A new report reveals there may be two downtown D.C.s: one that has successfully overcome the impacts of the pandemic and another still struggling to get by.
According to DowntownDC BID said economic uncertainty was at a 25-year high in the first quarter of 2022. But across the year and into the first quarter of 2023, the District鈥檚 economic activity rose to an overall level of 65% of pre-pandemic levels.
鈥淧eople are coming downtown for the cultural venues,鈥� said Gerren Price, DowntownDC鈥檚 president and CEO. 鈥淲e are at about 75% of where we were pre-pandemic, in terms of people going to theaters and shows and engaging in museums and all the cultural amenities that are rich downtown.鈥�
On the other side, the study shows the office market, everyday shopping and food service businesses are continuing to struggle. Last year and Q1 of 2023 saw the office markets in downtown D.C. and across the city decline to their lowest performance in decades.
Price said this is due to less people physically going into the office, meaning it鈥檚 time to rethink downtown D.C. as a model for 鈥�9 to 5鈥� business life.
There are already eight projects totaling $1.2 billion under construction as of Q1 2023 鈥� including buildings for Georgetown and Johns Hopkins universities, new residential projects, hotels and cultural destinations.
鈥淭his is a downtown that belongs to every single D.C. resident,鈥� Price said. 鈥淲e need to make sure that people feel that, that people feel welcome here, that we’re celebrating local D.C. culture, as well as creating a space for global interaction.鈥�
