Washington, D.C., January 21, 2010 – NoMa, the area north of Massachusetts Avenue, leased more than one million square feet in 2009, despite economic woes nationwide. The neighborhood’s ability to attract prestigious tenants resulted in stellar net absorption and pre-leasing activity.
- NoMa experienced more net absorption in the fourth quarter (338,000 SF) than any other District submarket.
- NoMa experienced more net absorption in all of 2009 (494,000 SF) than any other District submarket.
- NoMa’s 2009 net absorption represents 53 percent of all net absorption in the District of Columbia.
- Of the space currently under construction in NoMa, 63 percent is pre-leased.* NoMa’s pre-lease rate (63%) is 14 percentage points higher than the District average (49%).
- NoMa has more pre-leased space than any other submarket in the District (917,280 SF).
Major NoMa Leases Signed in 2009:**
|Dept. of Homeland Security||131 M Street NE||12,500|
|Internal Revenue Service||1200 First Street NE||20,800|
|Dept. of Homeland Security||131 M Street NE||24,600|
|Dept. of Homeland Security||1200 First Street NE||30,000|
|Federal Energy Regulatory Commission||1100 First Street NE||30,200|
|Veterans Affairs||131 M Street NE||35,400|
|Internal Revenue Service||77 K Street NE||167,000|
|DC Government (DCPS & DDOE)||1200 First Street NE||200,000|
|Kaiser Permanente||700 Second Street NE||213,000|
|General Services Administration HQ||1275 First Street, NE||288,300|
*Source: Delta Associates
**Source: NoMa BID
“We’ve had a tremendous year in leasing,” said Liz Price, President of the NoMa Business Improvement District. “In one of the slowest years in recent history, NoMa has out-performed every other sub-market in Washington, D.C. We are thrilled to be starting 2010 on a high note.” NoMa is transitioning from an office market to a full-service neighborhood in 2010, with three residential properties and a Harris Teeter opening later this year. Hilton Garden Inn opens in early 2011. NoMa BID expects a number of retail announcements in the coming months.
NoMa is a mixed-use neighborhood north of Massachusetts Avenue and the U.S. Capitol in Washington, D.C. Between 2007-2009, private developers have invested more than $1.5 billion in the 35-block area covered by the NoMa BID, and have plans to develop more than 20 million square feet of office, residential, hotel, and retail space over the next 15 years. For more information about the BID, including an interactive development map, visit the BID Web site at https://www.nomabid.org.