Is speculative construction back in the Washington, D. C. market?
- October 10, 2011
The Washington Post has reported that The JBG Cos. plans to build a 533,000-square-foot office tower above the Rosslyn Metro station next year, even though the company has yet to sign any tenants. Work is scheduled to start in the second quarter of 2012. The project, called Central Place, would include a 350-unit apartment tower, too, but JBG wants to build the office tower first.
This is one of several recent announced projects that would be built on a speculative basis, something the Washington, D.C., market hasn’t seen in a while. The Post said Lerner Enterprises, the Macerich Co. and Monday Properties — which also has started work on an office tower in Rosslyn — have either announced project start dates or started construction without signed tenants. The idea is that two to three years down the road, when the projects are ready for occupany, the market will need the space.