The office construction boom—started in 2016 when a record 3.7 million sq. ft. broke ground in the District—is set to come to a wrap. By the end of 2022, all projects under construction or renovation are scheduled to deliver, with no new product currently slated for completion in 2023. While overall vacancy has become increasingly elevated during the pandemic, ending Q1 2021 at 17.4%, the expected halt in new supply and Trophy construction will likely tighten the top segment of the market.