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[quote=Anonymous]Businesses, including Leonsis, have been screaming into the void for years now, this was predicted. And the Council has continued to spend, spend, spend, recklessly, along with their reckless coddling of criminals.

https://www.globest.com/2022/12/01/cre-firms-collapsing-office-values-threat-to-dcs-fiscal-health/?slreturn=20240104110851

https://wtop.com/dc/2023/03/monumental-sports-beefs-up-security-as-dc-police-presence-diminishes-downtown/

And now we are here

https://www.msn.com/en-us/money/realestate/fannie-mae-to-leave-downtown-dc-5-years-early/

https://www.bisnow.com/washington-dc/news/office/anchor-tenant-at-city-ridge-development-puts-full-building-up-for-sublease-122628

https://www.washingtonian.com/2023/12/21/the-caps-and-wizards-are-leaving-dc-whos-to-blame/

https://www.msn.com/en-us/news/us/why-is-fbi-headquarters-moving-out-of-dc-biden-administration-chooses-maryland-for-intelligence-agency-s-new-base/

https://www.bizjournals.com/washington/news/2024/01/30/costar-headquarters-dc-rosslyn-jbg-smith.html

etc., etc., etc. the pace will only escalate

What exactly would draw corporations to DC at this point? Millions saw the video re: the Brazilian tourist, punched in the face on WMATA train in Columbia Heights, suffering broken facial bones. Tourist money is not a given either.

DC has never been in a situation re: this kind of random, daytime crime downtown and on WMATA, nor has there ever been this kind of shrinkage of CRE. Most buildings cannot be affordably retrofit for housing due to HVAC and plumbing. There are already a huge number of residential units in the pipeline for NoMA and The Wharf, will there really be demand to absorb them? City Ridge is not even fully rented and the recent armed robbery outside Wegmans won't make it more appealing.

The other undeniable fact - in the 90s, when crime was more predictable and thus more easily avoided, DC was CHEAP. At present, it is one of the most expensive US cities as well as an outlier re: crime trends. Lots more changes to come, I expect. If interest rates were lower, more would likely already have relocated. [/quote]

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