state of georgetown bid

7/29/2019 State of Georgetown BID

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f ggw

2013


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2 s 2013 RpR s 2013 RpR 1

he Georgetown BID Area

Source: Georgetown BID and data.octo.dc.gov

NST

NST

DUMBAR

TONST

OST

OST

PST

PST

VOLTAST

QST

CAMBRID

GEPL

DENTPL

R ST

QST

RST

DENTPL

RESERVOI

RRD

PROSPEC

TST

MST

MST

CADYSA

LLEY

WHITEHURSTFWY

F R A N C I S

S C O T T

K E Y

B R I D G E

BLUESA

LLEY

WISCONSINAVE

THOMASJEFFERSO

NST

34 THST

37THST

33RDST

POTOMAC ST

BANKST

31STST

30TH ST

29TH ST

28THST

27THST

32NDST

35THST

36TH ST

WISCONSINAVE

his reort is a roduct o the sta o the Georgetown

Business Imrovement District (BID); the judgments

herein do not necessarily refect the views o the BIDs

Board o Directors or the BID members they reresent.

The State o Georgetown 2013 is intended to

suort inormed decisions by many stakeholders,

including BID members, investors, brokers, retailers,

restaurateurs, cultural institutions, and DC

government ocials and sta. he reort is a

comilation o relevant, comarable statistics about

core eatures o the Georgetown BID economy:

eole, oce activity, retail activity, hositality and

tourism, and transortation.

about ths reportcontents

2 he state of eorgetown

6 People

7 mployment

10 eidential Population

14 Commercial Building

18 etail Market

26 fce Market

32 opitality and Viitor

38 ranportation

ote

Unless otherwise noted, Georgetown is dened or statistical uroses as 2010 DC Census racts 1,

2.01, and 2.02. hese tracts cover the area south o Whitehaven Street to the potomac River. o the west,

the area is bounded by 35th Street until Reservoir Road, and then by the western border o Georgetown

University (which is included). o the east, the area is bounded by Rock Creek. For a detailed ma, reer

to: htt://www.census.gov/geo/www/mas/l10_ma_suite/tract.html.

he Georgetown BID area is comrised o the commercial corridors along Wisconsin Avenue

(between M Street and R Street) and M Street (between 27th Street and 37th Street, and inclusive o

the commercial areas o prosect Street) as well as the commercial areas south o M Street to the

potomac River. For the statistical analysis in this reort, BID sta used a contiguous geo-satial

boundary (see Figure 1) derived rom GIS shae les available rom the DC ce o the Chie

echnology cer (data.octo.dc.gov).

his is the rst State o Georgetown reort undertaken by the Georgetown BID. he BID intends to

ublish this reort annually, and will use the data in this rst volume as a benchmark against which the

uture health o the neighborhood economy will be measured. he sta welcomes comments and

suggestions on how to imrove and exand this reort to be most useul to its readers. please direct

comments to Joshua Hermias, economic develoment director, at [email protected].

While all data in this ublication was roduced by the BID or obtained rom the sources cited, the BID

does not guarantee the accuracy o the data included in this ublication; the sta welcomes oortunities

and artnershis to rene available data.

Coyright 2013 by the Georgetown Business Imrovement District


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s 2013 RpR 32 s 2013 RpR

PoPulationchanges perhas most comelling is DCs exloding oulation

the city added over 30,000 residents between 2010 and 2012.

his oulation growth was driven in large art by the 25 to

34 year old age cohort and has imortant economic imlica-

tions. In a three mile radius rom Wisconsin and M, there are

now 54,000 households headed by 25 to 34 year olds with

an average household income o $66,000 comared to only

20,265 households headed by 45 to 54 year olds with an

average income o $93,000. In aggregate, the data suggests

that the cohort o 25 to 34 year olds has $3.6 billion o

disosable income comared to $1.9 billion or 45 to 54

year olds. For Georgetown to cature sending rom this

ast growing sector o the oulation, it will need to address

this cohorts interests, needs, tastes, and habits. Remaining

relevant to this grou will require thinking about everything

rom how they hysically navigate the city to where and how

they send their money.

he city added over 30,000 residents

between 2010 and 2012.

Georgetown businesses continue to attract a dynamic mix o

tourists, visitors, workers, and residents. As a retail destination,

Georgetown remains an iconic location and continues to attract

new shos and boutiques. Georgetown also remains the

quintessential neighborhood or luxury accommodation; this

sector continues to grow with new high-end, best-in-class hotels coming online.

Businesses in the BID area suort over 11,000 jobs in just 0.25 square miles.

For these reasons, the state o the Georgetown economy in 2012 and the rst

hal o 2013 was strong.

Certain eatures, however, o the local and regional economy may aect the

cometitive landscae Georgetown will ace in the years ahead.

f

ggw

30,000


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s 2013 RpR 5

transPortationAlleviating trac congestion and increasing access otions

or workers, visitors, and residents remains a to riority,

along with roviding sucient arking. peole arrive to

Georgetown in a variety o ways: by oot, on bike, using

Bikeshare, by Metro Bus, Circulator, rivate shuttle bus,

rivate autos, car-shares and taxis, and, in a ew cases, water

taxi. In coming years, the BID will exlore the share o eole

getting to Georgetown using each o these modes, and the

imact o their transortation choices on congestion, arking

availability, and the ublic transit system. In addition to the

BIDs analysis, several orthcoming ublic and rivate studies

will rovide udated data and ocus community discussions

around access imrovements. hese include: ongoing analysis

o viable Streetcar routes to/through Georgetown; a Canal

Road trac study; trac management studies or the

relacement o the 31st Street Bridge and major reairs to

the pennsylvania Avenue bridge; an analysis o DC Circulator

route eciency enhancements; and ongoing analysis or

Georgetown Universitys lanning eorts. Continued collec-

tion, analysis, and tracking o transortation metrics by the

Georgetown BID in the coming years will inorm decisions

on inrastructure unding and olicy interventions.

commercialbuildingsGeorgetowns eclectic mix o architectural styles, historic

laces, and building designs is a hallmark o the community.

In the retail market, this eature maniests in the abundance

o small, interesting saces that are increasingly in demand

rom national and local retailers that are now seeking

comact, urban stores. his is a change rom ast years,

when retail brokers reorted that national tenants were

seeking saces too large to be easily accommodated in

most M Street or Wisconsin Avenue roerties.

At the same time, Georgetowns oce stock is aging, evi-

denced by a ratio o Class A to Class B sace o 1:1 comared

to the ast nd/Downtown ratio o 3:1. Moreover, very little

o Georgetowns oce sace has been renovated to LD

standards desite the rolieration o LD buildings across DC

and the region. For the oce market, these eatures augur a

uture o increased cometition. Data rom CoStar shows that

Georgetowns oce vacancy rate was among the highest in the

region in 2012 and its average rent among the lowest, which

suggests that increased cometition is already underway.

officedensificationhe Downtown BID estimates a 5 to 15 ercent decline in the

average square ootage allocated to each worker, as busi-

nesses move to reduce back-oce sace, digitize records,

and share/hotel workstations. his reduction in occuied

sace er emloyee is known as densication. Densication

is an esecially acute concern or downtown areas within the

Federal Governments Central mloyment Area (CA),

where GSA guidelines on sace usagewhich have high-

lighted the need or more intensive use o sacemay have

large imacts on oce absortion. Densication in

Downtown DC may lead to increased vacancy and decreased

rental rates there, with rile eects across DC , including

in Georgetown, as tenants resond to changes in rentalrates and the location o vacant sace.

historicalinterPretationGeorgetown is home to a wealth o historical sites and

national arks, but increased budget ressures, in art due to

sequestration, have limited the National park Services ability

to leverage the ull otential o Georgetowns historic laces.

his challenge is most evident in the decommissioning o the

Georgetown canal boat without unding to relace either the

boat or its interretive rogramming, and the increasingly

limited stang o Georgetown visitor centers.

Businesses in the BID area suort over

11,000 jobs in just 0.25 square miles.

11,000.25

JBS

MILSIN

4 s 2013 RpR


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s 2013 RpR 76 s 2013 RpR

emPloymentBusinesses rovide an estimated 11,442 rimary and

non-rimary jobs1 within the Georgetown BID area, which

encomasses aroximately 0.25 square miles.2 Georgetown

University and the Georgetown University Hosital, situated

adjacent to the boundary o the BID, suort in excess o

10,000 additional jobs on 0.16 square miles o camus.3

Between these two areas, emloyment data suggest a

density o about 60,000 jobs er square milesimilar to or

aroaching the densities observed in areas near Duont

Circle, Shaw, and the Rosslyn-Ballston cor ridor.

About 3,300 rimary jobs (32.5 ercent) in the BID area

are within the roessional, scientic and technical

sectorsuorting the conventional wisdom that much o

Georgetowns oce market is comrised o architectural,

design, and law rms. hough it comrises ewer than 150

establishments, the labor-intensive accommodation and

ood services sector accounts or about 2,800 rimary jobs

(27.2 ercent; nearly 600 additional, non-rimary jobs also

are suorted within this sector). Georgetowns vibrant

retail sector is the next largest job center, accounting or

more than 1,300 jobs (13.5 ercent). he balance o jobs is

distributed across a wide variety o sectors. 4

Crosstabulation o monthly income and worker characteristics

reveals several exected contours in the labor market. he

segment earning less than $1,250 er month are younger and

less educated than the other segments, and are more likely to

be emale and to work in retail. his segment is also the

smallest, with about 1,800 workers. Conversely, the segment

earning more than $3,337 er month are older and more

educated than the other segments, and work redominantly

in the roessional sector. his segement is the largest, with

just under 5,500 workers.5

densityofJobsinWashington,dc

JobsingeorgetoWn

Source: U.S. Census Bureau (2013) nheMa Alication, Longitudinal-mloyer

tyPe gbid

restof

georgetoWn grandtotal

primary Jobs 10,266 12,847 23,093

All Jobs 11,442 17,588 29,030

Source: U.S. Census Bureau (2013) nheMa Alication,

Longitudinal-mloyer Household Dynamics program,

2010 data and Georgetown University.

BETHESDA

CHEVY CHASE

SILVER SPRING

Washington, DC

ARLINGTON

BAILEYS CROSSROADS

PeoPLe

57,901

T

T

7,90231,591

31,59271,074

T

T

74,075126,349

126,350197,419

georgetoWn J/sq.m


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8 s 2013 RpR

Businesses rovide 11,442 jobs in the Georgetown BID area.

to Pi c cate gory (gro uP ) mo nth ly e arn ing s m ont hly e arni ngs mo nth ly e arn in gs mo nth ly e arn in gs

$1,250 $1,251 - 3,337 >$3,337 rand otal

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

ge Age 29 or younger 687 (38%) 924 (31%) 1,396 (25%) 3,007(29%)

Age 30 to 54 808 (45%) 1,550 (52%) 3,017 (55%) 5,375(52%)

Age 55 or older 294 (16%) 507 (17%) 1,083 (20%) 1,884(18%)

otal 1,789 (100%) 2,981 (100%) 5,496 (100%) 10,266 (100%)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..

ducation Not available (workers aged 29 or younger) 687 (38%) 924 (31%) 1,396 (25%) 3,007(29%)

Less than high school 285 (16%) 580 (19%) 524 (10%) 1,389(14%)

High school or equivalent, no college 275 (15%) 544 (18%) 906 (16%) 1,725(17%)

Some college or Associate degree 285 (16%) 495 (17%) 1,055 (19%) 1,835(18%)

Bachelor's degree or more 257 (14%) 438 (15%) 1,615 (29%) 2,310(23%)

otal 1,789 (100%) 2,981 (100%) 5,496 (100%) 10,266 (100%)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..

thnicity Not Hisanic or Latino 1,508 (84%) 2,394 (80%) 4,971 (90%) 8,873(86%)

Hisanic or Latino 281 (16%) 587 (20%) 525 (10%) 1,393(14%)

otal 1,789 (100%) 2,981 (100%) 5,496 (100%) 10,266 (100%)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..

ace White Alone 1,289 (72%) 2,192 (74%) 4,379 (80%) 7,860(77%)

Black or Arican American Alone 321 (18%) 492 (17%) 634 (12%) 1,447(14%)

Asian Alone 119 (7%) 203 (7%) 367 (7%) 689(7%)

ther 60 (3%) 94 (3%) 116 (2%) 270(3%)

otal 1,789 (100%) 2,981 (100%) 5,496 (100%) 10,266 (100%)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..

sector proessional, Scientic, and echnical Services 91 (5%) 361 (12%) 2,881 (52%) 3,333(32%)

Accommodation and Food Services 553 (31%) 1,488 (50%) 748 (14%) 2,789(27%)

Retail rade 726 (41%) 398 (13%) 265 (5%) 1,389(14%)

ther Sectors 419 (23%) 734 (25%) 1,602 (29%) 2,755(27%)

otal 1,789 (100%) 2,981 (100%) 5,496 (100%) 10,266 (100%)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..

sex Male 807 (45%) 1,501 (50%) 2,802 (51%) 5,110(50%)

Female 982 (55%) 1,480 (50%) 2,694 (49%) 5,156(50%)

otal 1,789 (100%) 2,981 (100%) 5,496 (100%) 10,266 (100%)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..11,442

PrimaryJobsingeorgetoWn,bysector PrimaryJobWorkercharacteristics,bymonthlyearnings

Source: U.S. Census Bureau (2013) nheMa Alication,

Longitudinal-mloyer Household Dynamics program,

2010 data and Georgetown University.

educationalservices

healthcareandsocialassistance

Professional,scientific,andtechnicalservices

accommodationandfoodservices

retailtrade

otherservices(excludingPublicadministration)

administration&suPPort,Wastemanagementandremediation

realestateandrentalandleasing

information

financeandinsurance

construction

arts,entertainment,andrecreation

Wholesaletrade

manufacturing

68 /4,960

53 /4,498

3,327 /859

2,789 /633

1,385 /450

818 /608

404 /335

358 /57

323 /73

158 /184

210 /120

75 /84

139 /11

106 /14

gp

restofgeorgetoWn bidarea

s 2012 RpR 9


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10 s 2013 RpR

residentialPoPulationpoulation growth in Georgetown outerormed DC

generally between 2000 and 2010, growing at an average

annual rate o 0.9 ercent comared to the citys overall

rate o 0.5 ercent. 6 Between 2010 and 2012, however,

DCs oulation growth rate accelerated raidly to 2.51

ercent annually, outacing straight-line long-term

oulation orecasts; more than 30,000 residents were

added during this eriod.7 Comaratively, Georgetown,

with little new housing construction, saw growth rates

level o in the 2010 to 2012 eriod. Strong, continued

investment in multi-amily housing units to the east o

Georgetown will likely continue the trend o a city-wide

growth rate that outaces growth in Georgetown.

Georgetowns oulation growth rom 2000 to 2012 was

driven in large art by a 39 ercent (1,206 erson) increase

in 20 to 24 year olds; most o this henomenon can be

accounted or in the increased student oulation at

Georgetown University. wenty to 24 year olds are the

largest cohort o eole in Georgetown, reresenting

30 ercent o the oulation.

Aside rom student growth, the structure o Georgetowns

oulation shows signs o a narrowing set o middle aged

eole and an aging baby boomer grou.

Another dierentiating eature o Georgetown is that the

25 to 34 year old cohort shrunk by two ercent. In the

District generally, this cohort exloded, growing by over

39 ercent (39,977 eole) and becoming an imortant

housing, retail, and hositality market segment. 8 he

economic imact o this burgeoning set o young

roessionals is remarkable. hough the median house-

hold disosable income o this cohort tends to be lower

than older cohorts, the sheer size o this grou means that

in aggregate it has more sending ower. For examle, in

a three mile radius rom Wisconsin Avenue and M Street,

25 to 34 year olds have $3.6 billion o disosable income

comared to $1.9 billion or 45 to 54 year olds.9

disPosableincomebyagecohorts,2012

Wisconsinandm 25-34 45-54

1 Mile Radius

No. o Households 5,719 1,869

Average Disosable Income $100,613 $120,792

ggregate Dipoable Income $457 MM $226 MM

3 Mile Radius

No. o Households 54,159 20,265

Average Disosable Income $65,579 $92 ,845

ggregate Dipoable Income $3.6 B $1.9 B

Source: SRI Business Analyst nline (2013)

changeinagecohorts,2000-2012(#ofPeoPle)

Ys georgetown DC

0-4 +88 +7,177

5-9 +46 -6,772

10-14 +39 -4,447

15-19 -130 +584

20-24 +1,206 +7,097

25-34 -40 +39,977

35-44 -169 -3,448

45-54 -291 +647

55-64 +155 +19,744

65-74 +371 +3,258

75-84 +86 -3,549

85+ 0 +1,942

Source: U.S. Census Bureau, 2000 and 2010 Decennial Census, SRI Business

Analyst nline (2013) and Georgetown BID

Within a 3 mile radius rom Wisconsin

Avenue and M Street, 25-34 year olds

have $3.6 billion o disosable income.

$3.6

billion

dcPoPulation,2000-2020

2000

700

600

500

2010 2020

Source: U.S. Census Bureau 2000 and 2010 Decennial Census; U.S. Census

stimates 2011 and 2012; 2020 orecast rom Metroolitan Washington

Council o Governments Round 8.1 Cooerative Forecasting (July 2012).

thousands

635

659

676

interp

olated

Source: U.S. Census Bureau, 2000 and 2010 Decennial Census,

SRI Business Analyst nline (2013) and Georgetown BID

changeinagecohorts,2000-2012

60%

30%

-30%

0-4

5-9

10-14

15-19

20-24

25-34

35-44

45-54

55-64

65-74

45-84

85+

0%%

Change

Years o Age

Georgetown

DC

georgetoWnPoPulation,2000-2017

2000

15

14

13

12

2010 2020

Source: U.S. Census Bureau 2000 and 2010 Decennial Census; 2012 and

2017 orecasts rom SRI Business Analyst nline (2 013).

thousands

14.3

14.6

s 2013 RpR 11


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s 2013 RpR 1514 s 2013 RpR

CmmCiL

BiLdig

Unlike many emerging neighborhoods in the region, Georgetown

has aroached the constraints o ull build-out or many years.

Moreover, its signature commercial thorougharesM Street and

Wisconsin Avenueare lined with many small, older, and unique

buildings. hese 461 roerties, each less than 25,000 square eet

(SF) in rentable area, make u 2.2 million SF in commercial saceoten in buildings

that emloy multi-use congurations combining traditional retail, retail services, and

oce saces.11 Smaller saces have recently beneted Georgetown, as many national

and local retailers are now seeking comact, urban stores. his is a change rom ast

years when retail brokers reorted that national tenants were seeking saces too

large to be easily accommodated in most M Street or Wisconsin Avenue roerties.

he varied architectural styles o M Street and Wisconsin

Avenue storeronts and oce buildings add to Georgetowns

hallmark historical eel. ver 60 commercial-use buildings

date rom the late 18th and 19th centuries; geograhically,

the center o gravity or these buildings is just north o the

intersection o M Street and Wisconsin Avenue.12 hree-

hundred and ten roerties were built between 1900 and

1949; these early 20th century acades are the dominant

structures along M Street and running north o M Street

on Wisconsin Avenue. Buildings constructed since 1950

which account or 75 ercent o total square ootageare

centered south o M Street and west o Wisconsin Avenue.

Another indicator o the state o Georgetowns buildings is

the relative aucity o LD certied saces. In the BID area,

there are only ve LD certied saces comrising 214,000

SF. In comarison, across DC in 2012, there were 349 LD

certied saces in total, comrising 69.8 million SF. 13

ENTPL

RS


10/27

16 s 2013 RpR s 2013 RpR 17

NST

NST

DUMBAR

TONST

OST

OST

PST

PST

VOLTAST

QST

CAMBRID

GEPL

DENTPL

QST

DENTPL

RESERVO

IRRD

PROSPEC

TST

MST

MST

CADYSA

LLEY

WHITEHURSTFWY

BLUESAL

LEY

WISCONSINAVE

THOMASJEFFERSONST

34 THST

37THST

33RDST

POTOMAC ST

BANKST

31STST

30THST

29

TH ST

28TH

ST

27THST

32NDST

35THST

36TH ST

WISCONSINAVE

MP BID CMMCI

PPIs, BY YP

entable Building rea

25,000

100,000

200,000

300,000

400,000

482,223

Property ype

Retail

Hositality

ce

Flex

Industrial

Land

Secialty

Rentable Building Area (Grou)

proerties


11/27

s 2013 RpR 1918 s 2013 RpR

he Washington Harbour Skating Rink also oened in 2012,

adding to the BID areas retail attractions. At 11,800 square

eet, the rink is DCs largest outdoor skating area. It quickly

became a major winter attraction in Georgetown, attracting

over 45,000 skaters (almost twice the orecast) in its

inaugural year.14

he BID areas retail landscae is a mix o indeendent local,

regional, and national brands. n average, local and regional

stores occuy smaller storeronts (22 curb eet on average)

than their national counterarts (35 curb eet on average).

hus, while 35 ercent o M Streets ground foor saces are

local or regional indeendents, they account or only 27

ercent o the storeront curb. his is also true on Wisconsin

Avenue, where local and regional indeendents make u 57

ercent o the ground foor saces, but account or only 44

ercent o the storeront curb.

How retailers cluster varies by sector. For examle, ashion

retailers are well distributed throughout the BID area, but

national ashion brands tend to congregate near the intersec-

tion o M Street and Wisconsin Avenue. Home dcor retailers,

on the other hand, have two noticeable clusters. he rst,

located in the Book Hill area near the northern boundary o

the BID area on Wisconsin Avenue, is comosed mainly o

local and regional retailers. he second cluster, located near

the BID areas western boundary on M Street is comosed

mainly o national brands.

ne o Georgetowns dening eatures is its vibrant retail

community. With more than two miles o retail store rontage,

Georgetown remains a remier shoing destination in the

Washington metroolitan region. In 2012, 26 new retail businesses

oened in the BID area, creating a net gain o 9. New retail stores

included region-exclusive locations o FLR, Gant, Jonathan Adler, John Fluevog,

Massimo Dutti, and Suitsuly. here were new indeendent stores, too, including

Macaron Bee, duo, and pie Sisters.

tyPeofretail number%oftotal

Fashion 134 30%

Home Dcor 73 17%

Full Service Restaurants 55 13%

Salons and Sas 46 10%

Limited Service ating places 39 9%

Gourmet Retail 37 8%

Retail Services 27 6%

Secialty Retail 26 6%

ntertainment /heate r 2 0%

otal 440 100%

georgetoWnbidarearetailers,bytyPe

Source: Georgetown BID,

oPenings closingsnetgain(loss)

Retail Goods and Gourmet 15 7 8

Full Service Restaurants 3 8 (5*)

Limited Service ating places 4 2 2

Retail Services 3 3

ntertainment/Attractions 1 1

otal 26 17 9

georgetoWnbidarearetailchangesummary2012

Source: Georgetown BID, * Restaurant gures do not include the re-oenings o ony and Joes

and Nicks Riverside; enancy o the Georgetown park Mall is also not included.

iL mK


12/27

20 s 2013 RpR

2 01 2 oP en in gs 2 01 2 cl os in gs

retailgoodsandgourmet Charles Luck Stone Betsey Johnson

duo Georgetown Shoe Gallery

di bl e Ar ran ge me nt s L eo ni da s C ho co lat e

FLR MAC

Gant piccolo piggies

John Fluevog he Dog Sho

Jonathan Adler hos. Moser

Macaron Bee

Massimo Dutti

Muleh

Nike

Scotch and Soda

Suitsuly

Sunglass Hut

fullservicerestaurants Bandolero Book Hill Bistro

Far me rs Fis he rs Ba kers C it ron elle

Nicks Riverside Grill (re-oening) Fino

ony and Joes (re-oening) Guards

Unum La Madeline

Mie n Yu

paa Razzi

Uno pizzeria

limitedserviceeatingPlace Ca u u xress Crave

Crave Cree Amour/Georgetown Wings

Lukes Lobster

Redre Grill Kabob

retailservices David Rios Salon & Sa

Luigi parasmo

M& Bank

entertainment/attractions Washington Harbour Ice Skating Rink

georgetoWnbidarearetailoPeningsandclosings2012

Source: Georgetown BID, * Restaurant gures do not include the re-oenings o ony and Joes and Nicks Riverside;

enancy o he Shos at Georgetown park Mall is also not included.a11,800q,

Whdc

.11,800

here were aroximately 55 ull service restaurants in the

Georgetown BID area in 2012, including two new ull service

restaurants: Bandolero and Unum.15 Citronelle (which closed

in 2012) and Bourbon Steak both garnered coveted sots on

the Washingtonian Magazine 100 Very Best Restaurants list

in 2012; in 2013, Unum joined Bourbon Steak on this list.16

Since 2000, however, the number o restaurants on this list

(and their collective stars) has declined.17

In 2012, eight ull service restaurants closed. wo o the

closed sacesthe sites o the shuttered pizzeria Uno at

3211 M Street NW and paa Razzi at 1066 Wisconsin Avenue

NWwere converted to retail ashion stores.

o estimate how well BID-area merchants serve neighbor-

hood retail needs, a retail ga can be estimated. he ga isthe dierence between the exected amount sent by

consumers who live in Georgetown and the estimated retail

sales o Georgetown businesses. When sending by residents

is greater than sales (i.e., the retail ga is ositive), it suggests

that there is leakage, as residents send their money at

retailers in other locations. When estimated retail sales are

greater than sending by residents (i.e., the retail ga is

negative), it suggests a surlus. Surlus conditions are

sustained by attracting retail sending to Georgetown rom

consumers who live in other areas.

s 2013 RpR 21


13/27 CAM

G t h i i t il l i th


14/27

24 s 2013 RpR s 2013 RpR 25

Source: Georgetown BID

NSTN ST

DUMBARTON ST

O ST

O ST

P ST

P ST

VOLTA ST

Q STQ ST

PROSPECTST

M STM ST

CADYSALLEY

WHITEHURSTFWY

E

BLUES ALLEY

TH O

M

A S

JE

FFE

RS

O N

ST

34T

H

ST

33R

D

ST

PO

TO

M A

C

ST

BA N

K

ST

31S

T

ST

30T

H

ST

29

TH

ST

28T

H

ST

27

TH

ST

32NDST

35TH

ST

W

ISCONSINAVE

year number ofveryb es tres taur ants collectives tar s

2000 6 15

2001 5 12

2002 5 11

2003 3 10

2004 3 10

2005 4 12

2006 5 15

2007 3 11.5

2008 4 13.5

2009 6 18

2010 3 11.5

2011 2 9.5

2012 2 10

2013 2 6.5

bidarearestaurantsontheWashingtonian

Magazine100verybestlist

Source: Washingtonian Magazine (2000-2013).

Source: SRI Business Analyst nline (2013), 2010 data

sVIC ss

georgetoWnretailgaPestimates

GASLIN

HARDWAR/BUILDING SUppLY

LCRNIS/AppLIANCS

FFIC SUppLY

FLRISS

LAWN AND GARDN

BR/WIN/LIUR

BKS AND MUSIC

SpRING/HBBY

USD MRCHANDIS

GRCRY

HM FURNISHING

JWLRY AND LAHR GDSSpCIALY GURM RAIL

SHS

HALH AND pRSNAL CAR

LIMID SRVIC FD pLACS

SpCIALY FD SRVICS

FURNIUR

CLHING

FULL SRVIC RSAURANS

$50$0-$50

$14.6

$29.8$8.6

$7.6

$88.9

$157.2

-$100-$150-$200Millions

Georgetown has unsurrising retail surluses in the

restaurant, clothing, and urniture markets 18indeed,

these tyes o retailers draw in many customers including

tourists and shoers rom the surrounding region.

here aears to be reasonably strong retail oortunities,

however, in the hardware/building suly niche as well

as in consumer electronics.

ffiC mKhe Georgetown BID area comrises about 2 9 million SF o oce


15/27

s 2013 RpR 2726 s 2013 RpR

ffiC mK

Average Georgetown oce rents remain among the lowest o

the regional submarkets at $40.93 er SF.23 In other words, at

the end o 2012, the average rent in Georgetown was 22.1

ercent less than in ast nd/Downtown, where some o the

regions highest oce rents are ound.

Georgetowns tenant mix or oce sace is comosed o

non-rot, olitical communication and lobbying, architec-

tural, design, and mid-size law rms. Interviews with brokers

suggest that rms that locate in Georgetown tend to stay in

Georgetownoten renewing their leases or moving toanother sace in Georgetown in a game o musical chairs.

In comarison to ast nd/Downtown, the Georgetown BID

areas oce stock is increasingly reerred to as unique

sace, meaning that it is not conventionally designed with a

square or rectangular foor late around a central core. his

ercetion can be quantied in the ratio o Class A to Class B

oce square ootage. In the ast nd/Downtown, this ratio is

3:1 whereas in Georgetown the ratio is 1:1. 24

he Georgetown BID area comrises about 2.9 million SF o oce

sace.19 he total vacancy rate at the end o 2012 was 12.1 ercent

(357,000 SF), down rom 13.3 ercent (391,000 SF) in 2011. At 150

SF er worker20, the BID area would need to house 600 new oce

workers to bring the vacancy rate to 9 ercent.

he BID areas vacancy rate was 1.9 oints higher than the c itywide gure and among

the highest o all DC submarkets in 2012.21 Vacancy in the Caitol Riverront and

Rosslyn-Ballston Corridor submarkets eclised Georgetown in 2012, as large oce

saces were delivered. In contrast, Georgetowns total oce square ootage has

been relatively fat rom the 2000 to 2012 eriod, increasing by only 103,000 SF

(2.9 ercent) as the area aroaches total build-out o available land.22

DENTPL

R ST

RST

R RD

IC PPIs I


16/27

28 s 2013 RpR s 2013 RpR 29

Source: Costar (2013) and Georgetown BID

DC (Citywide)

ast nd/Downtown

Georgetown BID

Rosslyn-Ballston Corridor

Submarket

DC (Citywide)

ast nd/Downtown

Georgetown BID

Rosslyn-Ballston Corridor

Submarket

At year-end

At year-end

otalVacancyRate

AverageotalRent

14.2%

$52

$48

$42

$41

12.1%

10.2%

3.3%

0%

0

4%

10

20

8%

30

12%

40

16%

50

2012

2012

2011

2011

2010

2010

2009

2009

2008

2008

2007

2007

2006

2006

2005

2005

2004

2004

2003

2003

2002

2002

2001

2001

2000

2000

totalofficevacancyrates,

20002012(atyear-end)

averageofficegrossrental

rate($Persf),2000-2012

(atyearend)

Source: Costar (2013) and Georgetown BID, excludes roerties


17/27

30 s 2013 RpR s 2013 RpR 31

Building Class

A

B

georgetoWnbidareabuildings,byyearbuilt

43%

35%

65%

52%

5%

3000K

2500K

2000K

1500K

1000K

500K

0K18HCNURY

19HCNURY

RNABL

BUILDINGA

RA

190 0- 19 49 195 0- 19 99 2000-pRSN

C

0K

B

BA C

C

500K 1,000K 1,500K 2,000K 2,500K 3,000K

RNABL BUILDING ARA

pRpRIS 25,000 SF

pRpRIS


18/27

s 2013 RpR 3332 s 2013 RpR

Georgetown is a remier location o luxury

accommodation. he average daily room

rate is $320, nearly $100 more than the

downtown average.

$320

In 2012, Georgetown had about 786 hotel rooms in six hotels,rior to the temorary, mid-year closures o the Latham (143

rooms) and the Monticello (47 rooms). he number o hotel

rooms will recover through 2013, however: the second

quarter o 2013 saw the addition o the Caella, a new

49-room luxury hotel, and the Graham Hotel (57 rooms) in

the ormer Monticello sace. Inormation on renovations o

the Latham are exected by ourth quarter o 2013. In 2014,

Georgetown may have a record high 845 hotel rooms.

ccuancy rates in Georgetown have been steady, with an

average rate o 73 ercent over the ast ve years; this is on

ar with the DC average, and comares avorably to other

large cities. he concentration o high-end hotels drives an

excetionally high average daily room rate o $320, which

exceeds the downtown average by nearly $100. he revenue

er available room is corresondingly high, at $233. 26

Average daily rates are likely to continue to rise, driven in

art by the addition o the luxury-class Caella Hotel in 2013with advertised daily room rates starting at $595.

parks are imortant recreational and cultural amenities o

Georgetown. he Chesaeake and hio Canal National

Historical park and the Rock Creek park converge in

Georgetown. Both arks are administered by the National

park Service, as are Meigs park, Francis Scott Key park, and

the ld Stone House all located on M Street. hese arks

have the otential to draw tens o thousands o tourists and

locals to Georgetowns commercial corridor.

uer uscale and luxury-class hotels. his distinguishing

eature o the hositality landscae is refected in the act that

Georgetown hotels generate a disroortionate amount o

revenues relative to other hotels in DC. While reresenting only

2.8 ercent o DCs hotel rooms, Georgetown generates 3.9 ercent o DCs total

hotel revenues.25 In 2012, Georgetowns hotel revenues totaled $60 million,

generating $8.8 million in hotel sales taxes.

PiLiy

d vii

he imressive Georgetown Waterront park, which wascomleted in the all o 2011, is quickly becoming a major

hub o activity. Stretching 10 acres between K Street and the

potomac River, the ark oers cyclists, edestrians, visitors,

and residents new leisure saces and transortation

connections that are transorming the ublic exerience

south o M Street.

Increased budget ressures, in art due to sequestration,

have limited the park Services ability to leverage the ull

otential o Georgetowns arks. his is most evident in the

decommissioning o the Georgetown canal boat without

unding to relace either the boat or its interretive

rogramming, and the increasingly limited stang o

Georgetown visitor centers.

L

DENTPL

RST

RESERVO

IRRD

sIn July 2011 the Georgetown mule-drawn canal boat was

decommissioned; in 2012 there were no canal attractions


19/27

34 s 2013 RpR s 2013 RpR 35

NST

NST

DUMBAR

TONST

OST

OST

PST

PST

VOLTAS

T

QST

CAMBRID

GEPL

QST

DENTPL

PROSPEC

TST

MST

MST

CADYSA

LLEY

WHITEHURSTFWY

BLUESAL

LEY

34 THST

37THST

33RDST

POTOMACST

BANKST

31STST

3

0TH ST

29TH ST

28TH

ST

27THST

32NDST

35THST

36TH ST

WISCONSINAVE

s

entable Building rea

25,000

100,000

200,000

300,000

400,000

Source: Costar (2013) and Georgetown BID

decommissioned; in 2012 there were no canal attractions

oerating in Georgetown. Interest in the park Services

Georgetown canal boat rogram had been steadily

declining since 2006, when the attraction logged more

than 16,000 visitors.27

Georgetowns oularity relative to other visitor centers

within the C& Canal National Historical park has declined

over the ast decade. Between 2001 and 2007, Georgetown

was the third most oular visitor center, behind Great Falls

and Cumberland; the center averaged in excess o 16,000

visitors, or 12 ercent o the ark total. In 2012, Georgetown

ell to the th most oular centerlogging only 5,283

visitors, or 3.6 ercent o the ark total. In comarison, Great

Fallswhich has been steadily attracting more visitors since

2007logged in excess o 80,000 visitors. 28

Since 2006, the number o visitors to the ld Stone House

art o the Rock Creek park administrative areahas hovered

around 65,000 eole er year. homson Boat Center (also

oerated by a National park Service concessionaire) draws an

additional 30,000 visitors each summer.29 Visitor data is not

yet available or the Georgetown Waterront park, which is

also managed by Rock Creek park.

occuPancy,revenuePeravailableroom,and

averagedailyrate

2001

$200.00

$100.00

$300.00

$200.00

$100.00

$0.00

$0.00

0%

20%

40%

60%

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

319.5

233.22

72.45

Year o Date

Averah

geDailyRate

Revpar

ccuancy

Source: Smith ravel Research

averagenumberofroomsavailable,2001-2014

Source: Smith ravel Research

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

1,000

750

500

250

0

786

710.4

georgetoWn canal boat Passengers, 2001-2012c&o canal georgetoWn visitor center, c&o canal georgetoWn visitor center, annual visitors, 2001-2012


20/27

s 2013 RpR 37

At its eak, the Georgetowncanal boat attracted 16,000

visitors each year. orts to

restore the boat are underway.16,000

oldstonehouse,annualvisitors

Source: National park Service, IRMA, park Visitor Use Statistics (2013)

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

80,000

60,000

40,000

20,000

0

65,629

georgetoWncanalboatPassengers,2001 2012


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

20,000

16,000

12,000

8,000

4,000

0

c&ocanalgeorgetoWnvisitorcenter,

annualvisitors,2001-2012


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

24,000

18,000

12,000

6,000

0

5283

c&ocanalgeorgetoWnvisitorcenter,annualvisitors,2001 2012

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

120,000.00

GRGWN

GRA FALLS

BRUNSWICK

FRRY HILL

WILLIAMSpR

HANCCK

HADqUARRS

CUMBRLAND

100,000.00

80,000.00

60,000.00

40,000.00

20,000.00

0.00


36 s 2013 RpR

transPortationIncreasing access and mobility or Georgetowns workers, visitors,


21/27

s 2013 RpR 3938 s 2013 RpR

transPortation

30%hirty ercent (about 3,400) o workers in

the BID area are DC residents.

and residents is a critical challenge, not least because o its limited

access oints, narrow streets, misunderstood o-street arking

otions, and lack o a Metro station. rac congestion caused by

these issues creates a ercetion that Georgetown is dicult to get

to and rom, which has a negative imact on otential customers choosing to visit

and otential business owners choosing to locate in Georgetown.

Beyond the quick transortation acts resented here, the Georgetown BID will be

taking a comrehensive look at neighborhood transortation data in the coming

months in order to consider interventions that can imrove access and mobility.

he BID lans to release a State o Georgetown ransortation reort by the end

o 2013, and then include a more comrehensive transortation section in this

reort starting in 2014.

commutingPatternsConsidering where workers who are emloyed by businesses

within the BID live is imortant to understanding the areas

transortation needs. hirty ercent (about 3,400) o

workers in the BID area are DC residents. More than most

suburban-based workers, DC-based workers are clustered in

a ew dense ockets, rimarily along the 14th and 16th Street

corridors which run through the Duont Circle, Mountpleasant, and Columbia Heights neighborhoods.30

he correlate to where workers live is where Georgetown

residents work. Fity-nine ercent o Georgetown residents

work within DC, with the highest densities in the central

business district along the K Street corridor and within

Georgetown itsel. Census data suggest that the most oular

ways residents get to work are by car (44 ercent), ublic

transit (23 ercent), and walking (14 ercent).31

infrastructureand usage

boarding/alightingmetrobusPassengers,Weekday average 2012


22/27

40 s 2013 RpR s 2013 RpR 41

andusageAverage daily trac volumes are greatest along the BID

areas southern gateways. More than 47,000 vehicles cross

the Key Bridge each day; nearly 43,00 vehicles also enter

and exit Georgetown to the west (via Canal Road) and

to the east (via K Street and Whitehurst Freeway). 32

Without a Georgetown Metrorail sto, bus service is a

critical transit connection to Georgetown. n average,

between 3,000 and 3,400 eole alight rom WMAA

Metrobuses at stos within the BID area on weekdays;

similar numbers board buses at stos within the BID area.

According to WMAA data, the most oular Georgetown

Metrobus route is the 38B, which runs between Ballston, VAand Farragut Square.33

Caital Bikeshare has emerged as an imortant alternative

transit otion or both residents and tourists to the DC area.

By December 2012, Bikeshare included in excess o 22,000

annual members and had sold more than 231,000 24-hour

asses. In 2012, Georgetowns our Bikeshare stations

generated 130,000 tris. he station located on Wisconsin

Avenue at the C& Canal was the 20th most oular

destination out o nearly 200 stations system-wide,

with over 25,000 tris ending at this location. 34

Like bike-sharing, car-sharing is also growing in oularity

in Georgetown. Launched in March 2012, Car2Go is a oular

car-sharing service with over 26,000 members and a feet o

about 400 Smartcars available to members. In 1 2013,

seven ercent o Car2Go tris originated in Georgetown,

making the area the th busiest neighborhood in DC.35

Source: WMAA RideCheck plus data, note: data is only available since July 2012

Weekdayaverage2012

routename Julyse Pt o ctd ec

38B Alight 779 699

Board 858 949

31 Alight 549 542

Board 693 639

32 Alight 538 586

Board 697 630

36 Alight 467 482

Board 531 471

G2 Alight 329 401

Board 227 234

D6 Alight 186 174

Board 150 144

D2 Alight 172 174

Board 120 119

D5 Alight 35 35

Board 48 38

D1 Alight 17 18

Board 13 16

rand otal Alight 3,074 3,377

Board 3,337 3,240

Source: Caital Bikeshare ri History Data and Georgetown BID. Includes data rom the ollowing

stations: Wisconsin Avenue and C& Canal; K Street at Washington Harbour; M Street and

pennsylvania Avenue; and 37th and Street.

bikesharetriPsto/fromgeorgetoWn,2012

startgeorgetoWn

bidarea elseWheregrand

total

Georgetown BID Area 8,388 52,803 61,191

lsewhere 68,601 68,601

otal 76,989 52,803 129,792

WheregeorgetoWnbidWorkerslive

WheregeorgetoWnresidents Work

WheregeorgetoWnresidentsWorkWheregeorgetoWnbidareaWorkers live, 2010


23/27

42 s 2013 RpR s 2013 RpR 43

Source: U.S. Census Bureau (2013) nheMa Alication, Longitudinal-mloyer Household Dynamics program, 2010 data and

Georgetown BID.

521 Jobs/Sq. Mile

2269 Jobs/Sq. Mile

70150 Jobs/Sq. Mile

151263 Jobs/Sq. Mile

264409 Jobs/Sq. Mile

CHEVY CHASE

SILVER SPRING

Washington, DC

ARLINGTON

BETHESDA CHEVY CHASE

SILVER SPRING

Washington, DC

ARLINGTON

BAILEYS CROSSROADS

2010 count share

All States 3,641 100.00%

D is tr ic t o C olu mb ia 2,1 57 5 9. 20 %

Virginia 731 20.10%

Maryland 630 17.30%

pennsylvania 27 0.70%

New York 24 0.70%

North Carolina 14 0.40%

New Jersey 8 0.20%

Connecticut 5 0.10%

Delaware 4 0.10%

Michigan 4 0.10%

All ther Locations 37 1.00%

residentsWork

Source: Costar (2013) and Georgetown BID,

excludes roerties


24/27

44 s 2013 RpR s 2013 RpR 45

NSTN ST

DUMBARTON ST

O ST

O ST

P ST

P ST

VOLTA ST

Q ST

CAMBRIDGE PL

DENT PL

Q ST

DENT PL

PROSPECT ST

M STM ST

CADYS ALLEY

WHITEHURSTFWY

BLUES ALLEY

TH

OMAS

JEFFE

RSON

ST

34TH

ST

37TH

ST

33RD

ST

POTO

MAC

ST

BANK

ST

31ST

ST

30

TH

ST

29TH

ST

28TH

ST

27TH

ST

32NDST

35TH

ST

36TH

ST

WISCONSINAVE

25,500

8,300

42,900

42,600

47,800

19,500Reservoir and 39th

Canal Road

Wisconsin and R St.

Q and 28 St.

Penn and M St

Whitehurst and K StKey Bridge

V DYVIC VMs

Source: DD (2012), 2010 data

massachusettsave&duPontcirclenW

columbuscircle/unionstation

15th&PstnW

17th&corcoranstnW

11,142/ 54,190

5,998/ 41,731

4,508 / 42,770

3,142/ 35,540

14th&vstnW

neWhamPshireave&tstnW[formerly16th&ustnW]

thomascircle

easternmarketmetro/Pennsylvaniaave&7thstse

7th&fstnW/nationalPortraitgallery

8th&hstnW

21st&istnW

northcaPitolst&fstnW

metrocenter/12th&gstnW

14th&rhodeislandavenW

adamsmill&columbiardnW

Jeffersondr&14thstsW

20thst&floridaavenW

17th&rhodeislandavenW

21st&mstnW

C& C & IsCsI V

lincolnPark/13th&eastcaPitolstne

5thst&kstnW

10th&ustnW

19thst&constitutionavenW

25thst&PennsylvaniaavenW

3,223/ 31,670

2,626/ 31,069

5,937/ 26,897

4,606/ 28,109

7,590/ 22,286

5,359/ 24,3714,866/ 24,398

4,060 / 24,908

5,633/ 22,879

3,797/ 24,316

2,702/ 23,938

19,063 / 7,324

2,696/ 23,324

2,764/ 22,680

4,290/ 21,143

9,218/ 15,809

1,997/ 22,874

13,683/ 9,390

1,438/ 21,328

1,901 / 20,858

4,029 / 18,530

tp

registered casual

Source: Caital Bikeshare ri History Data and Georgetown BID

Source: Car2Go, as o 1 2013

2% o total membershi lives in Georgetown

7% o total tris originated in Georgetown

Georgetown is the 5th busiest neighborhood

in DC or total tri starts and stos

Vehicles in Georgetown are, on average, idle

or less time than in 85% o the rest o DC

modesPlitofresidentstravelingtoWork,20072011

Source: US Census (2013) ACS Journey to Work data, or 20007

zi code area.

Carooled(Car, truck,or van)

thermeans

Workedat home

Walked

Rode publicransortation

Drove alone(Car, truck,or van)

44%

23%

14%

7%

6%6%


25/27


26/27

48 s 2013 RpR


27/27

georgetownBusIne

ssIMProVeMentDIstrICt

1000Poomas.,nW|

suie122

Wahigo,dc20007

t:202.298.9222x208|

f:202.298.9223

georgeow.om

state of georgetown bid

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