Chris Espenshade names 2014-2015 the year of DC’s core market for multifamily. Despite negative press about DC’s oversupply in units, Class A & Class B outpaced projections for the year.
With newer developments, DC is seeing smaller apartment units, high-rise buildings with amenities geared toward millennials. As rents have steadily increased in these markets, empty nesters are moving back to the suburbs where they can get larger, more affordable units. As job growth drives rental growth and the metro becomes increasingly popular in the Virginia suburbs, more apartment units are being built in those markets. Investor interest in Woodbridge, Tysons Corner and Reston remains high.
Chris Espenshade is Managing Director of Capital Markets at JLL.
This video clip is part of JLL’s Capital Insight Event held in October 2015, a 90-minute forecasting experience held to help key constituents make decisions in the Metro Washington DC market.