Rents and height limits

At the Retail Action Strategy working group meeting yesterday, a developer mentioned that comparing pro formas (analyses of construction cost, financing, and the lease rates necessary to go ahead and build) between Chicago and DC, that rental costs in DC are almost 2x higher than in Chicago, for "Class A" buildings.

And the Examiner has an article, "Office rents, incentives rise in D.C., N.Va.," comparing rental rates in DC and Northern Virginia, although these are averages. From the article:

In downtown Washington, total rent rose to $64 per square feet, and concessions — which are calculated based on a 10-year financing period — rose by 4.3 percent to $60 per square foot in 2007. In Northern Virginia, concessions jumped 40 percent to $70 per square foot, while rent climbed to $36.25. This is the second year that incentives climbed in both areas.