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Furthermore, from the standpoint of productivity per square footage of office space there's a stark difference between these 2 regions.
DC MSA: $448.741 Billion GDP Divided by 426 Million Sq Ft = $1,053 GDP per square foot
SF&SJ MSAs Combined: $534.403 Billion GDP Divided by 203 Million Sq Ft = $2,632 GDP per square foot
So imagine all the taxpayer money being WASTED on highly unproductive government offices in DC, spent on maintenance, utilities, renovations, etc. DC could technically cut it's office market in HALF and honestly everyone could still fit and wasteful spending would be cut significantly.
It's a very interesting and quite telling stat that I never gave much thought to before.
As MDAllstar pointed out:
D.C. Metro Area: 426,392,853 square feet of office space
San Francisco & San Jose Combined MSAs: 203,602,718 square feet of office space
So if we take these 2 figures from Collier's and divide them by the number of employed persons there are according to the Bureau of Labor Statistics, the results are as follows:
Sq ft of office Space Per Employee
Washington DC 141 sq ft
San Francisco & San Jose MSAs Combined: 66 sq ft
The average employee in DC needs more than twice the office space to do their job as an employee in SF/SJ? That's really strange.
Just looking at Boston, its around 76 sq ft of office space per employed person.
You're correct. This is why D.C. doesn't need one more office building in our lifetime. Many office buildings are getting torn down and rebuilt into Class A office space. The other's that will not have the demand to be rebuilt as Class A office space will turn residential. This is why there is tremendous potential to become a truely world class city with vibrancy only seen in some of the best cities across the world.
Last edited by MDAllstar; 11-05-2013 at 11:13 AM..
Furthermore, from the standpoint of productivity per square footage of office space there's a stark difference between these 2 regions.
DC MSA: $448.741 Billion GDP Divided by 426 Million Sq Ft = $1,053 GDP per square foot
SF&SJ MSAs Combined: $534.403 Billion GDP Divided by 203 Million Sq Ft = $2,632 GDP per square foot
So imagine all the taxpayer money being WASTED on highly unproductive government offices in DC, spent on maintenance, utilities, renovations, etc. DC could technically cut it's office market in HALF and honestly everyone could still fit and wasteful spending would be cut significantly.
Ummm.... that stat doesn't include government office space. None of the stats include government office space. Pretty crazy isn't it? D.C. with government office space is well over 500 million square feet of space. Also, you're right that we don't need any more office space. It would be nice to turn about 75 million of the 142 million office space in D.C. proper into residential space. D.C. proper vibrancy would be insane!!!!!!!
It's a very interesting and quite telling stat that I never gave much thought to before.
As MDAllstar pointed out:
D.C. Metro Area: 426,392,853 square feet of office space
San Francisco & San Jose Combined MSAs: 203,602,718 square feet of office space
So if we take these 2 figures from Collier's and divide them by the number of employed persons there are according to the Bureau of Labor Statistics, the results are as follows:
Sq ft of office Space Per Employee
Washington DC 141 sq ft
San Francisco & San Jose MSAs Combined: 66 sq ft
The average employee in DC needs more than twice the office space to do their job as an employee in SF/SJ? That's really strange.
Just looking at Boston, its around 76 sq ft of office space per employed person.
Ummm.... that stat doesn't include government office space. None of the stats include government office space. Pretty crazy isn't it? D.C. with government office space is well over 500 million square feet of space.
Thank you, however much of the office space that is included is still paid for by the government to contrators and their office space IS included.
So if we factor in your estimate of 500 Million sq ft total, that takes your productivity below $1,000 to $896 of GDP per sq ft of office space.
Quote:
It would be nice to turn about 75 million of the 142 million office space in D.C. proper into residential space. D.C. proper vibrancy would be insane!!!!!!!
That would send the residential market into a recession as that much new residential coupled with the projects currently in the pipeline would be too much for the local market to sustain since demand is rather weak right now compared to years past.
At least prices might be more attainable for the average household, so that's a plus.
Thank you, however much of the office space that is included is still paid for by the government to contrators and their office space IS included.
So if we factor in your estimate of 500 Million sq ft total, that takes your productivity below $1,000 to $896 of GDP per sq ft of office space.
That would send the residential market into a recession as that much new residential coupled with the projects currently in the pipeline would be too much for the local market to sustain since demand is rather weak right now compared to years past.
At least prices might be more attainable for the average household, so that's a plus.
Couple things....
Demand lower in the core of D.C. proper? Since when? I find it so funny when people try to use stats from Loudon County VA, Frederick County MD, and Prince William County VA to make an assessment about central D.C. proper. Central D.C. still has insane demand. Shoot, it's only about 10 square miles to begin with. The 20,000 units in D.C.'s core I spoke about will be fully leased by 2018. Keep in mind, people often move from older properties into new properties. People living in Class B properties move into new Class A properties. The lower income renters living in Class C properties then move into Class B properties.
Also, converting that 75 million of office space into residential would be over the next 30-40 years. What time frame did you think I was referring too?
projecting to 2018 is difficult let alone 30-40 years
First of all, who said the office would be converted? LOL....you people...
I said it would be nice to convert 75 million of the 142 million in office space downtown to residential. I wonder about you guys sometimes.
Quote:
Originally Posted by MDAllstar
Ummm.... that stat doesn't include government office space. None of the stats include government office space. Pretty crazy isn't it? D.C. with government office space is well over 500 million square feet of space. Also, you're right that we don't need any more office space. It would be nice to turn about 75 million of the 142 million office space in D.C. proper into residential space. D.C. proper vibrancy would be insane!!!!!!!
Let me ask you....
So, Kidphilly.....do you think demand is low in downtown D.C. for rental units?
I'm having a hard freaking time finding ANY CITY where demand is low in downtown for residential units. Shoot, shrinking cities that are losing population are still ADDING population in their downtown's. People on here need to stick to what they know. Whatever people do for a living, they need to stick to that. If you're a fireman, be a fireman. If you're an accountant, be an accountant. If you're a lawyer, be lawyer. This is starting to get embarrassing for some of these people.
In fact, I remember asking you, KidPhilly what the unemployment rate would be here in D.C. in year 2013/2014 about three years ago with the coming apocalypse of government cutbacks. You estimated it would be over 10% I believe. I'll try to find it.
Thank you, however much of the office space that is included is still paid for by the government to contrators and their office space IS included.
So if we factor in your estimate of 500 Million sq ft total, that takes your productivity below $1,000 to $896 of GDP per sq ft of office space.
That would send the residential market into a recession as that much new residential coupled with the projects currently in the pipeline would be too much for the local market to sustain since demand is rather weak right now compared to years past.
At least prices might be more attainable for the average household, so that's a plus.
projecting to 2018 is difficult let alone 30-40 years
Yup. The construction industry can be very volatile and is always among the hardest hit during economic downturn, it happens in all expensive markets where speculative building is great when times are great but during even a slight slowdown in activity, units can languish unoccupied.
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