Business & Tech
'State of Georgetown Report 2014' Shows Strong Local Economy
Georgetown BID's report measures growth in retail, restaurants, office space, hotels and multi-family housing.
The Georgetown Business Improvement District released its second State of Georgetown Report 2014 Tuesday morning at its annual membership meeting.
The report is a compilation of statistics and analysis about key features of the Georgetown economy in calendar year 2013.
The report is designed to help BID members make business decisions; it's also a business tool for brokers, potential investors and tenants, and the District government, BID points out.
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The second annual report underlines a strong economy in Georgetown, showing marked improvement in several sectors.
In addition to releasing the report Tuesday, the BID noted that it has begun work on 26 of 75 action items from its Georgetown 2028 15-Year Action Plan launched in January.
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Highlights of the 2014 report
- Office sector performance was strong, with the vacancy rate decreasing 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.
- Retailer interest remained extremely high, evidenced by a net gain of seven new stores, a total collection of over 330 retailers, few vacant spaces and rising rents.
- The restaurant industry showed strength, posting a net gain of nine full service restaurants to a total collection of over 120 food service establishments
- Georgetown hotel revenues grew to $65 million, an increase of six 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.
"New multi-family housing construction, more office tenants, and a net increase in the total number of shops and restaurants point to the fact that Georgetown is dynamic and growing,” said Joshua Hermias, the BID’s Economic Development director. “Much of this new activity is occurring south of M Street, around the historic C&O Canal and the Georgetown Waterfront. This area will be an exciting place to watch in the coming years."
The BID publishes the State of Georgetown annually, and uses the data in the report as a benchmark against which the future health of the neighborhood economy can be measured.To receive copies of the Report, contact the BID’s Economic Development Director Joshua Hermias at (202) 298-9222, x208, or by emailing info@georgetowndc.com. The report is also available on the BID’s website at www.georgetowndc.com under the “About” section.
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