Across most of the country, commercial real estate development has pretty much come to a halt. After a decade of debt-fueled overbuilding, there are too many hotels and too much retail space. With the economy generating precious few jobs, there isn’t much need for new office space, either. Debt financing has all but dried up.
But if you wander down to Mount Vernon Square in the heart of Washington and look in almost any direction, you’ll see a new center city under construction — several billion dollars worth of it.
To the east, in a rapidly gentrifying triangle known as NoMa, thousands of apartments and even a “spec” office building, built without any tenant commitments.
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