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REVIVE: Exploring What's Making Greater Washington Vibrant

A partnership with the Washington Business Journal

Want to Keep Up With the Pace of the Region?

REVIVE, our proprietary index of Greater Washington activity, supports regional leaders in navigating these complex and challenging times.

The index empowers businesses to monitor and forecast the scale of change in the region as the way we live, work and play changes over time. We have partnered with the Washington Business Journal to publish the results of the REVIVE index helping Greater Washington plan for a dynamic and resilient future.

Greater Washington REVIVE Index Drops Sharply in July; Three Reasons It May Be More Resilient Than It Appears

The Greater Washington REVIVE index dropped 5.3% in June compared to the previous month, one of the more sizable monthly pullbacks over the last several years.

The primary driver behind the decline was weaker commercial and residential investment sales activity. Limited transaction volume, softer pricing and reduced investor sentiment weighed on market performance. A 70-basis point increase in the 10-year U.S. Treasury yield since March, coupled with ongoing uncertainty surrounding federal government contraction, likely contributed to more cautious investor behavior.

Despite the headline decline, three notable trends suggest Greater Washington's underlying vibrancy remains stronger than the monthly index result alone may indicate.

First, demand for commercial space and apartment units continues to strengthen. The number of occupied apartments in Greater Washington increased by 5,786 units during the second quarter of 2026, marking a second consecutive quarter of positive net absorption and a notable turnaround from the second half of 2025, when occupied apartment units declined by nearly 4,000. The trend is even more pronounced across the region's office, retail and industrial properties. Occupied commercial space increased by more than 1.2 million sq. ft. during the second quarter, marking a fourth consecutive quarter of occupancy gains. This represents a significant turnaround from 2025, when occupied commercial space decreased by nearly 1.4 million sq. ft.

Second, employment growth remains positive despite a higher unemployment rate. Although the regional unemployment rate increased in June, the total number of people employed in Greater Washington has continued to rise. Since February, the region has added approximately 17,500 jobs, a meaningful shift from the start of the year, when employment declined by 19,400 positions during January and February.

Third, America250 and the DC250 initiative continue to support regional activity and visitation. Employment in the metro area's leisure and hospitality sectors grew at its fastest June pace in five years. Hotel performance has also improved, with occupancy increasing 2.4 percentage points year over year following last year's sharp decline. Metro ridership continued to climb in June, reaching its highest level since 2020, while mobile-device movement data for residents and visitors reflects a similar upward trend.

Taken together, these indicators suggest Greater Washington's underlying fundamentals may be more resilient than the headline decline in the REVIVE Index would imply.

REVIVE Index Archive

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