This week corporate real estate leaders from around the world will descend on Washington, D.C. for the CoreNet Global Summit.

As always, the host city has an opportunity to show itself off in front of a captive audience of site location decision makers for the top global companies.

And despite a challenging office market, the news isn’t all bad, according to Washingtonian.

“There are two bright spots in the region’s office market: buildings built after 2020 and historic buildings that date from before 1950. Those are the only types that have seen more tenants leasing space than leaving in the past year,” according to the article, citing Melina Duggal, a senior director of market analytics for Washington, D.C., at CoStar, a commercial real-estate data-analytics firm.

“As leases expire, many companies are downsizing and taking a “flight to quality,” she says, opting for space in a newer building with the latest bells and whistles. In this area, quality also refers to older historic buildings, which can have a lot of charm.”

The region is also likely to see more office to residential conversions.

The lack of sites to build on and the high cost of new construction mean that our region will likely see more office-to­-residential conversions in the next few years, says Kelly Mangold, a principal with RCLCO, a real-estate consulting firm. Incentives such as 20-year tax abatements, relaxed zoning regulations, and an accelerated pace of permit review make conversions easier, according to the article.