Wrapped
2024
Wrapped
2024
Wrapped
2024
2024 was a
2024 was a
big year
big year
for the Partnership.
for the Partnership.
WDCEP Wins in 2024
17
Projects Won
17
Projects Won
1,191
1,191
Total Jobs
1,191
Total Jobs
302k
302k
Total Square Feet of Space Leased
302k
Total Square Feet of Space Leased
An Active Pipeline
216
Active Projects
14,193
Total Jobs
3.375M
Total Square Feet
$28m+
CapEx
Letter from our President & CEO
Letter from our President & CEO
As we begin the new year, I am filled with a sense of gratitude for the progress we have made together in 2024. This year marked my first full year as President & CEO of the Washington DC Economic Partnership, and it has been a transformative period for our organization and the city we serve.
As we begin the new year, I am filled with a sense of gratitude for the progress we have made together in 2024. This year marked my first full year as President & CEO of the Washington DC Economic Partnership, and it has been a transformative period for our organization and the city we serve.
Reflecting on the past year, I am proud to highlight all our city has achieved, especially in Downtown. At this time last year, we were faced with the potential of losing the Wizards and Capitals. But, as the District does, we showed our resiliency. We successfully retained Monumental Sports and Entertainment and doubled down on plans to revitalize Gallery Place/Chinatown. Now, just one year later, both teams have recommitted to DC for decades to come, renovations are underway, and there is a renewed optimism for the future. (And perhaps, next year we will be celebrating another team's return to DC.)
In partnership with the Deputy Mayor’s Office of Planning and Economic Development, six new Vitality Fund awardees were announced, representing 800+ jobs and over 143,000 square feet of office space in our downtown core.
The foundation laid by the Mayor's Comeback Plan in 2023 has proven effective, allowing us to build on our successes. In 2024, we won more projects, created more jobs, filled more office space, and nearly doubled our active project pipeline. Our tech sector in particular experienced remarkable growth this year. With the launch of the recently established DC Venture Capital Fund, we are poised to amplify this momentum even further.
Looking ahead, our aspirations are focused on enhancing the economic landscape in Washington, DC. We recognize the critical role of innovation in driving economic growth and are committed to attracting and retaining businesses in this sector. Our team is dedicated to fostering an environment where startups and established companies can thrive, ensuring that Washington, DC, remains a destination for talent and investment.
I would like to take a moment to express my deepest gratitude. First, to our Board of Directors for their unwavering support and guidance. Your commitment to our mission has been invaluable. To our dedicated staff, your hard work and passion are the driving forces behind our success, and I am continually inspired by your efforts. Lastly, to each of you who have taken the time to engage with our initiatives and celebrate our accomplishments, thank you for being an integral part of our journey.
As we navigate the challenges and opportunities that lie ahead, I remain optimistic about our path forward. With your continued support and collaboration, I am confident that we will further enhance Washington, DC's position as a vibrant and inclusive economic hub.
Thank you for being a part of our mission. Together, let us build on our successes and create a prosperous future for all.
Derek Ford, President & CEO
Washington DC Economic Partnership
I would like to take a moment to express my deepest gratitude. First, to our Board of Directors for their unwavering support and guidance. Your commitment to our mission has been invaluable. To our dedicated staff, your hard work and passion are the driving forces behind our success, and I am continually inspired by your efforts. Lastly, to each of you who have taken the time to engage with our initiatives and celebrate our accomplishments, thank you for being an integral part of our journey.
As we navigate the challenges and opportunities that lie ahead, I remain optimistic about our path forward. With your continued support and collaboration, I am confident that we will further enhance Washington, DC's position as a vibrant and inclusive economic hub.
Thank you for being a part of our mission. Together, let us build on our successes and create a prosperous future for all.
Derek Ford, President & CEO
Washington DC Economic Partnership
Board of Directors
Board of Directors
Public Sector Partners
Public Sector Partners
Private Sector Partners
Private Sector Partners
Business Retention, Expansion, and Attraction
Business Retention, Expansion, and Attraction
The Business Retention, Expansion and Attraction (BREA) team offers valuable resources, one-on-one consultations, and strategic sessions to startups, local businesses, and national firms, all at no cost.
Our initiatives extend beyond regional boundaries, pursing national and international corporate headquarter relocation opportunities, marketing Washington, DC to regional businesses, and retaining existing employers. We actively foster a thriving and dynamic economic landscape in the District.
The Business Retention, Expansion and Attraction (BREA) team offers valuable resources, one-on-one consultations, and strategic sessions to startups, local businesses, and national firms, all at no cost.
Our initiatives extend beyond regional boundaries, pursing national and international corporate headquarter relocation opportunities, marketing Washington, DC to regional businesses, and retaining existing employers. We actively foster a thriving and dynamic economic landscape in the District.
7
7
Trade Shows Attended
Trade Shows Attended
141
141
Engagements
Engagements
7
Trade Shows Attended
141
Engagements
81
81
Follow Up Meetings
Follow Up Meetings
81
Follow Up Meetings
61
61
Leads
Leads
57
57
Qualified Leads
Qualified Leads
61
Leads
57
Qualified Leads
21
21
Projects
Projects
21
Projects
International Attraction
In 2024, WDCEP made significant strides to enhance Washington, DC’s appeal as an international business destination. In partnership with key stakeholders, we launched the Washington, DC Global Soft Landing Program to support international companies establishing a presence in DC.
To promote this program, WDCEP organized Familiarization (Fam) Tours, engaging embassies from target countries such as the United Kingdom, Germany, Canada, South Korea, and Spain. These tours showcased the unique opportunities only in Washington, DC, fostering valuable relationships that pave the way for future investments and collaborations.
These international attraction efforts culminated at the 2024 SelectUSA Investment Summit, where thousands of international companies interested in US expansion gathered. This was highlighted by the Global Grand Slam event we hosted at Nationals Park, attracting over 500 attendees.
In 2024, WDCEP made significant strides to enhance Washington, DC’s appeal as an international business destination. In partnership with key stakeholders, we launched the Washington, DC Global Soft Landing Program to support international companies establishing a presence in DC.
To promote this program, WDCEP organized Familiarization (Fam) Tours, engaging embassies from target countries such as the United Kingdom, Germany, Canada, South Korea, and Spain. These tours showcased the unique opportunities only in Washington, DC, fostering valuable relationships that pave the way for future investments and collaborations.
These international attraction efforts culminated at the 2024 SelectUSA Investment Summit, where thousands of international companies interested in US expansion gathered. This was highlighted by the Global Grand Slam event we hosted at Nationals Park, attracting over 500 attendees.
Retention Blitz
WDCEP launched an acceleration of its existing retention program in January 2024. The objective of the acceleration, dubbed “Retention Blitz,” was to quickly gather feedback and communicate a confident, stable, action-oriented message to the business community.
These blitzes are aimed to strengthen relationships with businesses already established in the city, involving a multi-disciplined outreach strategy to both retail and office tenants. During meetings, we collected information critical to the understanding of today’s tenant-base, and offered support and resources to address any challenges they face.
By focusing on retention, WDCEP reaffirms its commitment to fostering a thriving business environment in the District and ensuring that local employers receive the attention and assistance necessary to sustain their operations and contribute to the city’s economic vitality.
WDCEP launched an acceleration of its existing retention program in January 2024. The objective of the acceleration, dubbed “Retention Blitz,” was to quickly gather feedback and communicate a confident, stable, action-oriented message to the business community.
These blitzes are aimed to strengthen relationships with businesses already established in the city, involving a multi-disciplined outreach strategy to both retail and office tenants. During meetings, we collected information critical to the understanding of today’s tenant-base, and offered support and resources to address any challenges they face.
By focusing on retention, WDCEP reaffirms its commitment to fostering a thriving business environment in the District and ensuring that local employers receive the attention and assistance necessary to sustain their operations and contribute to the city’s economic vitality.
1,179
1,179
Employers Contacted
Employers Contacted
189
189
Meetings Held
Meetings Held
13,650
13,650
Full Time Employees
Represented
Full Time Employees
Represented
3.654M
3.654M
Companies SF
Companies SF
Vitality Fund
The Vitality Fund is an incentive designed to support companies that are relocating to, or expanding, in Washington, DC. The program encourages the creation of new jobs and capital investment, attracts corporate office tenants, fosters the growth of DC based businesses, and supports Downtown revitalization.
2024 Awardees:
The Vitality Fund is an incentive designed to support companies that are relocating to, or expanding, in Washington, DC. The program encourages the creation of new jobs and capital investment, attracts corporate office tenants, fosters the growth of DC based businesses, and supports Downtown revitalization.
2024 Awardees:
Acumen
Kellen
Meridiam
Acumen
Kellen
Meridiam
Quadrant Strategies
Ryan
Virtru
Quadrant Strategies
Ryan
Virtru
$26.3M
$26.3M
Capital Investment
Capital Investment
813
813
Jobs Represented
Jobs Represented
143,475
143,475
Square Feet of Leased Office Space
Square Feet of Leased Office Space
Tech Innovation
47
47
Company Demos
Company Demos
3
3
Demo Company Acquisitons
Demo Company Acquisitons
$375M
$375M
Raised by Demo Companies
Raised by Demo Companies
Key Supporter of
Key Supporter of
DC FinTech Summit
DC FinTech Summit
International Attraction
In 2024, WDCEP made significant strides to enhance Washington, DC’s appeal as an international business destination. In partnership with key stakeholders, we launched the Washington, DC Global Soft Landing Program to support international companies establishing a presence in DC.
To promote this program, WDCEP organized Familiarization (Fam) Tours, engaging embassies from target countries such as the United Kingdom, Germany, Canada, South Korea, and Spain. These tours showcased the unique opportunities only in Washington, DC, fostering valuable relationships that pave the way for future investments and collaborations.
These international attraction efforts culminated at the 2024 SelectUSA Investment Summit, where thousands of international companies interested in US expansion gathered. This was highlighted by the Global Grand Slam event we hosted at Nationals Park, attracting over 500 attendees.
Retention Blitz
WDCEP launched an acceleration of its existing retention program in January 2024. The objective of the acceleration, dubbed “Retention Blitz,” was to quickly gather feedback and communicate a confident, stable, action-oriented message to the business community.
These blitzes are aimed to strengthen relationships with businesses already established in the city, involving a multi-disciplined outreach strategy to both retail and office tenants. During meetings, we collected information critical to the understanding of today’s tenant-base, and offered support and resources to address any challenges they face.
By focusing on retention, WDCEP reaffirms its commitment to fostering a thriving business environment in the District and ensuring that local employers receive the attention and assistance necessary to sustain their operations and contribute to the city’s economic vitality.
1,179
Employers Contacted
189
Meetings Held
13,650
Full Time Employees
Represented
3.654M
Companies SF
Vitality Fund
The Vitality Fund is an incentive designed to support companies that are relocating to, or expanding, in Washington, DC. The program encourages the creation of new jobs and capital investment, attracts corporate office tenants, fosters the growth of DC based businesses, and supports Downtown revitalization.
2024 Awardees:
Acumen
Kellen
Meridiam
Quadrant Strategies
Ryan
Virtru
$26.3M
Capital Investment
813
Jobs Represented
143,475
Square Feet of Leased Office Space
Tech Innovation
47
Company Demos
3
Demo Company Acquisitons
$375M
Raised by Demo Companies
Key Supporter of
DC FinTech Summit
2025 Goals:
2025 Goals:
Convert project pipeline to DC wins, attracting new domestic and international companies to the District.
Universities Satellite Campuses: Search nationally to expand the number of satellite university locations in DC.
Job Retention & Growth: Support the city’s economic revitalization by maintaining our high level of employment and attracting new businesses and full-time employees.
High-Growth Sectors: Focus on attracting and keeping companies within target sectors such as tech, consulting, and education.
Office-to-Residential Conversions: Work with key players in DC’s-built environment to support the ongoing transformation from office to residential use.
Convert project pipeline to DC wins, attracting new domestic and international companies to the District.
Universities Satellite Campuses: Search nationally to expand the number of satellite university locations in DC.
Job Retention & Growth: Support the city’s economic revitalization by maintaining our high level of employment and attracting new businesses and full-time employees.
High-Growth Sectors: Focus on attracting and keeping companies within target sectors such as tech, consulting, and education.
Office-to-Residential Conversions: Work with key players in DC’s-built environment to support the ongoing transformation from office to residential use.
Retail Attraction and Expansion
Retail Attraction and Expansion
Since its founding, the Partnership has assisted more than 350 retailers, restaurants, and entertainment businesses open and expand in our nation’s capital, representing nearly 5 M SF of real estate transactions and providing $100M+ in annual sales tax revenue to DC.
2024 highlights include Fireman Hospitality Group announcing their first restaurant in DC with Café Fiorello set to open in downtown, Trader Joe's planning to open two new grocery stores in the city, and London-based Flight Club bringing its "social darts" concept to downtown. In total, the retailers WDCEP assisted with in 2024 will produce an estimated $2.6 million in annual sales tax revenue.
Since its founding, the Partnership has assisted more than 350 retailers, restaurants, and entertainment businesses open and expand in our nation’s capital, representing nearly 5 M SF of real estate transactions and providing $100M+ in annual sales tax revenue to DC.
2024 highlights include Fireman Hospitality Group announcing their first restaurant in DC with Café Fiorello set to open in downtown, Trader Joe's planning to open two new grocery stores in the city, and London-based Flight Club bringing its "social darts" concept to downtown. In total, the retailers WDCEP assisted with in 2024 will produce an estimated $2.6 million in annual sales tax revenue.
2025 Goals:
2025 Goals:
Lead the District's retail attraction efforts at Entertainment Experience Evolution, ICSC Las Vegas, and ICSC Mid-Atlantic.
Target experiential and immersive concepts to activate our commercial areas.
Continue to target grocery and food & beverage tenants to expand into new and emerging markets, including downtown.
Continue to engage with developers, landlords, brokers, and our local partners to provide real estate opportunities to new and expanding concepts.
Lead the District's retail attraction efforts at Entertainment Experience Evolution, ICSC Las Vegas, and ICSC Mid-Atlantic.
Target experiential and immersive concepts to activate our commercial areas.
Continue to target grocery and food & beverage tenants to expand into new and emerging markets, including downtown.
Continue to engage with developers, landlords, brokers, and our local partners to provide real estate opportunities to new and expanding concepts.
Economic Intelligence
Economic Intelligence
As a foundational program, the Partnership's research and economic intelligence provides both the public and private sectors with vital insight into the District's evolving economy. Whether at the city or neighborhood level, our data provides critical insight into where new investments are being made where future growth will occur.
As a foundational program, the Partnership's research and economic intelligence provides both the public and private sectors with vital insight into the District's evolving economy. Whether at the city or neighborhood level, our data provides critical insight into where new investments are being made where future growth will occur.
DC Development Report
Groundbreakings in the District totaled 6.1 M SF in 2023
Major project starts in 2023 included the redevelopment of the former Mazza Gallerie shopping center, 600 5th Street (former WMATA headquarters), Wardman Park (former Wardman Park Hotel), Barnaby & 7th, and The Accolade (office to residential conversion).
There are nine office conversion projects under construction representing an estimated 1,370 residential units and 248 hotel rooms. These projects are converting an estimated 860,000 SF of office space
5,320 residential units were delivered in 2023. In 2024, more than 9,100 units are scheduled to deliver, a 72% increase from 2023.
The 271-room Royal Sonesta Washington, DC Capitol Hill was the only new hotel project to deliver in 2023. In 2024, 970 new hotel rooms are expected to come online
1,700+ WDCEP report downloads
Groundbreakings in the District totaled 6.1 M SF in 2023
Major project starts in 2023 included the redevelopment of the former Mazza Gallerie shopping center, 600 5th Street (former WMATA headquarters), Wardman Park (former Wardman Park Hotel), Barnaby & 7th, and The Accolade (office to residential conversion).
There are nine office conversion projects under construction representing an estimated 1,370 residential units and 248 hotel rooms. These projects are converting an estimated 860,000 SF of office space
5,320 residential units were delivered in 2023. In 2024, more than 9,100 units are scheduled to deliver, a 72% increase from 2023.
The 271-room Royal Sonesta Washington, DC Capitol Hill was the only new hotel project to deliver in 2023. In 2024, 970 new hotel rooms are expected to come online
1,700+ WDCEP report downloads
Story Maps
WDCEP launched two new Story Maps in FY24: University District and International Capital.
DC’s anchor and satellite higher education institutions that have successfully opened new or expanded existing locations include University of Southern California, Syracuse, Princeton, Texas A&M, among others. The George Washington University grew its portfolio including the acquisition of 2001 Pennsylvania Avenue, NW. Georgetown University continued to expand its Capital Campus footprint at the McCourt School of Public Policy, the Law Center, and a growing portfolio of residential properties east of its main campus.
11,000+ WDCEP map views in FY24 – an 86% increase from 2023!
WDCEP launched two new Story Maps in FY24: University District and International Capital.
DC’s anchor and satellite higher education institutions that have successfully opened new or expanded existing locations include University of Southern California, Syracuse, Princeton, Texas A&M, among others. The George Washington University grew its portfolio including the acquisition of 2001 Pennsylvania Avenue, NW. Georgetown University continued to expand its Capital Campus footprint at the McCourt School of Public Policy, the Law Center, and a growing portfolio of residential properties east of its main campus.
11,000+ WDCEP map views in FY24 – an 86% increase from 2023!
2025 Goals:
2025 Goals:
Analyze key economic clusters to support business attraction efforts
Produce 2024 DC Neighborhood Profiles and DC Development Report: 2024/2025 Edition
Create marketing materials targeting key retail & entertainment users.
Analyze key economic clusters to support business attraction efforts
Produce 2024 DC Neighborhood Profiles and DC Development Report: 2024/2025 Edition
Create marketing materials targeting key retail & entertainment users.
Financials
Financials
*Unaudited Financials
*Unaudited Financials
Staff
Staff
President & CEO
Derek Ford
President & CEO
Derek Ford
President & CEO
Derek Ford
COO
Chad Shuskey
COO
Chad Shuskey
COO
Chad Shuskey
VP of Real Estate Services
Suzanne White
VP of Real Estate Services
Suzanne White
VP of Real Estate Services
Suzanne White
VP, Tech Sector Attraction & Retention
Kevin Morgan
VP, Tech Sector Attraction & Retention
Kevin Morgan
VP, Tech Sector Attraction & Retention
Kevin Morgan
Director, Marketing & Communications
Jez Kline
Director, Marketing & Communications
Jez Kline
Director, Marketing & Communications
Jez Kline
Creative Director
Casey Kelley
Creative Director
Casey Kelley
Creative Director
Casey Kelley
Director, Business Attraction
Kathrine VanLiew
Director, Business Attraction
Kathrine VanLiew
Director, Business Attraction
Kathrine VanLiew
Interim Sr. Mgr. of Operations
Sarah Bashir
Interim Sr. Mgr. of Operations
Sarah Bashir
Interim Sr. Mgr. of Operations
Sarah Bashir
Business Development Manager
Angela Cordovez
Business Development Manager
Angela Cordovez
Business Development Manager
Angela Cordovez
Thanks for visiting, here's to 2025!
Thanks for visiting, here's to 2025!