Founded more than 50 years before Washington, D.C., Georgetown maintains a historic charm that blends seamlessly with the neighborhood’s upscale and modern features. The district is home to the main campus of Georgetown University, several of D.C.’s favorite shops and cafés, and many politicians and lobbyists who enjoy the scenic location along the Potomac River just a couple miles northwest of the White House.
Georgetown’s commercial center lies at the intersection of Wisconsin Avenue and M Street. The Potomac River defines the district’s southern border, with Glover Park to the north, Rock Creek to the east, and Georgetown University to the west.
Georgetown Office Space | Lease Data & Trends
With lease prices a few dollars below than the average Washington D.C. office space asking rent and the appeal of the district’s waterfront location, property in Georgetown is in high demand, leading to the district’s low overall vacancy rate of 5.8%. Around 70 percent of Georgetown’s 2.6 million square feet of inventory is Class B office space, which rents for around $46 per square foot. Class A office space in Georgetown usually costs closer to $55 per square foot to lease. Inventory is expected to remain the same in 2018 as there is no new construction currently underway.
Georgetown Office Space | Average Asking Rents per Square Foot
|Submarket||Class A||Class B|
|Northern VA Total||$38||$30|
|Suburban MD Total||$33||$26|
What Our Brokers Say about Georgetown Office Space for Rent
Businesses in Georgetown employ around 13,000 people, many who live in or around the district. Georgetown’s student population has attracted many gyms, yoga studios, health clubs, and personal trainers to the area along with fitness retailers Nike, Athleta, lululemon, and Georgetown Running Company. Other commercial tenants with Georgetown office space are commonly from the architecture, design, communications, media, and tech sectors. At least ten foreign embassies are located in Georgetown.
Companies with headquarters and corporate offices in Georgetown include Palantir, Bluemercury Inc., EverFi, World Wildlife Fund, and The Bernstein Companies.
Getting Around Georgetown
Walking and biking are the favored methods of getting around Georgetown, and the Capital Crescent Trail and the Chesapeake & Ohio Canal provide pedestrians and bikers with scenic pathways to get to and from work. Eight Capital Bikeshare stations are in Georgetown, as well as nearly 50 public bike racks and a bike fix-it repair station.
There is no Metro station in Georgetown, but there are three stations within walking distance to the center of Georgetown. The Blue, Orange, and Silver lines stop at the Foggy Bottom/GWU Station as well as at the Rosslyn Station across the Key Bridge in Arlington. Commuters can also take the Red line to Dupont Circle Station. Ten bus lines, an equal number of car shares, and the D.C. Circulator serve the area.
Virginia commuters can drive across the Key Bridge or Theodore Roosevelt Bridge, and Wisconsin Avenue NW is the main thoroughfare connecting Georgetown to the northern D.C. suburbs. Parking can be scarce, so many use the parking service Parking Panda to pre-pay for spaces in parking garages.
Georgetown Neighborhood & History
In the early 1800s, Georgetown was a vital shipping center, with ships transporting goods like tobacco, sugar, salt, and molasses along the Potomac River. Although the port is no longer active, the waterfront is an essential aspect of Georgetown’s character. In 1967, the entire neighborhood of Georgetown was designated a National Historic Landmark District, and tourists come from all over to view some of the oldest buildings in D.C., including Tudor Place which was home to six generations of Martha Washington’s descendants.
Parks like the historic Dumbarton Oaks along with Georgetown’s many art galleries also serve as major attractions in the area. It’s easy to see why so many are drawn to Georgetown’s idyllic streets, and Georgetown’s popularity among both locals and tourists has contributed to the neighborhood’s rising food scene. French cafes and restaurants abound in Georgetown, including Cafe Bonaparte, Boulangerie Christophe, and Patisserie Poupon. Our team’s favorite lunch spots on the waterfront include Good Stuff Eatery, Chaia, and Il Canale.