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Washington, DC : Office Snapshot - Q4 2013

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At the end of 2013, Congress and the Administration agreed on a budget deal which will reinstate some $63 billion of expenditures cut in the sequester over Fiscal Years 2014 and 2015. While details remain to be worked out, the fact that it could help avoid another government shutdown for the next two years is cause for cautious optimism.

The national unemployment rate declined to 6.7% in December, its lowest level in five years. Nearly 2.1 million jobs were added to U.S payrolls in 2013. The housing market continues to recover and while rising mortgage rates and supply constraints are dampening demand in some areas, home values are on the upswing.

Employment growth in the Washington, D.C. Metro area totaled 20,000 jobs in the private sector. The leisure/hospitality sector accounted for half of that growth while the office-using sector was buoyed by 5,700 additional jobs in financial activities, including insurance and banking.

Source : Cushman & Wakefield