many defense contractors are now located in the DC area and you shouldnt try to downplay the fact that much of their business is reliant on government spending cause who else is going to buy fighter jets and military satellite systems?
An area where actually see eye to eye Montclair; on the influence and significance of Govt contracts and the private industry. Many of the folks in these jobs require the same gov't clearance as actual govt employees and are billed directly back to the govt via contracts. I have zero issues with the jobs my issue is how it is funded through huge deficit spend
regardless the volume of office space in DT DC and the outlying areas is just flat out enormous relative to the size of the metro
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that is about 30% of the CBD market
