With 300 properties spanning less than a third of a square mile, the Golden Triangle has one of the greatest concentrations of real estate–and workers–in the District. Owners, tenants, and investors all know it: the premium location, easy transit access, and sheer density of employees and services give this area its advantage, and ongoing trophy class redevelopment maintains a high level of quality. Real estate in the Golden Triangle is greener, too, with 30% of existing office buildings LEED-certified (compared to 10% in DC overall).
As of 2018:
- There are 230 office buildings within the Golden Triangle, representing a tenth of DC’s office properties.
- There are 33.6 million square feet of space, greater than five Pentagons put together.
- About 2.5 million square feet of space will be redeveloped by 2021 (see our Pending Redevelopment map for sites).
- The average office vacancy rate was 10.4%, compared to the metro DC area’s rate of 12.9%.
As of 2018:
- There are an estimated 2.5 million square feet of restaurant and retail space within the Golden Triangle, with about 44,000 more set to deliver by 2021.
- Ten hotels are located in the Golden Triangle, with two more under construction and another twenty within a couple of blocks’ distance.
- These hotels accounted for 1,700 guest rooms, with average room rates ranging from $200 to $550 per night.
The Golden Triangle is getting greener every year, and sustainability shows in its buildings. As of 2018:
- 30% of office buildings are LEED certified, comprising nearly half of the BID’s currently existing office space.
- 100% of new office buildings completed since 2010 in the BID are LEED certified or awaiting certification (see more LEED facts here).
- More than a third of buildings in the BID are Energy Star certified, meaning they meet energy efficiency standards set by the EPA.
- Property owners and developers are increasingly adding green roofs and other sustainable features that are also tenant amenities.
- The Golden Triangle BID has worked with DC’s Department of Energy & Environment to build rain gardens along 19th Street, as well as on Rhode Island Avenue and at Duke Ellington Park. These beautiful and sustainable installations are specially designed to absorb stormwater, reduce pollution to local waterways, and provide green oases for area workers, visitors, and passersby.
As the heart of DC’s central business district, the area is in high demand by investors and prospective tenants. The BID keeps track of vacancy rates, recent sales, pending development projects, and other information about the office market both within the Golden Triangle and citywide. As of 2018:
- The average office vacancy rate in the BID overall is 10.4%, lower than the average rate since 2010 of 11.4%.
- The average vacancy rate for Class A office space is 10.9%, while the Class B and C average is 9.7% and 7% respectively.
- This is partly due to trophy class redevelopment projects recently delivering and leasing up, as well as the high demand by small firms, non-profit organizations, and start-ups for lower-cost space.
- The average vacancy rate for retail space is also low, estimated at 10%.
Sales remain strong in the Golden Triangle, with foreign and domestic investors and trusts making recent purchases at record prices.
- The sale of trophy class building 900 16th Street NW from JBG Companies to Norges Bank/Oxford Properties broke 2017 office sale records for DC, at $1,238 per square foot.
- Two of DC’s biggest single transactions of 2017 took place in the BID: 1111 19th Street NW sold to Unizo for $203M, and Columbia Property Trust and Allianz jointly bought 1800 M Street NW for $421M.