I headed up to Washington, D.C. last week for a new assignment. The trip was for a family office client I have who pulls me in from time to time. For over 20 years I have consulted on wide-ranging topics for them. Everything from warehouse consolidation projects to finding office space on Capitol Hill.
I’m not an expert on office space on Capitol Hill. This client doesn’t call me to get my day-to-day opinion on the local market. This is consulting – I help clients get clarity on their vision for the project. I ask great questions and help the client remain focused on what’s important to them so that the project gets executed. I manage the details and act as an advocate for the client as if I am a temporary in-house real estate manager.
The Washington, D.C. real estate market is hot. Class A office space is leasing for around $80 a square foot, and finding an office to purchase is tough. Washington’s Class B office buildings have all been stripped down to their superstructures and converted to edgy “Class A” space where cool companies such as Google and Samsung land. Old Class C office buildings in the right location may cost $500 to $1,000 per square foot, plus you can expect to put in another $250-to-$750 per square foot in improvements. Because of the abundant historic designations throughout the city, the entitlement processes can be longer than 18 months.
Read more here: http://cardinal-partners.com/blog/2019/09/rare-trust-worthy-advice-on-capitol-hill/