New Submarket Classification Supports Improved Property Searches and Target-Marketing ofCommercial Properties in Emerging Area Surrounding New Washington Nationals Stadium
The thousands of baseball fans who have gone to see the Washington Nationals in their new ballpark along the Anacostia riverfront have also noted the impressive new buildings and major construction sites ringing the area around the stadium.
With access to three Metrorail lines, major highways and close proximity to the U.S. Capitol building, the area along the Anacostia is experiencing tremendous growth. More than 1,000 hotel rooms and more than 9,000 residencial units are planned for the area. In addition, between 12 million and 15 million square feet of office space and 800,000 square feet of retail are planned for development, joining the more than 14,000 employees at the historic Navy Yard campus and the U.S. Department of Transportation new headquarters which opened to much fanfare in 2007.
Reflecting the heightened interest and increasing recognition of the area as a distinct submarket among the local commercial real estate community, CoStar Group has added a separate submarket classification to its database called Capitol Riverfront that encompasses this area.
Formerly part of Capitol Hill submarket in Washington, DC., the Capitol Riverfront submarket will now be identified in CoStar's information service as its own distinct submarket, enabling users to conduct more refined searches for office, retail and industrial property in the area, access market conditions on a micro-level, and support target-marketing of commercial properties located within the submarket boundaries.
The new Capitol Riverfront submarket encompasses approximately 100 blocks bordered by the Anacostia River to the south and southeast, Interstate 395 to the north, 15th Street to the east, and parts of Half and Second streets to the west. In addition to the new Washington Nationals ballpark, the U.S. Department of Transportation’s 1.35 million-square-foot office headquarters and the NAVSEA operations on the Navy Yard campus, the area includes the 344-unit Capitol Hill Towers and a 200-room Marriott Courtyard hotel.