District of Columbia

Property Managers in D.C. Can Avoid Unwelcome Property Tax Surprises by Managing Liabilities

by John Nelson March 11, 2021

By Sydney Bardouil, Esq. After the tumult and disruptions of 2020, the last thing taxpayers need is another surprise. Our society craves predictability more than ever before, and commercial real estate owners want predictability in their property taxes. In the District of Columbia, commercial real estate owners keen to make their future expenses more predictable can start by familiarizing themselves with the full gamut of real property liabilities. In addition to the standard annual property tax, the District imposes a variety of charges on real estate that vary by the property’s location, use and payment history. Managing these real estate charges can help a taxpayer budget for upcoming expenses and minimize the risk of incurring unplanned costs. What follows is a primer to help taxpayers manage real property tax liabilities in the District. Start with the basics The DC Office of Tax and Revenue (OTR) recently launched MyTax.DC.gov, a new taxpayer website intended to streamline the tax assessment and billing processes. This single portal offers insight into taxes on individual income, businesses and real property, as well as fees administered by OTR. The site features self-service tools that enable taxpayers to review and pay property tax bills online, view assessment …

March 11, 2021

District of Columbia Southeast

US Economy Adds 379,000 Jobs in February Led by Leisure and Hospitality Hiring

by Julia Sanders March 5, 2021

WASHINGTON, D.C. — The U.S. economy added 379,000 jobs in February, the Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by Dow Jones had expected the report to show a gain of 210,000 jobs, according to CNBC. The unemployment rate fell 10 basis points to 6.2 percent in February. The biggest employment spike was seen in leisure and hospitality, which increased by 355,000 as pandemic-related restrictions eased in some parts of the country thanks in part to the COVID-19 vaccine rollouts. States such as Texas and Mississippi are lifting all COVID-19 restrictions, including limits on capacity at buildings and facilities. Despite the February surge, the leisure and hospitality sector is still 3.5 million short from its employment level in February 2020, the month before the World Health Organization declared the COVID-19 outbreak a global pandemic. The recent pickup in the sector caused the employment percentages to fall from 15.9 percent to 13.5 percent. The food services and accommodation subsector saw the jobless rate decrease from 15.3 percent to 12.7 percent. Within the professional and business services category, temporary help services added 53,000 jobs in February but remain 175,000 shy from a year ago. Healthcare and retail also generated employment …

March 5, 2021

District of Columbia Southeast

First-Time Claims for Unemployment Insurance Rise to 745,000

by Julia Sanders March 4, 2021

WASHINGTON, D.C. — A total of 745,000 Americans filed for unemployment insurance for the week that ended Feb. 27, the U.S. Department of Labor reported Thursday. The amount of initial jobless claims was below the 750,000 figure that economists surveyed by Dow Jones predicted and is an increase from last week’s revised amount of 736,000. Continuing claims, for which data lags a week, decreased to a little below 4.3 million. CNBC reports that the continuing claims total hit another pandemic-era low. Additionally, the outlet reports that winter storms in Texas hurt the economy in the state, causing an increase of 17,769 unemployment filings. Ohio and New York also experienced elevated claims.

March 4, 2021

District of Columbia Features Southeast Southeast Feature Archive

NRF: US Retail Sales to Grow Between 6.5 and 8.2 Percent in 2021

by Julia Sanders March 1, 2021

WASHINGTON, D.C. — The National Retail Federation (NRF) predicts that U.S. retail sales will grow anywhere from 6.5 percent to 8.2 percent this year, with a total of more than $4.3 trillion in sales. The NRF attributes the expected growth in retail sales to the effectiveness of the COVID-19 vaccines over the course of the year, which will lead to stores to be frequented en masse. Many Americans were homebound in 2020 and so in turn they shifted to a more e-commerce focus. Online sales grew by 21.9 percent last year to total $969.4 billion in sales. The NRF reported that overall retail sales grew 6.7 percent to $4.1 trillion last year. (The numbers exclude automobile dealers, gasoline stations and restaurants.) E-commerce is anticipated to grow even more in 2021, with the NRF predicting a 18 to 23 percent growth rate and for online sales to hover around $1.14 trillion to $1.19 trillion. Additionally, the Washington, D.C.-based trade group expects the economy to gain from 220,000 to 300,000 jobs each month this year. Overall, the NRF predicts GDP annualized growth of 4.5 to 5 percent, up from the 4.1 percent annualized growth in fourth-quarter 2020. NRF’s chief economist Jack Kleinhenz …

March 1, 2021

District of Columbia Southeast

Another 730,000 Americans File for First-Time Unemployment Assistance

by Julia Sanders February 25, 2021

WASHINGTON, D.C. — A total of 730,000 Americans filed for unemployment assistance for the week that ended Feb. 20, the U.S. Department of Labor reported Thursday. The amount of initial jobless claims exceeded the 845,000 figure that economists surveyed by Dow Jones predicted and is a decrease from last week’s revised amount of 841,000. The four-week moving average declined to 807,750 claims, a 20,500 decrease from the revised average for the previous four weeks. Continuing claims, for which data lags a week, decreased to a little above 4.4 million. CNBC reports that the continuing claims number is the lowest since the pandemic started.

February 25, 2021

District of Columbia Southeast

Another 861,000 Americans File for First-Time Unemployment Assistance

by Julia Sanders February 18, 2021

WASHINGTON, D.C. — A total of 861,000 Americans filed for unemployment assistance for the week that ended Feb. 13, the U.S. Department of Labor reported Thursday. The amount of initial jobless claims exceeded the 773,000 figure that economists surveyed by Dow Jones predicted and is an increase from last week’s revised amount of 848,000. CNBC reports this week’s total is the highest amount of weekly claims in a month. The four-week moving average declined to 833,250 claims, a 3,500 difference from the revised average for the previous four weeks. Continuing claims, for which data lags a week, decreased to approximately 4.5 million.

February 18, 2021

Development District of Columbia Hospitality Southeast

Koucar, Donohoe Open $58M Cambria Hotel in Southwest D.C.

by Julia Sanders February 17, 2021

WASHINGTON, D.C. — Cambria Hotel Washington DC Capitol Riverfront has opened in southwest Washington, D.C. Michigan-based Koucar Management and Donohoe Cos. Inc. co-developed the nine-story, 154-room property. BBGM Architects and DiLeonardo designed the hotel, which is valued at $58 million. The Cambria Hotel Washington DC Capitol Riverfront hotel is located at 69 Q St., SW, about 1.4 miles from the National Mall and 6.1 miles from the Ronald Reagan Washington National Airport. The hotel is near the Anacostia River. The hotel’s amenities include guest rooms with spa-style bathrooms, 24-hour room service, a fitness center, full-service restaurant with patio seating and 1,500 square feet of meeting space. The property also has a 3,500-square-foot rooftop terrace offering skyline views. Cambria is a hotel flag under Choice Hotels International. An official grand opening celebration at the hotel will be held later in 2021.

February 17, 2021

District of Columbia Restaurant Retail Southeast

Retail Sales in January Show 5.3 Percent Growth on Heels of Stimulus Payouts

by Julia Sanders February 17, 2021

WASHINGTON, D.C. — Retail and food service sales in January increased by 5.3 percent and 7.4 percent from January 2020, the U.S. Commerce Department reported Wednesday. The monthly increase is the first rise for several months, following three months of declining retail sales numbers. The growth exceeded the 1.2 percent gain that economists surveyed by Dow Jones forecasted. The Wall Street Journal reported that January’s advanced figure marks the biggest monthly gain since June 2020. The increase in sales follows the federal government’s dispersal of stimulus checks of about $600 per recipient. Jack Kleinhenz, chief economist of the National Retail Federation, said that the surge in sales is a direct result of relief funds and better trends of the COVID-19 pandemic. “There is plenty of purchasing power available for most consumers,” said Kleinhenz. “Confidence is building thanks to the availability of COVID-19 vaccines, and states and local governments are beginning to remove restrictions on economic activity. Going forward, I expect consumer spending to build on this momentum.” Month to month, there was an increase in sales for motor vehicles and parts by 3.1 percent, gas stations by 4 percent, food and beverage stores by 2.4 percent, furniture stores by 12 …

February 17, 2021

Company News District of Columbia Hospitality Southeast

Marriott International President, CEO Arne Sorenson Dies at Age 62

by Julia Sanders February 17, 2021

BETHESDA, MD. — Arne Sorenson, president and CEO of Marriott International (NASDAQ: MAR), died on February 15 due to complications from pancreatic cancer. Sorenson was 62. Sorenson became the third CEO in Marriott’s history in 2021. Over his time at Marriott, Sorenson put the company on a strong growth track that included the $13 billion acquisition of Starwood Hotels & Resorts. “Arne was an exceptional executive — but more than that — he was an exceptional human being,” said J.W. Marriott, Jr., executive chairman and chairman of the board. “Arne loved every aspect of this business and relished time spent touring our hotels and meeting associates around the world. He had an uncanny ability to anticipate where the hospitality industry was headed and position Marriott for growth. But the roles he relished the most were as husband, father, brother and friend.” Sorenson was passionate about national and global issues, as he steered Marriott to make significant progress on diversity, equity and inclusion, environmental sustainability and human trafficking awareness. He had to reduce his schedule at the beginning of February to continue his cancer treatments. Stephanie Linnartz and Tony Capuano will continue to oversee day-to-day operations and corporate functions until Marriott’s …

February 17, 2021

Development District of Columbia Office Southeast

Nuveen, Norges Bank Complete $18M Renovation of Franklin Square Office Building in D.C.

by John Nelson February 15, 2021

WASHINGTON, D.C — Nuveen and joint venture partner Norges Bank Investment Management have completed the $18 million renovation of the Franklin Square office building at 1300 Eye St. NW in Washington, D.C. Will Stern, Eli Barnes, Lauryn Harris and Alston Offutt of Avison Young have been the leasing representatives for the 485,000-square-foot building for over 15 years. Washington, D.C.-based architecture firm Hickok Cole designed the renovation, which began in 2020. Some of the new features to the building involve the three-story glass entrance and include contemporary lighting and glass, soft-seating collaboration areas, new modern artwork, an in-lobby barista-operated café and lounge, additional modern security measures, new elevator cabs and elevator mechanical systems. Additional renovations include a 10,000-square-foot conference facility, six conference rooms, breakout areas, a catering kitchen, a 5,000-square-foot fitness facility, an onsite fitness trainer providing classes for building tenants and a bicycle room with bike maintenance stations, lockers, towel service and changing rooms. The building is LEED Gold-certified and features advanced air filtration via the building’s VAV HVAC system using MERV 15 air filters. An events/hospitality manager will be onsite to oversee the new facilities and help coordinate tenant events. The building also features a new mobile app that …

February 15, 2021

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