Sun. June 25, 2006
(Washington, DC) The Downtown DC Business Improvement District (BID) has just released its 2005 State of Downtown Report. The publication measures Downtown DC’s development and economic activity in calendar year 2005 – progress and growth occurred in all sectors. The State of Downtown report includes detailed data on those markets that make up a vibrant Downtown: employment, office, residential, hospitality and tourism, culture and entertainment and retail, as well as transportation infrastructure.
Some highlights of the 2005 State of Downtown DC Report:
-Downtown DC is estimated to capture 10,000 to 12,000 new jobs over the next four years.
*At the end of 2005, $1.9 billion in development and 2.8 million square feet of office space were under construction or renovation.
*With citywide employment growth projected at 6,000 employees per year over the next four years, Downtown is likely to capture 10,000 to 12,000 of these new jobs.
-Approximately 98,000 people rode Metrorail to Downtown DC each workday.
*Metro Center Metrorail station is the 2nd busiest station in the system with 28,000 transit riders. Weekday ridership at the Gallery Place Station has increased from 7,300 in 1997 to 19,800 in 2005.
-Residential market performance has been very strong:
*2,513 units built since 2000.
*648 units under construction.
*1,077 units planned.-Downtown DC hotels had a record performance in 2005.
*Revenue Per Available Room Night was $146.
*Occupancy was 75%.
*Average room rate was $193, up 13% more than 2004.
*DC Conventions approximately 615,000 hotel room nights in 2005; up from 460,000 in 2004.
-The Downtown BID area now has 87 destination restaurants; an increase of 38 since 1999.
-Downtown DC visitors are projected to increase from 7.3 million to 8.3 million in 2006 and 8.8 million in 2007 and 10 million in 2008.
*The International Spy Museum is at capacity with 720,000 visitors annually, each paying $15 for admission
*The National Portrait Gallery and Smithsonian American Art Museum, which reopen on July 1, 2006, are expecting attendance at one million visitors.
*The 770-seat Harman Center for the Arts will open in Fall 2007.
*The Newseum on Pennsylvania Avenue will open in 2008, with attendance estimated at one million visitors.
-The DC Circulator, launched last July, has more than 180,000 riders per month on three routes.
To view a copy of the 2005 State of Downtown Report, please visit our website at www.downtowndc.org, or contact Jay Greco at 202.626.1144 or jayg@downtowndc.org.