PETWORTH TO TAKOMA

Submarket Statistics 2022 Recap

In recent years, new construction sales volume in this area was driven by The Brooks, the first condo offering from the joint venture partners behind The Parks at Walter Reed. With efficiently sized units and one of the most enviable locations in the city, The Brooks consistently achieved a strong premium over the surrounding submarket. In 2022, as The Brooks sold through the last of its inventory, an abundance of smaller boutique projects in conventional neighborhoods delivered. Some of these projects, such as The Emery and Eight39, sold well, but the change in composition of the available stock is evident in the dip in new construction pricing. With further development underway both at The Parks and the numerous corridors that have proven viable for boutique projects and townhome conversions, the area’s revitalization is far from complete. The Class A rental market was relatively undisturbed by the pandemic, with vacancy rising to just 10% on average among the 8 buildings in the submarket and rents recovering by Q3 2021. The Vale at the Parks delivered in late 2021 and the next building on the campus, The Hartley, is coming in early 2023.

The rapid evolution in this part of the city is evident in corridors like Kennedy Street NW between 5th and 9th, where 83 new condos have settled at nine different addresses in the last two years.