Category: Market Insight

New and ongoing development projects - Riverdale Park Station

State of the Economy Previews New and Ongoing Development Projects in Prince George’s County

Market Insight

There are a number of new and ongoing development projects that are contributing to economic development in Prince George’s County, according to the 2016 Prince George’s County State of the Economy Address that NAI Michael had the pleasure of attending on April 13, 2016.

Many new and ongoing development projects were highlighted during the State of the Economy for Prince George’s County. County Executive Rushern L. Baker III, Jim Coleman of the Prince George’s County EDC, Derrick L. Davis of the County Council, and Jim Estepp of the Prince George’s Business Roundtable all spoke about the transformation and re-envisioning of the County. In fact, Baker said that there are more than $7 billion worth of projects in the pipeline, including:

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2015 Industrial Market Report

2015 Industrial Market Year End Wrap-Up!

Market InsightMarket Reports

The Prince George’s County 2015 industrial market grew, with many new facilities delivered and new tenants coming into the market. We review the 2015 industrial market and look ahead to what 2016 will hold for the county.

The 2015 industrial market was rife with new inventory in Prince George’s County. Over 900,000 SF of new, class A facilities came to the market, including Cabin Branch Industrial Park, Andrews Federal Campus and Collington Park. Tenants are starting to make the switch from class B and C space into better class A space. Also, we are seeing many northern Virginia tenants moving into Prince George’s County, which has more affordable rental rates. The increase in demand led to positive tenant absorption and a 5.5% increase in rental rates on average.

In Prince George’s County, there are seven primary class A industrial projects which could be viable for a large industrial user. These include SteepleChase 95, Cabin Branch Industrial Park, Andrews Federal Campus, the Brick Yard, and Collington Park. This class A space will be in high demand during 2016 and is expected to be fully absorbed over the next 36 months.

Interested in reading more about the 2015 industrial market in Prince George’s County? Check out the full report here.

By Lance Schwarz & Peter Burleigh

 

Hiring a Commercial Agent

5 Great Benefits of Hiring a Commercial Agent

Market Insight

As a property owner, you may wonder if there are benefits to hiring a commercial agent and how they can help you. Highlighted below are five reasons hiring a commercial agent can help you sell or lease your property.

By Andy Mayr, CCIM

1. Employ an Expert: Typically, property owners (both sellers and landlords) do not have the experience of a professional real estate agent and could turn to hiring a commercial agent to help them sell and/or lease their property. Commercial agents (or commercial real estate brokers) can walk through a property and see right away what needs to be done in order to get a deal completed. Agents can recommend relatively simple improvements to a property that can help a space sell or lease faster and for a higher price. In many cases, property owners are so used to seeing their property that they will likely not realize what changes can be made to improve their property. 

2. Use of Sales Tools: Commercial real estate agents have a number of professional tools at their fingertips that can get your property exposed to a myriad of prospects. These tools include searchable databases, such as Costar and Loopnet, that have far-reaching access and can get your property in front of potential purchasers, tenants, and other brokers throughout the country. Property owners do not have access to these services unless they pay a very big subscription fee, but commercial brokers use these tools on behalf of their clients. Keep reading

Timing a Sale or Purchase of Real Estate

Market Insight

Timing a Sale Header

Many property owners ask themselves is “When is the right time to sell?” or “When do I go from leasing to owning?”

In regards to selling, there are many reasons for selling a property, some of which include:

  • taking gains knowing the market is near its peak
  • tax/estate reasons
  • personal, family or health reasons
  • choosing a different area/market
  • switching to a different type of property
  • acquiring something less management intensive
  • leveraging proceeds into a larger or multiple properties
  • cashing-out and hold for a down market
  • cashing-out and spending the money during retirement years

You, or possibly your accountant, would know best time to sell.  If you are just selling to play the real estate market and building wealth via appreciation/sweat equity, you need to time the market.  There are historical cycles in real estate, though there is no magic formula to use for timing.  Even the gurus sometimes get it wrong.  Currently we are in the up-swing.

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Prince George’s County – Experience. Expand. Explore.

Market Insight

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Last night, Prince George’s County Economic Development Corporation held its new Marketing and Branding Campaign Launch Party at National Harbor. The event was an excellent opportunity to hear about everything going on in the county, including the new hospital and potential FBI headquarters, to where Prince George’s County is going in the future. Speakers at the event included County Executive Rushern Baker, Council Chairman Mel Franklin, and EDC President Gwen McCall, among other county officials and business leaders.

The new branding campaign, “Prince George’s County – Experience. Expand. Explore.”, will highlight all the wonderful things in the county, both old and new, and will also attract new businesses and residents to Prince George’s County. The campaign consists of traditional advertising and social media content. There is even a new “Explore Prince George’s County” app that allows users to find things to do, dining, events, and lodging in Prince George’s County. Their new website connects people to all the ways they can learn about and interact with the county.

Everyone at NAI Michael is very excited about the new campaign, and we are looking forward to seeing how Prince George’s County grows! Experience. Expand. Explore.

Experience Prince George’s County

Expand Prince George’s County

Explore Prince George’s County

MRP Industrial Breaks Ground on 220,800-Square-Foot Spec Project in Prince Georges County

Market Insight

Lance Schwarz, vice president at NAI Michael, talks about a new 220,800 SF industrial project, Collington Park, in Prince George’s County .

“The shortage of industrially-zoned development sites has left limited options for tenants seeking modern, Class A distribution centers in order to service the nearly 10 million people in the Baltimore-Washington MSA”

Check out the full CityBiz article here

The Bus Depot Deal Closes – WMATA Buys in ‘Andrews Federal’

Market Insight

WMATA now officially has a place to park its buses.

The transit agency, officially known as the Washington Metropolitan Area Transit Authority, paid approximately $13.8 million recently for 35 industrial acres in the Andrews Federal Campus, in Forestville, MD.

A replacement facility for its Southern Avenue garage, the planned build-out now includes fleet maintenance and operations. WMATA had put out an RFP late last year seeking qualified firms to manage the design/build, and is reportedly expected to make a final choice from among the responding firms.

The deal is land sale number two for Andrews developer Jackson Shaw, but leaves the company with enough land to build two spec warehouses for its own account. Jackson Shaw had sold 12 acres to the Architect of the Capitol early in the park’s evolution, land that that federal agency has largely left fallow so far.

WMATA will do the grading on the 35 acres it just bought, but it got a cleared, platted site with utilities to the edge of the property. The agency will pay the seller an additional fee for off-lot development, pushing its ground price into the neighborhood of just of $11 per foot. Lance Schwarz and David Michael of NAI Michael represented Jackson Shaw.

Courtesy of Prince George’s Newsletter. For more information or to subscribe, visit www.marylandnewsletters.com

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