Washington has a growing, diversified economy with an increasing percentage of professional and business service jobs. The gross state product of Washington D.C. in 2008 was $97.2 billion, which would rank it no. 35 compared to the 50 states.
The Washington metropolitan area is the fourth largest in the United States with a $454 billion gross regional product. Washington D.C.’s economy ranked fifth globally for gross domestic product per capita in 2008, which led all major U.S. metropolitan markets.
Washington D.C. has growing industries not directly related to government, especially in the areas of education, finance, public policy, and scientific research. George Washington University, Georgetown University, Washington Hospital Center, Howard University, and Fannie Mae are the top five non-government-related employers in the city. There are five Fortune 1000 companies based in Washington, of which two are also Fortune 500 companies.
Although the overall vacancy increased in 2009, it remains lower than most large metro areas due to the stabilizing influence of the federal government. During 2009, vacancies rose; consequently, rents declined 6.9%. Construction levels have declined, but they remain elevated at this point in the cycle-particularly in the District. Despite weak conditions, the metro area remains one of the top performing markets in the nation, according to Delta Associates. In 2006, Expansion Magazine ranked Washington D.C. among the top ten areas in the nation favorable to business expansion. Washington D.C. has the third-largest downtown in the United States in terms of commercial office space, directly behind New York City and Chicago. Despite the national economic crisis and housing price downturn, Washington D.C. ranked second on the Forbes list of the best long-term housing markets in the country.
The federal government and tourism are the anchors of the city’s economy, and many unions, business, professional, and nonprofit organizations are headquartered here. Office space in Washington D.C. is seeing new developments including City Center D.C., Square 54 and PNC Place. Washington D.C.’s real estate market is populated by 73 law firms that occupy more than 50,000 square feet, the nation’s largest concentration, comprising 35 percent of the overall market.
Suite Hotels in Washington DC: Suite Hotels in Washington DC
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