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News Detail
Corporate Housing: Setting Up the New White House
Date: January 13 2009
Source: Perspectives for Corporate Housing Professionals
Website:
Known as the largest corporate housing property in the U.S., our nation's White House is preparing for new occupants. President-elect Barack Obama will sign a 4-year family-friendly, pet-friendly temporary housing lease on January 20, 2009. (A home-based office is also included!)
Corporate housing is gearing up for its role in the new administration. In preparation for the inauguration, temporary rentals have been secured throughout the D.C. area. Initial estimates were for 4 million inaugural visitors needing short-term rentals, although that has been revised downward in recent days. Says Tania Odabashian, co-owner of Corporate Apartment Specialists, "We have seen some demand for inaugural stays, although not as high as first predicted. Other providers have indicated this as well. We are even hearing that some hotels still have availability."
What will the longer-term impact of this new leadership be for corporate housing providers? Jeff Smith, president of Interim Housing Solutions, feels that once the Obama administration is in place and policies and plans begin to be executed, the demand for corporate housing will start to rise.
"If I had to make a prediction" Smith says, "I think in the short run we'll see demand from the agencies that have been using corporate housing (i.e., Homeland Security, DOD, etc.) but as the year marches on, we'll find agencies and departments that historically were not using corporate housing begin to have a need. This will also be the case with consulting firms who are hired by the government to assist with the new administration."
Associated Press writer Brian Westley released an article this week (1/11/09) underscoring this confidence. He sees the most immediate demand as being from companies seeking a piece of Washington's $700 billion financial bailout. In that article, Jon Wohlfert of BridgeStreet Worldwide shares that he has seen an upswing in bookings from consulting companies such as Ernst & Young and Deloitte that are looking to bring workers to the area.
Ned Scharpf, co-owner of Corporate Apartment Specialists, adds a final interesting note. "In addition to calls from the more typical government crowd, we're seeing a demand from a younger generation of corporate housing renters, anticipating the change. Some are even recent graduates coming to Washington with no firm job offers, yet committed to securing a position or role in the new administration."
As AP writer Westley states, "When the nation's in pain, Washington often gains." If predictions hold true, 2009 will likely prove strong for corporate housing in Washington.
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