Thank you to the Greater Prince George’s Business Roundtable for releasing the Quality of Life Index for Prince George’s County, including data showing major improvements in all facets of life in the County. http://www.bizroundtable.org/cms/wp-content/uploads/2014/05/6105PGBRTQofL8.pdf
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
CENTRAL PRINCE GEORGE’S COUNTY INDUSTRIAL ANALYSIS
The Central Prince George’s County Industrial subset would consist of the Landover/Largo and Cheverly/Hyattsville submarket. The total rentable base area for this subset is approximately twenty one million square feet in total, representing roughly 1/3 of the entire Prince George’s County Industrial market. The Central Prince George’s County submarkets have thrived over the years due to their proximity to Washington, DC and ease of access to the Capital Beltway making for an invaluable local/regional distribution point. Presently the subset is experiencing a higher than average vacancy rate of approximately 15%. Most of the vacant spaces however are in older class C buildings that are now considered obsolete due to lack of truck court depth, lower ceiling heights or a variety of other deficiencies. If you restrict the view of the subset to modern product (defined as built or renovated yr 2000 or later) the vacancy rate falls to just 2% of the approximately 1.8 million square feet of existing product.
By Elizabeth P. Daily, Vice President, NAI Michael
The deadline of September 2011 for occupancy continues to pressure the construction teams to finish work on all military bases. The biggest occupancy move is expected at Fort Meade with about 20,000 new jobs on Base and space needs near the Base as well for contractors. Andrews is expecting 2,800 with new office buildings and improvements on the runways.
Fort Detrick in Frederick, Maryland has eight new labs underway and construction improvements to the Base such as improved gates. Aberdeen has new office space underway in partnership with St. John Properties. These buildings are leasing up prior to construction since this Base had no excess office space in place. Major contractors are taking large amounts of space near these Bases since they recognize the shortage of existing inventories in the state, unlike Virginia where there is excess space waiting for occupancy.
Government contractors need to recognize that their needs will be met if they push forward the time lines for decisions – time is critical.
By Monique A. Walker, Associate, NAI Michael
There is a growing trend to look toward Prince George’s County, MD to house GSA contractors and Federal Agencies, as development costs as well as security and transportation logistics become central to Tenancy opportunities. Hard to find developable areas near the Capital Beltway and on metro rail have put Prince George’s County in a class of its own, as the county has available green space, ripe for development. In particular, the Branch Avenue metro rail and Joint Base Andrews (formerly named Andrews Air Force Base) business corridors offer endless development possibilities and great incentives for GSA Tenants who wish to be located just off a major interstate and on metro rail, and in proximity to the multi-faceted Joint Base Andrews.
Joint Base Andrews and the Branch Avenue metro-rail are approximately 1 mile apart, affording each corridor the benefit of the other. Joint Base Andrews corridor offers base-related growth and access to the Capital Beltway. The Branch Avenue metro rail corridor, located just inside the Capital Beltway, boasts the largest east coast campus of Strayer University and offers a quick commute to the seat of government in Washington, DC, as well as several acres of developable land. The potential for a symbiotic relationship where the expansion of duties of the Joint Base, and the attendant need for office space will connect the two corridors, has led to regional appeal. As a result, the two corridors are being considered by highly sought after Federal Tenants.
By Kwasi G. Holman, Washington Post
Monday, August 2, 2010
Whenever the federal government casts its net for office space in the Washington region’s commercial real estate market, the District and Fairfax, Arlington and Montgomery counties are the ones most likely to snag the leases — and the economic benefits. But Prince George’s County is often overlooked.
More than 25 percent of the region’s federal workforce resides in Prince George’s, according to the National Center for Smart Growth Research and Education at the University of Maryland. Yet the county has only 70 out of 1,134 federal leases in the region’s private market, according to Jeffrey D. Ludwig, senior vice president at NAI Michael, a real estate firm in the county.
By Andy Mayr, Senior Vice President, NAI Michael
It’s that time again! You have 1, 3 or 6 months to decide whether you should do one or more of the following options:
- renew your lease where you are
- relocate the entire business operations to a more well-suited space/building
- renew and expand at your current lease
- consider purchasing instead of leasing
- down-sizing to a smaller space
- search the market for a better deal
- open an secondary business location
- sell your property and lease space instead
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