The market has changed substantially since we first published this research in August of 2008. Led by the bust in the housing market, performance in the commercial sector took a sharp downturn in the fall of 2008, and the current recession has negatively impacted all sectors of the commercial real estate market. With this update, we set out to see whether the relationships between employment and hotel performance held true through year-end. Specifically, within the greater Washington, D.C. market, has the change in the employment picture had an impact on the health of the office market, and, if so, does the correlation between office market demand and hotel room demand still hold true?

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