2013 Annual Report
The Georgetown Business Improvement District's second State of Georgetown Report 2014 is a compilation of statistics and analysis about key features of the Georgetown economy in calendar year 2013. It will help inform decisions by the BID’s members, as well as brokers, potential investors and tenants, and the District government. This second annual edition (published June 2014) reports that that the state of the Georgetown economy is strong, with marked improvement in several sectors. Additionally, the BID has begun work on 26 of the 75 Action Items from its Georgetown 2028 15-Year Action Plan launched in January of this year, which is also discussed in the Report.
Key highlights of the 2014 report include:
- Office sector performance was strong, with the vacancy rate decreasing to 9.1 percent--the lowest figure in Georgetown since 2006, and 1.6 percentage points lower than the city-wide average at year-end.
- Retailer interest remained extremely high, evidenced by a net gain of seven new stores, a total collection of over 330 retailers, few vacant spaces and rising rents.
- The restaurant industry showed strength, posting a net gain of nine full service restaurants to a total collection of over 120 food service establishments.
- Georgetown hotel revenues grew to $65 million, an increase of six percent from 2012.
- The multi-family housing sector showed signs of heating up, with over 100 units of new-construction condos and apartments breaking ground or in the pipeline.
The State of Georgetown is published annually by the Georgetown BID, and comments and suggestions are welcome on how to improve and expand this document. For more information, please contact the BID's Director of Economic Development, Joshua Hermias, firstname.lastname@example.org. To receive a printed copy or copies of the State of Georgetown 2014, please email email@example.com.