News & Events

Economic Barometer Newsletter


July 2003

Locate Announcements/News
 Business Pulse recently revealed most Washington-area business CEOs are cautiously optimistic about the region’s economy. More than 4 in 5 local businesspeople surveyed (82%) were either very positive (10%) or somewhat positive (72%) about prospects for the overall level of business activity in the next three months. In addition, nearly three-quarters (72%) were either very positive (17%) or somewhat positive (55%) about prospects for their business sector. Business Pulse is a quarterly survey conducted by Widmeyer Communications for the Greater Washington Board of Trade and the Washington Business Journal. More Info

The Washington Business Journal recently reported that the Sabin Vaccine Institute is considering a headquarters move from Connecticut to Loudoun County, VA. The potential relocation - in discussion yet not finalized - could involve a new 10-story building at Moorefield Station, the Claude Moore Charitable Foundation's planned mixed-use development near Dulles International Airport. The organization has asked foundation officials for a land grant plus $2 million to help it move from New Canaan, Conn., into temporary offices in Virginia. More Info

The FDIC plans a $75 million expansion of its office space in Arlington, VA. The county board approved a site plan for Phase II of the project in the Virginia Square area for 415,472 sq. ft. of office and retail space in two towers, each nine stories tall. The new project, when added to the FDIC's existing office building, will bring the complex to a total of 767,076 sq. ft. FDIC will move 1,100 employees to the Virginia Square campus upon completion of the expansion in 2006, bringing the total campus population to 1,900. FDIC headquarters will remain in Washington, DC More Info

Fannie Mae signed a letter of intent with Monocacy Land Company for 37 acres in Urbana in Frederick County, MD and has submitted preliminary site plans to the Frederick County Planning Department. The plans include a 220,000 sq. ft. facility with a 130,000 sq. ft. data center and 90,000 sq. ft. of office space. This phase of the project - which will be home to 200+ Fannie Mae employees - is planned for completion in early 2005. More Info

Prince George's County has received an approval from the State of Maryland to expand its Enterprise Zone to create additional industrial and commercial acreage. New and existing area companies will be eligible for substantial state and local incentives. More Info

Labor Force
Greater Washington Layoffs

US Airways - 890 Mid-Atlantic workers
Micron - 560 workers
Atlantic Coast - 300 workers
Corvis Corp. - 150 workers
ACS - 80 workers
Tellabs - 40 workers

Greater Washington Expansions

Unisys - 900 workers
MCI - 400 workers
Proxtronics - 175 workers
UTD - 95 workers

Note - Layoff and Expansion data was taken from various media stories distributed between April - July 2003. Contact companies directly to verify most current data.

Venture Capital
Top Venture Capital Deals in Greater Washington, Quarter 1, 2003

XtremeSpectrum, Inc. - Telecommunications - Vienna, VA - $24 million

Mythic Entertainment, Inc. - Software - Fairfax, VA - $20.2 million

K12, Inc. - Software - McLean, VA - $20 million

Covega Corporation - Networking & Equipment - Jessup, MD - $17.3 million

Anystream, Inc. - Software - Sterling, VA - $11 million

Sourcefire, Inc. - Software - Columbia, MD - $11 million

Cryptek, Inc. - Networking & Equipment - Sterling, VA - $10.2 million

Prestwick Pharmaceuticals, Inc. - Biotechnology - Washington, DC - $10.1 million

Network Security Technology, Inc. - Software - Herndon, VA - $10 million

Paratek Microwave, Inc. - Telecommunications - Columbia, MD - $8.5 million

Source: MoneyTree Survey, PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association More Info on Venture Capital

Real Estate
Vacancies - More Info

481,828 sq. ft. office space, Raymond C. Brophy/Trammel Crow, Washington, DC

434, 422 sq. ft. office space, Grubb & Ellis, Fairfax County, VA

404,665 sq. ft. office space, Jones Lang LaSalle Americas, Inc., Fairfax County, VA

362,124 sq. ft. office space, Jones Lang LaSalle Americas, Inc., Washington, DC

355,001 sq. ft. office space, Transwestern Commercial Service, Arlington County, VA

325,460 sq. ft. office space, Arlington Gateway, Arlington County, VA

287,216 sq. ft. office space, Hines, Montgomery County,

Metro DC Office Vacancy & Average Asking Rents
Data provided by Grubb & Ellis. Quarter 1, 2003

Northern Virginia: 18% vacancy, $27.82 rental rate, total 13.4 million sq. ft. Class A vacant 

Suburban Maryland: 12.6% vacancy, $26.41 rental rate, total 3.1 million sq. ft. Class A vacant 

District of Columbia: 7.4% vacancy, $42.69 rental rate, total 3.4 million sq. ft. Class A available  

Did you know?
 In 2002, employment in Greater Washington increased by 10,100 jobs, making it the nation's only large metro region with positive job growth.  More Info

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