THE STATE OF GEORGETOWN
2014
contents
about this report
2 The State of Georgetown
This second annual report is a product of the staff of
6 People
7 Employment
the Georgetown Business Improvement District (BID);
10 Residential Population
the judgments herein do not necessarily reflect the
16 Commercial Buildings
views of the BID’s Board of Directors or the BID
17 Building Improvements
20 Unique Spaces
members they represent.
21 Canal and Waterfront District
24 Retail Market
32 Office Market
38 Hospitality and Visitors
39 Hotels
43 Visitor Amenities
44 Transportation
54 Notes
Data for The State of Georgetown 2014 covers the
period from January 2013 to December 2013, and
some preliminary figures for Q1 2014. It is intended to
support informed decisions by many stakeholders,
including BID members, brokers, retailers, restaurateurs,
cultural institutions, and DC government officials
and staff. The report is a compilation of relevant,
comparable statistics about core features of the
Georgetown BID economy: people, office activity, retail
activity, hospitality and tourism, and transportation.
2 THE STATE OF GEORGETOWN 2014 REPORT
Copyright © 2014 by the Georgetown Business Improvement District
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The Georgetown BID Area
Source: Georgetown BID and data.octo.dc.gov
THE STATE OF GEORGETOWN 2014 REPORT 1
THE STATE OF
GEORGETOWN
Photo Credit: Sam Kittner for Georgetown BID
Georgetown remains an iconic neighborhood. The number of
retailers, restaurants, and entertainment venues is increasing.
Offices are leasing more space and vacancy rates have fallen for
the second year in a row. New mixed-use, multi-family residential
buildings are rising south of M Street. Elected officials, neighbors,
and businesses are working to implement a 15 year plan for the future of the
commercial district, bringing a Georgetown Metro station, streetcar, aerial gondola,
and restored C&O Canal a step closer to reality. And businesses in the BID area
support over 13,000 jobs in just 0.25 square miles. For these reasons, the state
of the Georgetown economy is strong.
Reviewing calendar year 2013, Georgetown’s success as a vibrant, urban, and economically
significant part of the District of Columbia is evident across a variety of measures and sectors:
•O
ffice sector performance was strong, and the vacancy rate decreased to 9.1 percent, the
lowest figure in Georgetown since 2006 and 1.6 percentage points lower than the city-wide
average at year-end.
•R
etailer interest remained extremely high, evidenced by a net gain of 7 new stores, a total
collection of over 330 retailers, few vacant spaces, and rising rents.
•T
he restaurant industry showed strength, posting a net gain of 9 full service restaurants to
a total collection of over 120 food service establishments.
• Georgetown hotel revenues grew to $65 million, an increase of 6 percent from 2012.
• The multi-family housing sector showed signs of heating up, with over 100 units of new-construction
condos and apartments breaking ground or in the pipeline.
We expect these trends to continue in 2014, but are cautious about long term forecasts given Georgetown’s transportation
challenges and changing dynamics in downtown and elsewhere in the region.
THE STATE OF GEORGETOWN 2014 REPORT 3
TRANSPORTATION
POPULATION PRESSURE
As noted in the 2013 State of Georgetown, accessibility
remains a priority for Georgetown. Increasing access to
Georgetown has the potential to unlock many upsides: more
convenient commutes for workers and residents, office rental
rates more comparable to Downtown properties, and more
foot traffic for retailers. The Georgetown community understands these imperatives, identifying 43 transportation
related action items in the Georgetown 2028 Plan.*
Interventions that will take place over the next fifteen years
include organized advocacy for a Georgetown Metro station
and a Georgetown Streetcar connection, the transformation
of K Street into a multi-modal gateway, establishing
Georgetown as a bicycle-friendly destination, and better
roadway and parking management. The State of Georgetown
will continue to report relevant vehicular and pedestrian
metrics.
Last year’s report identified the importance of the 25 to 34
year old age cohort to Georgetown’s retail and transportation
landscape. Young professionals continued to drive population
growth in 2013, with DC adding more than 1,000 residents
per month. In addition to the retail opportunities population
growth affords, a growing population also places demands on
everything from city services to housing. Continued shortages in the housing (especially condo) supply are driving
both policy makers and developers to explore all options
for new residential space. This trend is apparent even in
Georgetown, where seven multi-family residential projects
were delivered, under construction, or announced in 2013.
Developers in Georgetown forecast multi-family residential
property values of $800 to $1,200 per square foot (SF). This
valuation is often higher than commercial property values,
creating a value gap that can make converting properties to
residential use an attractive possibility. Studying and managing this dynamic is an essential undertaking for residential
and commercial stakeholders in the coming years.
* Read the full plan at
www.georgetowndc.com/georgetown2028
Rendering: Georgetown BID/cox graae + spack
4 THE STATE OF GEORGETOWN 2014 REPORT
Photo Credit: Georgetown BID
MANAGING FULL BUILD OUT
The Washington region is buzzing with new construction
and major renovations of commercial buildings. In 2013,
4.5 million SF of office space (about 1.6 times the total office
space of Georgetown) was delivered across the metro area.1
An ever increasing share of this property is composed of
Class A and LEED certified spaces. The fact that Georgetown
continues to attract office tenants speaks to its many
amenities: proximity to both downtown DC and the Virginia
and Maryland suburbs, a dense live-work-play environment,
unique office buildings, and a vibrant professional community.
Still, the competition is increasing and ensuring that
Georgetown’s commercial spaces remain attractive will be
a key priority of the BID.
Similarly, between 2001 and 2013 developers delivered
5.4 million SF of retail space in DC, nearly 2.5 times the total
retail space in Georgetown.2 More than 7 million additional
SF are in the pipeline. Retailers and consumers will have
more and more choice on where to locate and shop.
As Georgetown approaches the constraints of full build-out,
it will become essential to find innovative ways to balance a
variety of space and programming needs: the growing share
of office tenants that value efficient, high quality space; an
increasingly youthful workforce and residential population
that enjoys dense, urban amenities, and; retailers and
restaurateurs seeking new opportunities in Georgetown.
Experiments to find the highest and best use of spaces in
Georgetown’s Canal & Waterfront District will become
increasingly important. Continuing to retain businesses
that are attracted to Georgetown’s many small and unique
buildings is, too. And finding ways to induce investment
into aging properties is likely to be a determining factor in
Georgetown’s commercial performance in both the short
and medium terms.
UNLOCKING THE POTENTIAL OF
PUBLIC SPACE
By 2020, DC is projected to have in excess of 675,000
residents—an 18 percent increase from 2000.3 The city is
becoming more densely populated and new housing is taking
the form of condos and apartments to fit the lifestyles of
young professional workers and empty-nesters alike. DC’s
tourism numbers are increasing as well, with 18.5 million
visitors in 2012, up three million from a decade earlier.4
Smaller, denser living spaces and more tourism highlight the
need for public space and parks to serve as a “common
recreation room” for a diverse set of people. Evidence of this
increasing demand is seen, for example, in the DC portion of
the C&O Canal National Historical Park: between 2007 and
2013, recreational visits doubled from just over 700,000 to
more than 1.4 million visitors annually.5
Though Georgetown is home to a wealth of parks and historic
sites, budget shortfalls have limited the National Park
Service’s ability to leverage the full potential of Georgetown’s
most esteemed public spaces. The FY2012 deferred maintenance backlogs for the C&O Canal Park and Rock Creek Park
(both of which crisscross Georgetown) totaled $117 million
and $37 million. In contrast, the entire, nation-wide allocation
for the National Park Service’s deferred maintenance activities
was $77 million.6
Consequently, important recreational resources like the C&O
Canal towpath are deteriorating. Resources to provide high
quality historical interpretation are also diminishing: there has
been no functioning canal boat in over two years, and visitor
center attendance has dropped an astounding 93 percent
since 2002.7 Compounding the stress of an underfunded
National Park Service is general federal budget uncertainty.
During the 2013 federal government shutdown, for example,
the Washington Habour dock was closed to commercial
water taxis and tourist launches, and trash went uncollected
in the Waterfront Park. The vitality of the commercial district
will depend heavily on how the challenges affecting
Georgetown’s national parks are dealt with.
THE STATE OF GEORGETOWN 2014 REPORT 5
PEOPLE
6 THE STATE OF GEORGETOWN 2014 REPORT
BETHESDA
BETHESDA
Photo Credit: Sam Kittner for Georgetown BID
EMPLOYMENT
Regional employment grew between 2010 and 2013, though
the pace of growth slowed in 2013 due to sequestration and
federal budget uncertainty: between 2012 and 2013, DC
netted only 1,500 jobs across all sectors. Job growth in the
hospitality/food-service (14,000 jobs added) and leisure
(2,000 jobs added) sectors was exceptionally strong across
DC and the region, emphasizing the growing competitive
pressures facing Georgetown as a visitor destination. While
professional and business service jobs decreased across the
region, DC continued to create jobs in this sector, helping
buoy demand for office space in the city despite a shrinking
federal government footprint.8
DENSITY OF JOBS IN WASHINGTON, DC
SILVER SPRING
CHEVY CHASE
BETHESDA
Washington,
DC
ARLINGTON
ARLINGTON
Georgetown remains a vibrant, dense commercial district:
Georgetown businesses provide an estimated 13,089 jobs in
2013 within the BID area, which encompasses approximately
0.25 square miles.9 Georgetown University and the
Georgetown University Hospital, situated adjacent to the
boundary of the BID, support in excess of 10,000 additional
jobs on 0.16 square miles of campus.10 Between these two
areas, employment data suggests a density of about 60,000
jobs per square mile—similar to the densities observed in
areas near Dupont Circle, Shaw, and the Rosslyn-Ballston
corridor.
BAILEY’S CROSSROADS
BAILEY’S CROSSROADS
ARLINGTON
BAILEY’S CROSSROADS
Source: U.S. Census Bureau (2013) OnTheMap Application, Longitudinal-Employer
GEORGETOWN
Jobs/ Sq. Mile
5–7,975 31,888–71,741
7,976–31,887 71,742–127,535
127,536–199,272
13,000
JOBS ARE SUPPORTED
BY BID BUSINESSES
JOBS IN GEORGETOWN
DC Employment (Thousands)
2010
2011 2012 2013
DC Total
712726 732 745
of which
Downtown BID
179
182
182
Georgetown (Total)
29
28
23
28
Georgetown BID1111 1213
Source: Bureau of Labor Statistics (2014), U.S. Census OnTheMap Application (2014),
DC Department of Emploment Services, Downtown BID (2014)
THE STATE OF GEORGETOWN 2014 REPORT 7
Photo Credit: Sam Kittner for Georgetown BID
About 26 percent (3,400) of jobs
within the BID area fall within the
professional, scientific, and technical
services sector—supporting the
conventional wisdom that much of
Georgetown’s office market is comprised of architectural, design, and
legal services. The highly seasonal
accommodations and food services
sector likely fluctuates between 25 and
30 percent of total jobs, with 4,133 jobs
in Q3 2013—the late summer high
season for this sector. Georgetown’s
vibrant retail sector accounts for about
15 percent (1,900 jobs). The balance of
jobs is distributed across a wide variety
of sectors.11
NET CHANGE IN PAYROLL JOBS, 2012-2013, BY SECTOR
LEISURE AND HOSPITALITY
FINANCIAL ACTIVITIES
STATE GOVERNMENT & PUBLIC TRANSPORTATION
RETAIL TRADE
TRANSPORTATION, WAREHOUSING & UTILITIES
EDUCATIONAL AND HEALTH SERVICES
OTHER SERVICES
PROFESSIONAL AND BUSINESS SERVICES
GOODS PRODUCING
WHOLESALE TRADE
INFORMATION
DC REST OF REGION
FEDERAL GOVERNMENT
-10.0
0.0
10.0
THOUSANDS OF JOBS
Source: Bureau of Labor Statistics (2014)
8 THE STATE OF GEORGETOWN 2014 REPORT
20.0
JOBS IN THE GEORGETOWN BID, BY SECTOR
2012 Q3
2013 Q3
Year-on-Year change
Accommodation and Food Services
Industry
3,722
4,133
11%
Professional, Scientific, and Technical Services
3,099
3,391
9%
Retail Trade
1,463
1,959
34%
Other Services (Except Government)
1,585
1,539
-3%
165
447
171%
Administrative and Support and Waste Management and Remediation
360
413
15%
Finance and Insurance
Real Estate and Rental and Leasing
156
312
100%
211
Wholesale Trade
238
Construction
279209
-25%
-47%
119
-11%
Educational Services
225
Information
133118 -11%
Unclassified
4471 61%
Arts, Entertainment, and Recreation
55
56
2%
Health Care and Social Assistance
51
48
-6%
Manufacturing
3142 35%
Management of Companies and Enterprises
30
Total
21
11,63613,089
-30%
12%
Source: DC Department of Employment Services
Note: The BID area does not include employment data from Georgetown University or Georgetown Hospital
Photo Credit: Sam Kittner for Georgetown BID
Photo Credit: Sam Kittner for Georgetown BID
THE STATE OF GEORGETOWN 2014 REPORT 9
RESIDENTIAL POPULATION
Though the Georgetown population is generally stable,
modest population growth is projected in Georgetown over
the short and medium term as young families have children
and new multi-family housing developments are delivered.
2013 demonstrates that despite limited land parcels, housing
development in Georgetown is still enticing to developers,
with several projects being delivered, under construction, or
announced. The Montrose, just two blocks outside the BID
area boundary at R Street and 31st Street, delivered 15
condos (33,000 SF) in late 2013. Within the BID boundary,
three development sites are currently under construction.
These projects will deliver 14 condo units (32,000 SF), five
apartment units (3,800 SF), and retail/office space (5,000
SF) in 2014. Three larger residential, mixed-use development
projects were also announced: The Hillside (to replace the
Key Bridge Exxon); Latham Micro-apartments (to replace
the Latham Hotel); and the West Heating Plant (to convert
the defunct industrial site).
No delivery dates have been announced for residential
projects in the pipeline, but these projects are already
heightening the attention paid to multi-family construction
in Georgetown. Developers in Georgetown forecast multifamily residential property values of $800 to $1,200 per
square foot (SF). This valuation is often higher than commercial property values, creating a value gap that can
make converting properties to residential use an attractive
possibility: studying the potential impacts on the professional
office community, infrastructure, and city services will be
crucial to understanding the future of Georgetown’s
commercial district.
DC’s population explosion continued through 2013, netting
more than 1,000 residents each month and growing to a
total population of 646,000.12 If recent trends hold, roughly
6,500 of the new residents in 2013 fell within the 25 to
34 year old “young professional” cohort in DC, which
accounted for 50 percent of growth in the 2010 to 2012 period.
GEORGETOWN BID AREA RESIDENTIAL DEVELOPMENT PIPELINE
Name
Address
Type
Units Residential SF
Developer
Retail/
OfficeSF
Delivery
Delivered
The Montrose 3050 R Street*
Condo
15
33,000
Argos
0
Winter 2013
Under Construction
Adams Mason House 1072 Thomas Jefferson Apartment
5
3,812
The Grace 3220 Grace Street
Condo
7
5,950
1055 High 1055 Wisconsin Ave
Condo
7
26,000
MMG
Capital City RE
EastBanc
2,933 Summer 2014
0
Summer 2014
2,240 Fall 2014
Planned
Hillside Latham Micro Apartments 3000 M Street
3601-3607 M Street
Apartment
West Heating Plant
Condo
1051 29th St NW
Condo
Total
28
70,000
EastBanc
…
…
…
…
SB-Urban
…
…
70
…
Levy Group**
…
…
>132>138,762
Source: Georgetown BID
*2 blocks outside of BID boundary
**Levy Group/The Georgetown Co/Four Seasons
10 THE STATE OF GEORGETOWN 2014 REPORT
1055 High, 1055 Wisconsin Ave, NW
Adams Mason House, 1072 Thomas Jefferson St, NW
The Grace, 3220 Grace St, NW
The Montrose, 3050 R St, NW
THE STATE OF GEORGETOWN 2014 REPORT 11
GEORGETOWN POPULATION
15.1
15.5
THOUSANDS
14.5
14.5
13.5
20
18
20
13
20
10
20
0
0
12.5
Source: U.S. Census Bureau 2000 and 2010 Decenial Census; ESRI Business Analyst Online (2014)
Conservative estimates of 2013 population growth suggest
3,700 additional (95,000 total) 25 to 34 year olds within a
3 mile radius of Wisconsin Avenue and M Street. Comparatively,
the 45 to 54 year old cohort grew by about 750 (32,000
total) over the same period. As in 2012, the average household
disposable income of the young professionals tends to be
lower than older cohorts, but the sheer size of the group
means that young professionals have great spending power.
In aggregate, households headed by 25 to 34 year olds
within three miles of Georgetown have an impressive $3.95
billion of disposable income.13
12 THE STATE OF GEORGETOWN 2014 REPORT
Georgetown is one of the most affluent neighborhoods in
the region: 64 percent of households within a half-mile from
the intersection of Wisconsin Avenue and M Street earn at
least $100,000 per year; 33 percent of households earn at
least $200,000. The median home value in this area is about
$992,000. These figures hold strong even at a 3-mile radius,
with 68,000 households (43 percent) earning at least
$100,000.14
DC POPULATION
676
668
680
THOUSANDS
646
640
600
20
1
20 8
20
20
13
20
10
20
0
0
560
Source: U.S. Census Bureau 2000 and 2010 Decenial Census; ESRI Business Analyst Online (2014)
DISPOSABLE INCOME BY AGE COHORTS, 2013
FROM WISCONSIN AVENUE AND M STREET
25-34 year olds 45-54 year olds
Year-on-Year %Year-on-Year %
1 mile radius
2013 Households
6,243 9.2%
1,898 1.6%
$80,400 0.7%
$121,263 0.4%
$502 million 9.9%
$230 million 1.9%
Average Disposable Income
Aggregate Disposable Income
Change 2013
Change
3 mile radius
Households
Average Disposable Income
Aggregate Disposable Income
54,267 0.2%
20,942 3.3%
$72,815 11.0%
$103,600 11.6%
$4.0 billion 11.3%
$2.2 B 15.3%
Source: ESRI Business Analyst Online (2014)
THE STATE OF GEORGETOWN 2014 REPORT 13
CHEVY CHASE
DISTANCES FROM WISCONSIN AVENUE
AND M STREET
BETHESDA
Maryland
3 miles
CLEVELAND
PARK
PETWORTH
COLUMBIA
HEIGHTS
Washington, DC
1 mile
.5 miles
DUPONT CIRCLE
ROSSLYN
CLARENDON
BALLSTON
ARLINGTON
Virginia
BAILEY’S CROSSROADS
14 THE STATE OF GEORGETOWN 2014 REPORT
CHINATOWN
GEORGETOWN DEMOGRAPHIC PROFILE, 2013
Total Population
FROM WISCONSIN AVENUE AND M STREET, NW
0-0.5 mi
0-1 mi
0-3 mi
9,263 41,394 318,199 4,187 18,453 158,388 DC
646,449
Households
Total Number
Average Household Size
Owner Occupied
1.95
1.66
1.85
…
2.17*
47%
36%
36%
41%*
$960,556 $695,398 $585,037 $441,574
Median Household Income
$126,961 $100,905 $84,478 $63,342
Average Household Income
$180,575 $138,610 $121,221 $101,735
Median Home Value
Household Income
Share of households with $100,000 or more
64%
51%
43%
Share of households with $200,000 or more
33%
20%
15%
34%
11%
Source: ESRI Business Analyst Online (2014) and US Census Bureau (2014) *Imputed from 2012 data
Photo Credit: Cade Martin for Georgetown BID
THE STATE OF GEORGETOWN 2014 REPORT 15
COMMERCIAL
BUILDINGS
16 THE STATE OF GEORGETOWN 2014 REPORT
Photo Credit: Sam Kittner for Georgetown BID
As Georgetown approaches the constraints of full build-out, it
will become essential to find innovative ways to balance a variety
of space and programming needs: the growing share of office
tenants that value efficient, high quality space; an increasingly
youthful workforce and residential population that enjoys dense,
urban amenities, and; retailers and restaurateurs seeking new opportunities
in Georgetown.
Finding ways to induce investment in the renovation and renewal of buildings is
likely to be a determining factor in Georgetown’s office sector performance in both
the short and medium terms. Continuing to retain businesses that are attracted to
Georgetown’s many small and unique buildings is, too. And experiments to find
the highest and best use of spaces in the Canal & Waterfront District will become
increasingly important.
Photo Credit: J Street Companies
BUILDING IMPROVEMENTS
Georgetown will face increasing pressure to renew and
refurbish its commercial buildings. While the office market is
sluggish across the region, the market is tightest around high
quality properties. Between 2011 and 2013 there was net
absorption of 8.1 million SF of Class A office space across the
Washington Region. In the same period, there was negative
absorption of 8.1 million SF of Class B/C office space.15
A similar pattern is observed in Georgetown. A flight
to quality is clearly underway—and it’s important for
Georgetown to consider how to stimulate the renovation of
its building stock. Interestingly, however, Class B/C rental
rates in Georgetown have been rising over the last three
years. This feature of the market, in the absence of other
incentives, will likely reduce owner motivation to renew
buildings in the short term.
THE STATE OF GEORGETOWN 2014 REPORT 17
Another indicator of the state of Georgetown’s buildings is
the relative paucity of LEED certified spaces. Though LEED
certified space in the rest of DC is proliferating, there are only
five LEED certified spaces comprising 214,000 SF in
Georgetown. In comparison, 19.5 million SF were certified
across DC in 2013. Data from the US Green Building Council
suggests that Georgetown’s share of LEED space is declining
disproportionate to Georgetown’s share of total commercial
space.
OFFICE NET ABSORPTION BY CLASS
OF SPACE, 2011-2013
GEORGETOWN
THOUSANDS OF SF
130
65
0
-65
-130
DC REGION
THOUSANDS OF SF
9,000
4,500
0
CLASS OF SPACE
-4,500
A B/C
-9,000
121,000
Source: Costar (2014) and Delta Associates/Transwestern Trendlines 2014 (2014)
Note: In Georgetown, negative absorption of 63,000 SF B/C space was recorded
in 2011 when 1051 31st Street was closed as an office building. Today, the site is the
Capella Hotel and is not included in current office vacancy calculations.
BID AREA GROSS RENTAL RATE ($ PER SF),
BY CLASS OF SPACE
121,000 SF OF CLASS A
OFFICE SPACE
ABSORBED BETWEEN
2011 AND 2013
$42
$44
$40
$39
$36
CLASS OF SPACE
A $32
Source: CoStar (2014)
18 THE STATE OF GEORGETOWN 2014 REPORT
20
13
20
12
20
11
20
10
20
0
9
B/C
CUMULATIVE DC LEED CERTIFICATIONS (SF)
100
MILLIONS OF SF
89M
75
50
25
20
13
20
12
20
11
9
20
10
0
8
0
20
20
07
6
0
20
20
5
0
20
4
0
20
20
03
0
Source: U.S. Green Building Council (2014) LEED Project Directory.
Note: Excludes LEED for Homes and LEED ND. Properties that are recertified at a different standard may be double counted.
GEORGETOWN SHARE OF CUMULATIVE LEED CERTIFICATIONS
1.60%
1.20%
0.24%
0.80%
0.40%
20
13
20
12
20
11
20
10
9
0
20
8
0
20
20
07
0.00%
Source: U.S. Green Building Council (2014) LEED Project Directory. Note: Excludes LEED for Homes and LEED ND. Properties that are recertified at a different standard may be double counted.
THE STATE OF GEORGETOWN 2014 REPORT 19
UNIQUE SPACES
Georgetown’s varied architectural styles add to the neighborhood’s hallmark historical feel. Over 60 commercial-use
buildings date from the late 18th and 19th centuries, ranging
from stately storefronts and market halls to industrial mills
and workshop buildings. The BID area also has over 450
properties smaller than 25,000 SF in rentable area. In
aggregate, however, these properties make up 2.2 million SF
in commercial space—often in buildings that employ multiuse/multi-floor configurations combining traditional retail,
retail services, office space, and residential units.16 Smaller
spaces have recently benefited Georgetown, as many national
and local retailers are now seeking compact, urban stores.
4,000K
Rentable Building Area (Copy)(Group)
3,500K
2,500K
1,500K
PR
99
-1
9
49
Source: CoStar (2013) and Georgetown BID
2
ES 00
EN 0T
6 PPTY
4 PPTY
19
50
U
D
IN
THE STATE OF GEORGETOWN 2014 REPORT
55
PPTY
3 PPTY
-1
9
IA
ST
R
IA
EC
SP
O
SP
H
Source: Costar (2014)
20 0K
L
LT
Y
TY
IT
A
LI
ET
A
R
O
FF
IC
E
IL
0K
51 PPTY
0
1 PPTY
0
500K
301
PPTY
19
500K
1
TU 9T
RY H
1,000K
EN
1,000K
6
PPTY
32
PPTY
2,000K
C
355
PPTY
3,000K
1
TU 8T
RY H
28
PPTY
Properties ≥25,000 SF
EN
2,000K
7
PPTY
Rentable Building Area (Group)
C
2,500K
RENTABLE BUILDING AREA
RENTABLE BUILDING AREA
Properties ≥25,000 SF
1,500K
47
PPTY
Properties <25,000 SF
Properties <25,000 SF
3,000K
GEORGETOWN BID AREA
BUILDINGS, BY YEAR BUILT
UNAVAILABLE
96
PPTY
While retailers, tech firms, and Georgetown’s design and
architecture community thrive in these many unique and
historic spaces, they still require modern technologies and
services. As DC’s broadband fiber network expands, ensuring
access in Georgetown is an important investment to help
attract and retain office tenants.
4,500K
GEORGETOWN BID COMMERCIAL
PROPERTIES, BY TYPE, SIZE AND
NUMBER OF PROPERTIES
3,500K
Start-up and tech sector firms are also attracted to these
spaces, which match both rental rate requirements and
design aesthetics found in few other places in the region.
CANAL & WATERFRONT DISTRICT
The Georgetown 2028 Plan* recommends fostering new
retail, restaurant, and programming opportunities as well as
transportation/streetscape improvements in the Canal &
Waterfront District between the Potomac River and M Street.
A cornerstone action in this set of recommendations is the
conversion of ground floor office space into restaurant space,
which would simultaneously create new retail and restaurant
amenities for visitors and office workers as well as decrease
overall vacancy in the office market.
All parcels south of M Street in Georgetown are zoned W
(“waterfront”), permitting commercial and light industrial
uses as a matter of right. There are currently about 110
existing commercial properties south of M Street, 2.8 million
SF of which are classified as office—nearly 78 percent of the
BID’s total office space.17 The five-year average vacancy rate
of office spaces in the Canal & Waterfront District is 12.8
percent, although vacancy has decreased to 9.5 percent in
recent periods. As of Q1 2014 twenty-one office properties
currently have 267,000 SF of vacant space.18 Back of the
envelope calculation suggests that converting and leasing
only half of the ground floor spaces in these properties to
retail has the potential to absorb 67 percent of current
vacant space.19
*Read the full plan at
www.georgetowndc.com/georgetown2028
Photo Credit: Sam Kittner for Georgetown BID
THE STATE OF GEORGETOWN 2014 REPORT 21
NOTABLE GEORGETOWN TECH OFFICES
Year Company
FoundedOffice Headquarters
Industry
Georgetown
Cogent
Telecommunications1999
1999 Georgetown
Parchment
Education Technology
2003
2013
Arizona
EverFi
Education Technology
2008
2014
Georgetown
Personal
Data Security
2009
2011
Georgetown
Audax Health
Health Care
2010
2010
Georgetown
Exhilarator
Startup Excelerator
2011
2011
Georgetown
SmartThings
Consumer Electronics
2012
2013
Georgetown
Source: Georgetown BID and company websites
FIBER BROADBAND COVERAGE, WASHINGTON, DC
GEORGETOWN
FIBER BROADBAND
AVAILABLE
Source: DC Office of the Chief Technology Officer (2014)
22 THE STATE OF GEORGETOWN 2014 REPORT
R ST
PL
DENT
RVO IR
MAP OF GEORGETOWN
BID COMMERCIAL
PROPERTIES, BY TYPE
RD
CAM
DENT
PL
L
GE P
Q ST
R ST
R ST
Q ST
P ST
RD
L
GE P
O ST
PL
Q ST
P ST
FF
AS JE
ERSO
Property TypeL L E Y
’S A
Retail
C&O CANAL
Hospitality
POTOMAC RIVER
Office
W HI TE HU
Flex
RS T FW
Y
GE O RG ET
Industrial
Land
N ST
482,223
K ST
ERSO
400,000
Y
FF
AS JE
300,000
LE
S AL
THOM
ST
200,000
N ST
BANK
100,000
B LU E
O N T PA
RK
PA R KW
AY
THOM
E
AV
M ST
M ST
OW N W
AT ER FR
ST
IN
ST
ST
ST
ST
ST
RS T FW
Y
ST
N ST
ST
Y
ST
LE
S AL
ST
NS
M AC
33RD
PECT
M ST
30TH
CO
B LU E
3 1S T
M ST
IS
P OTO
ST
ST
ST
PROS
T
ON S
27TH
BART
29TH
DUM
N ST
C&O CANAL
C A DY
ST
ST
28TH
PECT
W
BANK
34TH
35TH
36TH
37 T H
25,000
27TH
ST
ST
ST
Y
GE O RG ET
Rentable Building Area
ST
ST
ST
ST
P ST
O ST
W HI TE HU
ST
30TH
E
AV
M AC
O ST
ST
37 T H
36TH
35TH
34TH
33RD
N ST
PROS
LE
’S A L
C A DY
N ST
ST
IN
ST
NS
ND
CO
3 1S T
IS
32
P OTO
A ST
VO LT
T
ON S
P ST
W
O ST
BART
28TH
DUM
29TH
Q ST
PA R KW
AY
B R ID
REEK
ST
DENT
CAM
R O C KC
ND
A ST
VO LT
REEK
RVO IR
PL
DENT
32
RESE
B R ID
R O C KC
RESE
OW N W
AT ER FR
O N T PA
RK
K ST
Canal & Waterfront District
Specialty
Source: Costar (2013)
POTOMAC RIVER
THE STATE OF GEORGETOWN 2014 REPORT 23
RETAIL MARKET
24 THE STATE OF GEORGETOWN 2014 REPORT
Photo Credit: Sam Kittner for Georgetown BID
One of Georgetown’s defining features is its vibrant retail district.
With more than two miles of retail store frontage and over 450
stores, restaurants, spas, and salons, Georgetown remains a premier
shopping destination in the Washington region. Demand for
Georgetown retail space remains very high, as evidenced by the
40 retail trade and amenity businesses that opened in the BID area, a net gain of 18
in 2013. Rents are also rising at a rate of 6 percent per year, and can exceed $165 per SF
triple net for prime locations.
20
New retail stores included region-exclusive locations of Billy
Reid, Frye, Goorin Bros. Hat Shop, and Steven Alan. There
were new local/independent stores, too, including American
Holiday, Lovely Bride, and Sabun Home. And Cady’s Alley
successfully experimented with a pop-up brick and mortar
incubator for emerging internet retailers.
GEORGETOWN BID AREA
RETAILERS BY TYPE, 2013
Type
The Shops at Georgetown Park re-opened in 2013, rebranded
as “Georgetown Park.” At 256,000 SF, it was the largest retail
development delivery in DC of the year. As of Q1 2014 it is 94
percent leased: anchor tenants include J. Crew, Anthropologie,
H&M, TJMaxx/HomeGoods, and Pinstripes. DSW, and the DC
DMV also opened in early 2014.
Number
% of Total
Fashion and Apparel
118
26%
Full Service Restaurants
68
15%
Home Decor
60
13%
Spas and Salons
49
11%
Limited Service Eating Places
34
7%
Other Retail Goods
25
5%
Coffee, Cupcakes, and Gourmet
18
4%
Eye Glasses / Health
14
3%
Banks
RETAIL CHANGE SUMMARY, 2013
Openings Closings Net Gain (Loss)
Retail Trade
25
18
7
Full Service Restaurants
10
1
9
3
2
1
Retail Services
1
(1)
2
2
Limited Service Eating Places
Arts, Entertainment and Recreation
TOTAL
4022
18
112%
Specialty services
10
2%
Drycleaning and Laundry Services
10
2%
Sporting Goods and Hobbies
10
2%
Consignment and Used Goods
9
2%
Gyms / Yoga Studios
8
2%
Beer, Wine, and Liquor Stores
4
1%
Gasoline Stations
4
1%
Book Stores and News Dealers
2
0%
Lounges
20%
Movie Theaters
Grand Total
1
0%
457
100%
Source: Georgetown BID
Source: Georgetown BID
THE STATE OF GEORGETOWN 2014 REPORT 25
GEORGETOWN RESIDENT RETAIL POTENTIAL,
SELECT INDUSTRIES
Retail Demand
Stores in Potential ($) Georgetown BID
Gardening Supplies
314,445 0
Used Merchandise Stores
452,489 9
Florists
2,123,899 2
2,246,430 3
Specialty Food Stores
3,145,793 23
Beer, Wine & Liquor Stores
6,043,891 4
Book and Music Stores
Hardware and Building Materials
5,541,105 2
Sporting Goods/Hobby/Musical Instr Stores
6,562,719 10
Furniture & Home Furnishings Stores
7,272,098 60
7,122,251 34
19,521,633 68
Clothing & Clothing Accessories Stores
22,639,774 118
Gasoline Stations
24,639,839 4
Limited-Service Eating Places
Full-Service Restaurants
450+
450+ SHOPS, RESTAURANTS,
Auto Dealers
34,840,699 0
AND SALONS WITHIN
Grocery Stores
43,196,184 0
0.25 SQUARE MILES
Source: ESRI Business Analyst Online (2014) and Georgetown BID. Residents located 0.5 miles
from the intersection of Wisconsin Ave and M Street.
MARKET HIGH RENT ($/SF)
2012 2013
High rent High Rent % growth
($/psf/year) ($psf/year)
Downtown East $95 - $105 $100 - $110 12%
East End $100 $110 10%
Mt. Vernon Triangle $50 $55 10%
14th Street-Logan Circle $75 $90 20%
Penn Quarter-Chinatown $200 $215 8%
NoMa-H Street NE $55 $65 18%
Georgetown $155 $165 6%
Dupont Circle $110 $110 0%
Chevy Chase $100 $100 0%
Source: Cushman and Wakefield, “District Retail,” May 2014.
26 THE STATE OF GEORGETOWN 2014 REPORT
To estimate how well BID-area merchants serve neighborhood
needs, retail demand potential for several industries can be
estimated based on demographic characteristics of the
population residing one-half mile from the intersection of
Wisconsin Avenue and M Street. These figures can then be
compared to how many stores in the BID area fall within each
industry. Opportunities where spending levels are relatively
high compared to the concentration of BID retailers seem to
be present in a number of sectors, including garden supply,
hardware and building materials, florists, wine and spirits, and
full service grocery stores.
GEORGETOWN BID AREA RETAIL OPENINGS AND CLOSING, 2013
2013 OPENINGS
2013 CLOSINGS
RETAIL TRADE
Alex and Ani
2bebe
American Holiday
Adidas
Artist’s Proof
Aerosoles
Billy Reid
Ann Sacks
Bloomers
Bobbie Medlin
Bonobos
Cannon’s Seafood Market
Britt Ryan
Chic Boutique
Buffalo Exchange
COOGI
Cady’s Alley Pop-up Bazaar
J. Chocolatier
Capital Consignment
Jennifer Convertibles
Coterie
MOCA DC
Dr. Martens
Monarc Antique Rug
EGG by Susan Lazar
P&C Art
Frye
Parish Gallery
GNC
Riccardi
Goorin Bros. Hat Shop
Sassanova
La Musa
Streets of Georgetown
Lovely Bride
Yves Delorme
Matt Cameron Tapestry
Reebok
Reddz Trading
Sabun Home
Steven Alan
TJ Maxx / Home Goods*
Tory Burch
FULL SERVICE RESTAURANTS
AGB/Observatory (at the Graham)
Capitol Prague
El Centro D.F.
Eno Wine Bar
Gypsy Sally’s (music venue and restaurant)
The Grill Room and Rye Bar (at the Capella)
Kintaro
Malmaison
Pho Viet and Grille
Third Edition
Rialto
LIMITED SERVICE EATING PLACE
Good Stuff Eatery
Redfire Grill Kabob
Olivia Macaron*
Iceberry
ShopHouse
RETAIL SERVICES
Salon Rafik
ARTS, ENTERTAINMENT
Corepower Yoga
AND RECREATION
Washington Sports Club*
*Georgetown Park
Source: Georgetown BID
THE STATE OF GEORGETOWN 2014 REPORT 27
DC RETAIL DELIVERIES, 2001-2015 AND PIPELINE
5.4
Long term
Med. term
4
2
20
0
20 1
02
20
03
20
04
20
0
5
20
0
6
20
07
20
0
20 8
0
9
20
10
20
11
20
12
20
13
20
14
20
15
0
Pipeline
Near term
MILLIONS OF SF
6
Georgetown retailers will nevertheless face rapidly
increasing competition in the coming years. Between
2001 and 2013 developers delivered 5.4 million SF
of retail space in DC, nearly 2.5 times the total retail
space in Georgetown. More than 7 million additional
SF are in the pipeline.21 Retailers and consumers will
have an unprecedented level of choice about where
to locate and shop.
Retail Deliveries
Cumulative Deliveries
Total Georgetown Retail SF, as of 2013
Source: Costar (2014) and WDCEP (2014) Development Report
2013 delivery figure does not include Georgetown Park
Photo Credit: Sam Kittner for Georgetown BID
28 THE STATE OF GEORGETOWN 2014 REPORT
RETAIL LOCATIONS BY TYPE
R ST
R ST
R ST
RESERVOIR RD
R ST
RESERVOIR RD
DENT PL
DENT PL
DENT PL
DENT PL
CAMBRIDGE PL
Q ST
CAMBRIDGE PL
Q ST
Q ST
Q ST
32 ND
32 ND
VOLTA ST
VOLTA ST
P ST
ST
ST
P ST
P ST
P ST
O ST
O ST
O ST
O ST
DUMBARTON ST
R ST
RESERVOIR RD
DENT PL
CAMBRIDGE PL
CAMBRIDGE PL
Q ST
Q ST
Q ST
32 ND
32 ND
VOLTA ST
VOLTA ST
P ST
ST
ST
P ST
P ST
P ST
O ST
O ST
O ST
O ST
DUMBARTON ST
IN
AV
E
BANK ST
BANK ST
M ST
M ST
M ST
M ST
BLUES ALLEY
BLUES ALLEY
CADY’S ALLEY
Y
WH
ITE
HU RS
T FW
THOMAS JEFFERSON ST
THOMAS JEFFERSON ST
T FW
N ST
PROSPECT ST
CADY’S ALLEY
HU RS
31ST ST
NS
N ST
30TH ST
CO
POTOMAC ST
W IS
33RD ST
35TH ST
34TH ST
37TH ST
E
36TH ST
28TH ST
27TH ST
AV
N ST
30TH ST
IN
31ST ST
NS
N ST
29TH ST
CO
33RD ST
34TH ST
35TH ST
POTOMAC ST
W IS
DUMBARTON ST
PROSPECT ST
Y
Services Retail
Gourmet Retail
R ST
R ST
R ST
RESERVOIR RD
R ST
RESERVOIR RD
DENT PL
DENT PL
DENT PL
DENT PL
CAMBRIDGE PL
CAMBRIDGE PL
Q ST
Q ST
Q ST
Q ST
32 ND
32 ND
VOLTA ST
VOLTA ST
P ST
ST
ST
P ST
P ST
P ST
O ST
O ST
O ST
O ST
AV
30TH ST
IN
31ST ST
NS
E
M ST
BLUES ALLEY
CADY’S ALLEY
WH
ITE
HU RS
T FW
Y
THOMAS JEFFERSON ST
THOMAS JEFFERSON ST
Home Décor
National Retailers
N ST
M ST
BLUES ALLEY
Y
CO
BANK ST
BANK ST
M ST
M ST
CADY’S ALLEY
T FW
N ST
PROSPECT ST
PROSPECT ST
HU RS
POTOMAC ST
33RD ST
35TH ST
34TH ST
37TH ST
E
36TH ST
28TH ST
27TH ST
AV
30TH ST
IN
31ST ST
NS
N ST
29TH ST
CO
POTOMAC ST
N ST
DUMBARTON ST
W IS
DUMBARTON ST
W IS
33RD ST
35TH ST
34TH ST
37TH ST
36TH ST
27TH ST
Y
DENT PL
Q ST
37TH ST
27TH ST
T FW
DENT PL
36TH ST
27TH ST
HU RS
R ST
R ST
DENT PL
ITE
29TH ST
ITE
Salons & Spas Retail
RESERVOIR RD
WH
28TH ST
WH
THOMAS JEFFERSON ST
Y
R ST
ITE
29TH ST
BLUES ALLEY
Fashion Retail
WH
28TH ST
E
T FW
29TH ST
AV
M ST
M ST
CADY’S ALLEY
THOMAS JEFFERSON ST
HU RS
28TH ST
IN
BANK ST
BANK ST
M ST
M ST
BLUES ALLEY
ITE
N ST
PROSPECT ST
CADY’S ALLEY
WH
31ST ST
NS
N ST
PROSPECT ST
30TH ST
CO
POTOMAC ST
W IS
33RD ST
35TH ST
34TH ST
37TH ST
E
36TH ST
28TH ST
27TH ST
AV
N ST
30TH ST
IN
31ST ST
NS
N ST
29TH ST
CO
33RD ST
35TH ST
34TH ST
37TH ST
36TH ST
POTOMAC ST
W IS
DUMBARTON ST
Specialty Retail
Local/Regional Retailers
Source: Georgetown BID
THE STATE OF GEORGETOWN 2014 REPORT 29
Photo Credit: Sam Kittner for Georgetown BID
TOTAL STARS OF BID AREA RESTAURANTS,
WASHINGTONIAN MAGAZINE 100 VERY BEST LIST
18
12
6
20
14
20
11
20
12
20
13
8
0
07
0
9
20
10
20
20
6
0
5
0
20
20
4
03
02
0
1
0
20
20
20
20
0
20
20
0
0
Source: Washingtonian Magazine (2000-2014)
After a net loss of five full service restaurants in 2012, a net
gain of nine restaurants helped rebound restaurant numbers
in 2013. New establishments included El Centro D.F., Eno
Wine Bar, and Rialto. Though several restaurant spaces on
M Street converted to retail trade uses, restaurateurs began
building out new spaces south of M Street in 2013: The Grill
Room and Rye Bar (at the Capella Hotel), Malmaison, and
music venue/restaurant Gypsy Sally’s. Good Stuff Eatery,
Olivia Macaron, and ShopHouse were new limited-service
eateries in 2013.
2013 FOODSERVICE AND BEVERAGE SALES
(IN MILLIONS)
$35.2
O
W O
N T
TO H
E
EA W R
ST N
$33.2
D
1
LO 4T
G HS
A T
N R
C EE
IR T
C LE
PE
- NN EA
C Q S
H UT
IN A E
AT R N
O TE D W R
N
ET
O
W
G
D
U
C PO
IR N
C T
LE
$37.7
EO
R
G
$68.5
$61.6
N
There are 68 full service restaurants in the Georgetown BID
area as of Q1 2014. Bourbon Steak, 1789, and Unum garnered
coveted spots on the Washingtonian Magazine “100 Very Best
Restaurants” list in 2013; in 2014 Bourbon Steak and 1789
made this list again.17 Since 2000 the number of restaurants
on this list (and their collective stars) has declined.22 As new,
buzz-worthy concepts (e.g. Fiola Mare, which opened in early
2014 at Washington Harbour) arrive in Georgetown, however,
there may be some upward movement in this measure over
the next few years.
Source: Cushman and Wakefield, “District Retail,” May 2014 and Georgetown BID
30 THE STATE OF GEORGETOWN 2014 REPORT
GEORGETOWN FULL
SERVICE RESTAURANTS
Q ST
32N
VOLTA ST
T
DS
P ST
P ST
O ST
O ST
DUMB ARTO N ST
WI
28TH ST
29TH ST
E
AV
N ST
30TH ST
SIN
31ST ST
ON
N ST
27TH ST
SC
POTO MAC ST
33RD ST
34TH ST
PROS PECT ST
El Centro D.F.
BANK ST
I-Thai
Ri-Ra Irish Pub
Capitol
Prague
M ST
Rialto
M ST
Eno Wine Bar
BLUE S ALLE Y
CADY ’S ALLE Y
AGB/Observatory
Kintaro
Pinstripes
C&O CAN AL
WH
The Grill Room
& Rye Bar
Gypsy Sally’s ITE
HUR
Malmaison
ST
FW
Y
K ST
P OTO
M AC
R IV E
R
THOM AS JEFFE RSON ST
GE
Pho Viet
Q ST
35TH ST
RID
CAMB RIDG E PL
Fiola Mare
New for 2013/Q1 2014
Source: Georgetown BID
THE STATE OF GEORGETOWN 2014 REPORT 31
OFFICE MARKET
32 THE STATE OF GEORGETOWN 2014 REPORT
Photo Credit: Sam Kittner for Georgetown BID
The Georgetown BID area contains about 2.8 million SF of office
space. The total vacancy rate at the end of 2012 was 9.1 percent
(269,000 SF), down 3 percentage points from last year. Much of
this decrease is accounted for by leasing activity at Waterfront
Center (1010 Wisconsin Avenue; moved in 69,000 SF), the Foundry
Building (1055 Thomas Jefferson Street; moved in 50,000 SF), and Jefferson Court
(1025 Thomas Jefferson Street; moved in 25,000 SF).23 The net absorption of
88,000 square feet in 2013 accompanied a net increase of about 700 jobs in
office-using sectors.
Despite stronger leasing performance, average rental
rates edged up only 1 percent year-on-year, suggesting
that observed vacancy rates are near the market-clearing
equilibrium in Georgetown. Average Georgetown gross
office rents remain among the lowest of the regional submarkets at $41.85 per SF.25 In other words, at the end of 2013,
Photo Credit: Sam Kittner for Georgetown BID
The BID area’s vacancy rate was 1.6 percentage points lower
than the citywide figure at year’s end. This figure placed
the Georgetown BID area among leading performers in
2013: of the major downtown submarkets, the BID compared
favorably to the Central Business District (CBD), 10.4 percent
vacancy) and East End (9.0 percent vacancy) but was
outperformed by the West End (4.7 percent vacancy).24
the average rent in Georgetown was 20.1 percent less than
in East End, where some of the region’s highest office rents
are found (this gap is slightly smaller than in 2012, when the
figure stood at 22.1 percent). Georgetown’s tenant mix for
office space is composed of non-profit, political communication and lobbying, architectural, design, and mid-size law
firms. Interviews with brokers suggest that firms that locate
in Georgetown tend to stay in Georgetown—often renewing
their leases or moving to another space in Georgetown.
THE STATE OF GEORGETOWN 2014 REPORT 33
With the renovation of Jefferson Court, the ratio of Class A
to Class B space in Georgetown improved slightly in 2013
to 1.5:1 (from 1:1 in 2012). This is an important indication that
Georgetown property owners are reacting to the general
“flight to quality” that has played out across DC: even as
office tenants demand less and less space, the performance
of Class A property remains strong, especially compared to
Class B and C spaces. In Georgetown, between 2011 and 2013
net absorption of Class A office space was 121,000 SF
compared to -124,000 SF of Class B/C space.26
Since Georgetown is not eligible for federal Government
Services Administration (GSA) leases due to its distance
from Metro and other factors, it has been relatively insulated
from the impacts that are being felt in the CBD and East End
which, together, host about 50 million square feet of GSA
leasing. As GSA carries out a program of densification (using
fewer square feet for each employee) there will be a commensurate reduction in the amount of space leased by GSA
over the coming years.
How this space is marketed for reabsorption may have a
significant impact on Georgetown. If CBD office space is
repurposed for residential or hotel uses, there may be
impacts on Georgetown’s hospitality and retail sectors.
If conversions do not occur, there will likely be downward
movement in both Downtown and Georgetown rents, and
more persistent vacancy as the market adjusts to less total
demand.
Falling office rents combined with rising residential values
might signal that some office buildings with convertible floor
plates will convert to residential in coming years. Studying the
impacts of such conversion is an emerging research priority
for the BID.
Photo Credit: RB Properties
34 THE STATE OF GEORGETOWN 2014 REPORT
SUBMARKET GROSS RENTAL
RATE ($ PER SF) 2013
(AT YEAR-END)
SUBMARKET TOTAL VACANCY
COMPARISON 2013
(AT YEAR-END)
DC - Citywide
DC (Citywide)
10.7%
$48.97
DC SUBMARKETS DC SUBMARKETS Capitol Riverfront
Capitol Hill
16.5%
$54.02
NOMA16.4%
East End
$51.77
Southwest11.0%
West End
$51.06
CBD10.4%
CBD
Capitol Hill
9.4%
Southwest
$49.70
Georgetown BID
9.1%
NOMA
$46.95
East End
9.0%
$50.09
Capitol Riverfront
$42.84
Uptown7.7%
Georgetown BID
$41.35
Southeast6.0%
Uptown
West End
Southeast
4.7%
$38.13
$35.00
MD/VA SUBMARKETS MD/VA SUBMARKETS
Rosslyn-Ballston Corridor
17.9%
Rosslyn-Ballston Corridor
$41.85
Silver Spring
10.7%
Bethesda-Chevy Chase
$37.36
Silver Spring
$27.33
Bethesda-Chevy Chase
9.1%
Source: Costar (2014)
Source: Costar (2014)
GEORGETOWN BID OFFICE RBA, BY CLASS
PROPERTIES
≥ 25,000 SF
A
PROPERTIES
<25,000 SF
B
0K
B
C
C
500K
1,000K
1,500K
2,000K
2,500K
3,000K
RENTABLE BUILDING AREA (RBA)
Source: Costar (2013) and Georgetown BID
THE STATE OF GEORGETOWN 2014 REPORT 35
TOTAL OFFICE VACANCY RATES 2000-2013 (AT YEAR-END)
20%
15%
10.7%
10%
17%
9.1%
5%
IN GEORGETOWN,
THE AVERAGE OFFICE
RENT IS 17% LOWER
THAN IN THE CBD
20
13
20
12
20
11
9
0
20
10
8
0
20
20
0
20
20
07
6
5
0
0
20
20
20
4
03
02
0
1
20
20
20
0
0
0%
AVERAGE OFFICE GROSS RENTAL RATE ($ PER SF),
2000-2013 (AT YEAR-END)
$55
$48.97
$45
$41.35
$35
Rosslyn-Ballston Corridor
Bethesda/Chevy Chase
CBD
DC (Citywide)
Georgetown BID
36 THE STATE OF GEORGETOWN 2014 REPORT
20
13
20
12
20
11
20
10
9
0
20
8
20
0
07
20
6
0
20
5
0
20
4
0
20
03
20
02
20
0
1
20
20
0
0
$25
Source: Costar (2014)
R ST
R ST
PL
DENT
RESE
RVO IR
OFFICE PROPERTIES IN
THE GEORGETOWN BID
RD
CAM
DENT
PL
B R ID
L
GE P
Q ST
Q ST
P ST
32
ND
27TH
ST
ST
ST
ST
30TH
CO
3 1S T
IS
IN
ST
NS
P OTO
E
AV
M AC
ST
ST
ST
ST
PROS
PECT
ST
M ST
ST
37 T H
36TH
35TH
34TH
33RD
N ST
N ST
28TH
T
ON S
W
O ST
BART
29TH
DUM
REEK
P ST
R O C KC
O ST
PA R KW
AY
ST
A ST
VO LT
ST
BANK
M ST
B LU E
LE
S AL
Y
Y
FF
AS JE
LE
’S A L
THOM
ST
C A DY
RS T FW
Y
GE O RG ET
Rentable Building Area
Building Class
25,000
A
100,000
B
200,000
C
N ST
W HI TE HU
ERSO
C&O CANAL
OW N W
AT ER FR
O NT PA
RK
K ST
POTOMAC RIVER
300,000
Source: Costar (2013) and Georgetown BID
THE STATE OF GEORGETOWN 2014 REPORT 37
HOSPITALITY
AND VISITORS
38 THE STATE OF GEORGETOWN 2014 REPORT
Georgetown’s 727 hotel rooms fall within the luxury class category.
This figure means that Georgetown comprises 21 percent of
the luxury class rooms in DC. Despite a dip in occupancy rates
and total supply of hotel rooms, 2013 total revenues grew almost
Over the past five years, occupancy rates in Georgetown
have averaged 72 percent; this is on par with the DC
average and compares favorably to other large cities.
However, there is some evidence that Georgetown’s
current collection of hotels has a slightly different
dynamic than the collection present in the 2009-2011
period. As luxury class hotels have become predominate,
the average daily rate has risen from an average of $297
in the 2009-2011 period to $343 in the 2012-2013 period
(and an astounding $370 in 2013). Between the same
periods, occupancy dipped slightly from 73 percent to
70 percent.28
5-YEAR AVERAGE HOTEL OCCUPANCY BY
MONTH, 2009-2013
DATE
80
60
40
20
0
N
U
A
FE
RY
B
R
U
A
RY
M
A
R
C
H
A
PR
IL
M
AY
JU
N
E
JU
LY
A
U
G
SE
U
ST
PT
EM
B
O
E
C
TO R
N
B
O
E
V
EM R
B
D
ER
EC
EM
B
ER
In addition to the Capella, the Graham Hotel also opened
in the former Monticello space. These two projects
brought 49 and 57 rooms online, respectively. In Q4 2013
developers announced, however, that the Latham Hotel
would likely be renovated into a mixed-use, micro-apartment complex. With this announcement, Georgetown’s
hotel room supply (as well as its collection of hotel
operators) will stabilize at 727—down approximately
60 rooms from the 2009-2011 period.
AVERAGE OCCUPANCY %
HOTELS
ANNUAL AVERAGE
7 percent from 2012, generating $9.4 million in hotel sales taxes.27
JA
Photo Credit: Capella Washington, D.C. Georgetown
With the opening of the Capella hotel in 2013, nearly half of
Source: Smith Travel Research (2014)
Of course, occupancy also varies month-to-month. In
Georgetown, there are two distinct high seasons, one
peaking in April and one peaking in October. In these
months, occupancy regularly exceeds 80 percent,
compared to the December to January low season,
where occupancy hovers near 52 percent.29
THE STATE OF GEORGETOWN 2014 REPORT 39
OCCUPANCY RATE
$371
AVERAGE DAILY RATE
$400
75%
$350
70%
67%
$300
65%
$250
60%
20
11
20
12
20
13
9
20
10
8
0
07
6
0
20
20
20
5
0
0
20
4
0
20
20
03
02
20
0
1
20
20
20
11
20
12
20
13
9
20
10
8
0
07
6
0
20
20
20
5
0
0
20
4
0
20
03
20
02
20
20
20
0
1
$200
$64M
REVENUE PER AVAILABLE ROOM
$251
TOTAL REVENUE
$64
$225
$56
MILLIONS
$27
$175
THE STATE OF GEORGETOWN 2014 REPORT
20
11
20
12
20
13
03
0
4
20
0
5
20
0
6
20
07
20
0
8
20
0
9
20
10
20
02
20
20
20
20
11
20
12
20
13
0
4
20
0
5
20
0
6
20
07
20
0
8
20
0
9
20
10
20
03
20
02
0
1
20
20
Source: Smith Travel Research (2014)
0
1
$40
$125
40 $48
RESE
RVO IR
RD
CAM
DENT
PL
B R ID
L
GE P
Q ST
GEORGETOWN HOTELS
Q ST
P ST
32
ND
ST
A ST
VO LT
ST
r
The G
BANK
M ST
S
B LU E
ALLE
N ST
OW N W
AT ER FR
ERSO
arlton
Ritz-C
U R ST FW
Y
FF
AS JE
Th
C&O CANAL
etown
Georg
sH
n, DC
ingto
ash
otel W
eason
Four S
THOM
ST
ella
e Cap
Hotel
Y
Y
G EO R G ET
ST
E
AV
ST
ST
ST
T ST
SPEC
aham
W H IT EH
27TH
IN
ST
NS
M AC
Inn
M ST
ST
36TH
35TH
34TH
33RD
n
T
eNtoSw
Georg
PRO
LE
’S A L
C A DY
ST
ST
ST
30TH
CO
3 1S T
IS
P OTO
N ST
28TH
T
ON S
W
O ST
BART
29TH
DUM
R O C KC
P ST
REEK
PA R KW
AY
O ST
ites
wn Su
eto
Georg
O N T PA
RK
Rentable Building Area
25,000
100,000
POTOMAC RIVER
200,000
300,000
400,000
Source: Costar (2013) and Georgetown BID
THE STATE OF GEORGETOWN 2014 REPORT 41
20
18.5M
THOUSANDS
65
18
50
16
35
20
11
20
12
20
13
0
9
20
10
0
07
6
8
20
20
20
5
0
4
0
20
20
03
0
20
20
0
1
20
20
20
11
20
12
9
0
20
10
8
20
07
0
20
6
0
5
0
20
20
4
0
20
03
20
20
02
0
1
20
20
02
20
14
Source: National Park Service, IRMA Portal, Park Visitor Use Statistics (2014)
Source: Destination DC (2013)
1.4M
CANAL BOAT AND C&O VISITOR CENTER VISITS
VISITORS TO DC REGION OF C&O CANAL
1,400
21
THOUSANDS
900
VISITOR CENTER
14
CANAL BOAT
7
20
11
20
12
20
13
20
02
20
03
20
0
4
20
0
5
20
0
6
20
07
20
0
8
20
0
9
20
10
0
1
20
Source: National Park Service, IRMA Portal, Park Visitor Use Statistics (2014)
THE STATE OF GEORGETOWN 2014 REPORT
20
0
1
20
02
20
03
20
0
4
20
0
5
20
0
6
20
07
20
0
8
20
0
9
20
10
0
400
42 2K
20
11
20
12
20
13
THOUSANDS
MILLIONS
67K
OLD STONE HOUSE VISITORS
TOTAL VISITORS TO DC
Source: National Park Service, IRMA Portal, Park Visitor Use Statistics (2014)
Photo Credit: Sam Kittner for Georgetown BID
VISITOR AMENITIES
Parks are important recreational and cultural amenities
of Georgetown. The Chesapeake and Ohio Canal National
Historical Park and Rock Creek Park converge in Georgetown.
Both parks are administered by the National Park Service, and
include management of Meigs Park, Francis Scott Key Park,
and the Old Stone House (all located on M Street) as well as
the Georgetown Waterfront Park. Adjacent to the waterfront,
Theodore Roosevelt Island is also managed by the National
Park Service. These parks have the potential to draw tens of
thousands of tourists to Georgetown’s commercial corridor.
And as DC becomes more densely populated, urban parks
will play an increasingly important role as “common recreation rooms” for locals and visitors.
NATIONAL PARK SERVICE DEFERRED
MAINTENANCE BACKLOG
Though Georgetown is home to a wealth of parks and historic
sites, federal budget shortfalls have limited the National Park
Service’s ability to leverage the full potential of Georgetown’s
most esteemed public spaces. The deferred maintenance
backlogs for the C&O Canal Park and Rock Creek Park totaled
$117 million and $37 million, respectively, in FY2012. In
contrast, the entire, nation-wide allocation for the National
Park Service‘s construction program, which funds deferred
maintenance activities, was $77 million.30
14
12
8
6
4
2
20
12
20
11
0
9
8
0
07
20
10
20
20
0
6
5
4
0
20
20
20
03
20
0
20
02
20
0
1
0
20
BILLIONS
10
Source: Coburn, Tom (2013). Parked! Oversight Report. Office of Senator Tom Coburn.
In 2013, limited federal funding allocations for Georgetown’s
parks continued. The C&O Visitor Center opened for just 26
days in 2013, and the number of visitors continued an 11 year
decline to 1,583—a 93 percent decrease from 2002 when the
visitor center saw over 22,000 people.31 Equally disruptive
was the federal government shutdown, which closed parks
to the public and to basic maintenance operations. In
Georgetown, the shutdown meant that commercial traffic
(including water taxis and tourist launches) was prohibited
at Washington Habour, signs urged visitors away from the
Maintenance Backlog
Total Operating Budget
C&O Canal, and over two tons of trash accumulated in the
C&O Canal Park
$116,727,982 $10,152,000
NPS-managed Waterfront Park before the BID stepped in to
Rock Creek Park
$37,018,292 $8,814,000
haul it away. The situation underscored Georgetown’s parks’
National Mall
$530,000,000 $33,877,000 vulnerability to federal funding uncertainty and NPS
management policies.
NATIONAL PARKS MAINTENANCE BACKLOG, FY2012
Source: Coburn, Tom (2013). Parked! Oversight Report. Office of Senator Tom Coburn.
THE STATE OF GEORGETOWN 2014 REPORT 43
TRANSPORTATION
44 THE STATE OF GEORGETOWN 2014 REPORT
Photo Credit: Sam Kittner for Georgetown BID
Increasing access to Georgetown has the potential to produce
many upsides: more convenient commutes for workers and
residents, office rental rates more comparable to Downtown
properties, and more foot traffic for retailers. The Georgetown
community understands these imperatives, identifying 43
transportation related action items in the Georgetown 2028 Plan. Interventions that
will take place over the next 15 years include organized advocacy for a Georgetown
Metro station and a Georgetown Streetcar connection, the transformation of K Street
into a multi-modal gateway, establishing Georgetown as a bicycle friendly destination,
and better roadway and parking management.
MID-DAY TRAVEL TIMES FROM GEORGETOWN
VS. FARRAGUT SQUARE
Minutes travel from:
Destination
Georgetown Farragut Square
Dupont Circle
Car
Bike10 7
6
5
RosslynCar 8 9
Bikeshare is one of many modes of transport that provide
convenient access to and from Georgetown. During the
business day, easy access to the GW Parkway, Rock Creek
Parkway, Route 66, and Interstate 395 make traveling by
car equally convenient despite the congestion that limits
traffic flow on Georgetown’s thoroughfares at peak hours.
For example, travel times from Georgetown via car to
Capitol Hill, the SW Waterfront/Ballpark, Arlington County,
Montgomery County and Fairfax County are the same or
faster compared to trips starting in the CBD.
Bike 916
US Capitol
Car
Bike34 18
Tysons Corner
Car
Bike ......
BethesdaCar
16
22
16
23
22 35
Bike 4547
Union Station
Car
Bike 3118
27
17
Source: Georgetown BID and Capital Bikeshare
THE STATE OF GEORGETOWN 2014 REPORT 45
ROUTE
JAN - MAR
2013
APR - JUN
JULY - SEPT
2012
OCT - DEC
OCT-DEC
38BAlight
787 699
740
675
699
38BBoard
764 883
1,005
810
949
31 Alight 435522
524 605
542
31 Board 488535
520 540
639
32Alight
526583
646 607
586
32Board
508580
592 570
630
482
36Alight
392462
505 527
36Board
403430
453 448
G2Alight
226 241
218
221
401
G2Board
230 228
211
218
234
D6Alight
169 232
211
182
174
D6Board
128 159
166
176
144
D2Alight
164 187
167
167
174
D2Board
119 116
117
127
119
D5Alight
32 27
23
22
35
D5Board
42 33
47
38
38
D1Alight
14 17
19
18
18
D1Board
16 15
15
12
16
471
Grand Total Alight
2,745
2,970
3,053
3,024
3,377
Grand Total Board
2,698
2,979
3,126
2,939
3,240
Without a Georgetown Metrorail stop, bus service is a critical
transit connection to Georgetown. On average, around 3,000
people alight from (and a similar number board) WMATA
Metrobuses at stops within the BID area on weekdays.
According to official WMATA data, Metrobus usage slackened
in Georgetown at year-end, with 10 percent fewer passengers
alighting compared to 2012; however, WMATA has cautioned
that their new automatic counting system was being calibrated in 2012/13. The most popular Georgetown Metrobus
route is the 38B, which runs between Ballston, VA and
Farragut Square, underscoring demand for a Metro rail
connection between Rosslyn and downtown via Georgetown.33
46 THE STATE OF GEORGETOWN 2014 REPORT
3,000
3,000 PEOPLE ARRIVE
IN GEORGETOWN
VIA METROBUS EACH
WEEKDAY
Photo Credit: Sam Kittner for Georgetown BID
METROBUS PASSENGERS IN GEORGETOWN, WEEKDAY AVERAGE
THE STATE OF GEORGETOWN 2014 REPORT 47
Capital Bikeshare is rapidly growing as an important transportation alternative for Georgetown for commuters (especially
Monday through Friday) and tourists (especially on the
weekends). Between 2012 and 2013, trips ending in
Georgetown grew from 76,989 to 95,516 (24 percent) and
trips originating in Georgetown grew from 61,191 to 77,691
(27 percent). Growth occurred at most existing stations
and also from the immediate and strong adoption of the
Wisconsin Ave and O Street station, installed in April 2013.
This station accounted for an incremental increase of 13,00018,000 new trips to and from Georgetown, providing strong
evidence that there is latent demand in Georgetown for
additional Bikeshare stations.32
173,000
173,000 BIKESHARE TRIPS
TO AND FROM GEORGETOWN
GEORGETOWN BIKESHARE STATIONS, 2012-13
BIKESHARE TRIPS TO GEORGETOWN, 2013
Total Trips
Source: Capital Bikeshare Trip History Data (2014) and Georgetown BID
Bikeshare Member
48 THE STATE OF GEORGETOWN 2014 REPORT
Casual/Tourist
rd
ay
0
Su
n
Source: Capital Bikeshare Trip History Data (2014) and Georgetown BID
Sa
tu
ay
*Installed April 25, 2013
5,000
id
138,180173,207
10,000
Fr
Total
18,279
ay
50,968
--
rs
d
37,812
Wisconsin Ave & O St NW*
ay
M St & Pennsylvania Ave NW
15,000
Th
u
36,481
ne
sd
40,691
31,041
ay
44,078
W
ed
C & O Canal & Wisconsin Ave NW
Georgetown Harbor / 30th St NW
20,000
Tu
es
d
26,788
ay
2013
25,249
on
d
2012
37th & O St NW / Georgetown University
M
Bikeshare Station
da
y
TOP 10 BIKESHARE STATIONS, TRIPS TERMINATING IN GEORGETOWN
BY SUBSCRIPTION TYPE, (2013)
L R OA
D
NORT
HWES
T
22ND ST NW
23RD ST NW
CANA
Q ST NW
DUPONT CIRCLE
M ST NW
L ST NW
K ST NW
K ST NW
ROSSLYN
IN
LYNN ST
IA
AV
E
NW
17TH ST NW
RG
19TH ST NW
VI
CONSTITUTION AVE NW
LINCOLN MEMORIAL
INDEPENDENCE AVE SW
1,941
5,000
Bikeshare Member
3,000
6,000
Casual/Tourist
4,000
6,522
Photo Credit: Georgetown BID
Subscription Type
Number of Trips
Source: Capital Bikeshare Trip History Data (2014) and Georgetown BID
BIKESHARE TRIPS TO/FROM GEORGETOWN, 2013
End Station
Start Station
Georgetown
Elsewhere
Georgetown
10,829
Elsewhere
84,687
66,862
Total
77,691
Total95,516
173,207
Source: Capital Bikeshare Trip History Data (2014) and Georgetown BID
Note: Bikeshare reported 2.6 million trips system wide in 2013.
THE STATE OF GEORGETOWN 2014 REPORT 49
80%
60%
40%
Public Transportation
Walked
Other
Worked at Home
Carpooled
Drove Alone
20%
D
C
A ,W
G O
ED R
K
20 ER
-2 S
4
D
C
0%
07
The degree to which a neighborhood is walkable is an
increasingly important consideration of potential residents,
businesses, retail and restaurant patrons, and tourists.
Initial pedestrian studies confirm that Georgetown
experiences substantial increases in pedestrian traffic on
Friday, Saturday, on Sunday; the density of businesses in
Georgetown makes it an extremely attractive destination.
Pedestrian traffic is as much as 2.7 times greater on an
average Saturday than a typical weekday. Making sure
Georgetown’s pedestrians feel comfortable and safe at
peak and off-peak times is a significant interest of the BID.
100%
0
are learning to live without private cars, relying instead
on public transportation, walking, and other forms of
transportation like bicycles, taxis, and car-sharing. If
Georgetown’s transportation management strategies
are to be far-sighted, taking this trend into account will
be necessary.
MODE SPLIT, BY SELECT CHARACTERISTICS
20
The relative importance of private cars will likely diminish
over the medium and long term, as young workers
become the dominant demographic. Householders aged
15 to 34 are 1.3 times more likely to be living car-free
now than they were in 2005 and 1.6 times more likely
than householders aged 35-64.34 DC’s younger residents
Source: US Census (2014) “Journey to Work” ACS Survey Table B08101. Data for 20007 is 5-year
estimate (2008-2012). DC data is 2012 estimate.
67% OF DC WORKERS
AGED 20-24 WALK
OR TAKE PUBLIC
TRANSPORTATION
TO WORK
100%
SHARE OF HOUSEHOLDS
67%
CAR-FREE HOUSEHOLDS, BY AGE AND YEAR
75%
50%
45
34
25%
1 or More Car
Car-Free
0%
2005
2012
15-34
YEARS OLD
2005
35-64
YEARS OLD
source: US Census (2014), ACS Survey Table B25045.
50 THE STATE OF GEORGETOWN 2014 REPORT
2012
FOOT TRAFFIC INDEX
REFERENCE DAY = WED = 1.0
AVERAGE WEEKDAY VEHICLE VOLUMES, 2010-13
3.0
2.5
2.0
1.5
2010
2012Change
Key Bridge
47,800 47,600 -0.4%
Canal Road
42,600 42,400 -0.5%
Whitehurst and K St
42,900 41,500 -3.3%
Pennsylvania and M St
27,600 25,500 -7.6%
Reservoir and 39th
19,500 19,400 -0.5%
Wisconsin and R St
17,400 18,000 3.4%
Q and 28th St
8,300 8,200 -1.2%
1.0
Source: DC Department of Transportation
-1.5
GEORGETOWN CAR2GO AT A GLANCE
Su
nd
ay
Sa
tu
rd
ay
id
ay
Fr
da
y
Th
ur
s
da
y
da
y
W
ed
ne
s
Tu
es
M
on
da
y
-2.0
Q1 2013
2%
2%
Trips originating in Georgetown
7%
5%
85th
65th
Georgetown car turnover percentile
Source: Georgetown BID, composite measure of Wisconsin Avenue, M Street, and Thomas
Jefferson Street. Data collected Q1 2014.
45% OF DC HOUSEHOLDS
ARE CAR-FREE IN THE
15-34 YEAR OLD
AGE BRACKET
Source: Car2Go
Note: Turnover precentile rank indicates the percentage of cars that will be idle/unused for a
longer amount of time than an average car in Georgetown. In Q4 2013, cars in Georgetown sat
unused for less time than 65 percent of cars elsewhere in DC.
Photo Credit: Sam Kittner for Georgetown BID
45%
Q4 2013
Georgetown share of membership
THE STATE OF GEORGETOWN 2014 REPORT 51
WHERE GEORGETOWN RESIDENTS WORK
SILVER SPRING
SILVER SPRING
SILVER SPRING
CHEVY CHASE
BETHESDA
CHEVY CHASE
CHEVY CHASE
BETHESDA
SDA
MERIDIAN HILL PARK
MERIDIAN HILL PARK
Washington, DC
WHITE HOUSE
Washington, DC
WHITE HOUSE
Washington, DC
ARLINGTON
ARLINGTON
ARLINGTON
BAILEY’S CROSSROADS
BAILEY’S CROSSROADS
Y’S CROSSROADS
5–16 Jobs/Sq. Mile
17–52 Jobs/Sq. Mile
5–42 Jobs/Sq. Mile
= Georgetown
53–111 Jobs/Sq. Mile
156–342 Jobs/Sq. Mile
112–193 Jobs/Sq. Mile
343–605 Jobs/Sq.
194–300 Jobs/Sq. Mile
606–943 Jobs/Sq.
Source: US Census Bureau (2014) OnTheMap Application, 2011 data
COMMUTING PATTERNS
Considering where workers who are employed by businesses within the BID live, it is important to understanding
the area’s transportation needs. Thirty percent of workers
in the BID area are DC residents. Unlike suburban-based
workers, who are distributed across the region, DC-based
workers are clustered in a few dense pockets, primarily
along the 14th and 16th Street corridors which run through
52 43–155 Jobs/Sq.
THE STATE OF GEORGETOWN 2014 REPORT
= Georgetown
Source: US Census Bureau (2014) OnTheMap Application, 2011 data
the Dupont Circle, Mount Pleasant, and Columbia Heights
neighborhoods.
The correlate to where workers live, is where Georgetown
residents work. Fifty-nine percent of Georgetown residents
work within DC, with the highest densities in the central
business district along the K Street corridor and within
Georgetown itself.
Photo Credit: Sam Kittner for Georgetown BID
WHERE GEORGETOWN BID WORKERS LIVE
THE STATE OF GEORGETOWN 2014 REPORT 53
BID Staff:
Joshua Hermias, Lead Author
Joseph Sternlieb, CEO
Jamin Bell, Zeina Davis, Maggie Downing, Sherman
Gardner, Will Handsfield, Nancy Miyahira, John
Wiebenson, Theodore Williford
Design: Fuszion
54 THE STATE OF GEORGETOWN 2014 REPORT
1 Delta Associates and Transwestern (2014). Trendlines 2014.
2 Washington DC Economic Partnership (2013). DC Development Report 2013/2014.
3Metropolitan Washington Council of Governments (2013).
Round 8.2 Cooperative Forecasting (July 2013).
4 Destination DC (2013), website accessed 12-12-13.
5National Park Service (2014). IRMA Portal, Park Visitor
Use Statistics.
6Coburn, Tom (2013). Parked! Oversight Report. Office of
Senator Tom Coburn.
7 National Park Service (2014).
8 U.S. Bureau of Labor Statistics (2014).
9DC Department of Employment Services (2014), personal
communication.
10 Georgetown University, personal communication (2013).
11 DC Department of Employment Services (2014).
12 Metropolitan Washington Council of Governments (2013).
13 ESRI (2014) Business Analyst Online (BAO).
14Ibid.
15 Delta Associates and Transwestern (2014).
16 CoStar (2014)
17Ibid.
18Ibid.
19The reported “typical floor square footage” is aggregated
across all buildings with vacant space, which sums to
421,000 SF. Assuming that 85% of a typical floor square
footage is a reasonable proxy for ground floor area,
0.5(0.85*421,000)=178,925. 178,925/267,000=0.67
20 Cushman and Wakefield (2014), “District Retail,” May 2014.
21 Washington DC Economic Partnership (2013).
22 Washingtonian Magazine, various issues, 2000-2014.
23 CoStar (2014)
24Ibid.
25Ibid.
26Ibid.
27 Smith Travel Research (2014) and TripAdvisor.com (2014)
28 Smith Travel Research (2014)
29Ibid.
30 National Park Service (2014).
31Ibid.
Photo Credit: Sam Kittner for Georgetown BID
Special thanks to Gerry Widdicombe and Matthew
Watkins (Downtown DC BID), Kermit Kaleba and John
Kangethe (DC DOES), Kevin Brandt and Danny Filer
(National Park Service), Jenny DeMeo (MRP Realty),
Topher Matthews (Georgetown Metropolitan), Abigail
Jones (Climate Advisers), Bill Potapchuk (Community
Building Institute), John Asadoorian (Asadoorian
Retail Solutions), Barry Greenberg (EastBanc), Wright
Sigmund (Vornado), and Josh Moskowitz (Car2Go).
Endnotes
32Captial Bikeshare Trip History Data (2014). Available:
http://www.capitalbikeshare.com/trip-history-data
33Washington Metropolitan Area Transportation Authority
(2014), personal communication.
34US Census (2014), ACS Survey Table B25045 and
Georgetown BID.
Additional photo credits:
Page 11 (Clockwise, from top left): EastBanc; MMG
Investments/Outerbridge Horsey Architects; Georgetown BID;
Dale Overmyer Architects.
Cover panorama and photos: Sam Kittner for the Georgetown BID
THE STATE OF GEORGETOWN 2014 REPORT 55
56 THE STATE OF GEORGETOWN 2014 REPORT
Photo Credit: Sam Kittner for Georgetown BID
Notes
Unless otherwise noted, “Georgetown” is defined for statistical
purposes as 2010 DC Census Tracts 1, 2.01, and 2.02. These tracts
cover the area south of Whitehaven Street to the Potomac River.
To the west, the area is bounded by 35th Street until Reservoir Road,
and then by the western border of Georgetown University (which is
included). To the east, the area is bounded by Rock Creek. For a
detailed map, refer to: http://www.census.gov/geo/www/maps/
pl10_map_suite/tract.html.
The “Georgetown BID area” is comprised of the commercial corridors
along Wisconsin Avenue (between M Street and R Street) and M
Street (between 27th Street and 37th Street, and inclusive of the
commercial areas of Prospect Street) as well as the commercial areas
south of M Street to the Potomac River. For the statistical analysis
in this report, BID staff used a contiguous geo-spatial boundary
derived from GIS shape files available from the DC Office of the
Chief Technology Officer (data.octo.dc.gov).
This is the second State of Georgetown report undertaken by the
Georgetown BID. The BID intends to publish this report annually, using
data from each volume as benchmarks and monitors of progress
against which the future health of the neighborhood economy will
be measured. The staff welcomes comments and suggestions on how
to improve and expand this report to be most useful to its readers.
Please direct comments to Joshua Hermias, economic development
director, at jhermias@georgetowndc.com.
While all data in this publication was produced by the BID or obtained
from the sources cited, the BID does not guarantee the accuracy of
the data included in this publication; the staff welcomes opportunities
and partnerships to refine available data.
GEORGETOWN BUSINESS IMPROVEMENT DISTRICT
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