Submarket Spring 2019 Book Spring 2019 Washington, DC Retail Observations | Page 19

CBD
State of the Retail Market
SUPPLY
With a limited evening population, but a high daytime one, the area’s retail caters to
the office worker: fast-casual, QSR, and coffee shop/café/juice bars comprise 67% of all
restaurants and 32% of all storefronts in the CBD. The submarket is also home to the
largest concentration of bank branches in the city, who fill up 10% of the submarket
and are paying in excess of $125 p.s.f. for prime corner locations as they focus on retail
branches. Higher rents have pushed under-performing concepts, particularly on 19th
Street and L Street, out of the market while more regional and national tenants with
better credit are able to fill those spaces. The highest turnover in the market has been
centralized at 1050 Connecticut with the closing of Art of Shaving, Victoria’s Secret, and
Rochester Big & Tall and the announced addition of Sephora.
42,200 s.f. $75-$125
Largest available
retail space Asking rent range
5 58 158
*Includes only occupied storefronts to which a price point applies
80
109 99
7 42
REGIONAL
144
190
6.7%
Vacancy
rate
RETAILERS BY CHAIN TYPE
RETAILERS BY PRICE POINT
478 Total retail
storefronts
*Includes only occupied storefronts
RETAILERS BY INDUSTRY
49% 14.9% 9.2% 4.2% 4.4%
Dining Professional Specialty Apparel Cosmetic/Beauty
3.1%
Grocery
14