The Washington Metropolitan Area, which includes the surrounding counties in Suburban Maryland and Northern Virginia, is the ninth largest urban centre in the United States with more than 6 million residents, and boasts one of the lowest unemployment rates in the country. When combined with Baltimore and its suburbs, the Baltimore-Washington Metropolitan Area has a population exceeding 8 million residents, the fourth largest in the country.
The region boasts the best-educated workforce within the United States. The federal government accounts for approximately one-third of the region’s economy; however, Washington has a growing, diversified economy with an increasing percentage of professional and business service jobs. Top employers include those in the fields of energy, information and communication technologies, aerospace, defense, security and intelligence, and biotechnology.
The region also has growing industries not directly related to government, especially in the areas of education, finance, healthcare, hospitality, public policy, and scientific and medical research. George Washington University, Georgetown University, Washington Hospital Center, Howard University, and Fannie Mae are the top five non-government-related employers in the city. A total of 18 Fortune 500 companies’ headquarters are located within the Washington Metropolitan Area.
According to the Greater Washington Board of Trade Report, the nation’s capital receives considerable amounts of foreign direct investment from the United Kingdom, Western Europe, and Canada. In addition, Japan, India, Israel, and South Korea are amongst the top countries with companies operating in the region.
Washington has the third-largest downtown in the United States in terms of commercial office space with more than 120 million square feet, directly behind New York City and Chicago. The entire metropolitan region, which also encompasses Suburban Maryland and Northern Virginia, comprises more than 360 million square feet of existing commercial office space.
Blessed with the highest real income and spending power of all the major metro regions within the U.S., residents of the area support a diverse and thriving retail market. The region contains over 280 million square feet of retail space of all types, ranging from lively urban scenes in Georgetown, Adams Morgan and Bethesda to high-end shopping areas including the Tysons Corner Center, the largest shopping mall in Virginia.
The Washington region’s industrial market comprises nearly 200 million square feet with core industrial locations along the I-95, the major north/south access corridor of the eastern United States, and near Dulles International Airport.
The Washington region remains one of the most sought-after investment locations in the U.S. It tops many investors’ lists due to its overall stability, long-term performance and the presence of the federal government.
Avison Young’s Washington office opened in 2009, representing another milestone in the company’s aggressive U.S. expansion program. Washington-based brokers, like their colleagues across Canada and the U.S., specialize in providing exceptional service and innovative solutions to local, national and international clients. Due to the U.S. Capital Region’s key geographic location and essential role in global economic and governmental activities, Avison Young’s Washington team is well positioned to facilitate multi-market, cross-border sale and lease transactions in conjunction with all of the firm’s other offices.