Washington, D.C. poised to overtake N.Y.C. as most expensive office rental market

Washington, D.C. is going to bump New York City out of the top honors for having the most expensive office rental market in the country this year.

With the recent move of Hilton to D.C. and now Northrop Grumman, many businesses, lobbyists and corporations alike are flocking to the city.

New York’s office vacancy rate climbed after Lehman Brothers collapsed in September of 2008, Daily Finance reported. Government’s growth and firms that associate with the government needing office space are direct examples of why D.C. is poised to become even more expensive.