Industrial Vacancy Rates at All-time Low
Industrial vacancy rates are at an all-time low of 6.7% in Prince George’s County.
High demand has contributed to low industrial vacancy rates. Approx. 880,000 square feet of new industrial space was delivered within the county in 2016. In addition, another 500,000 square feet is in the pipeline for 2017 delivery.
These positive trends have created a competitive Class A industrial market. Due to demand, average rental rates is at a high of $7.79 per square foot on a triple net basis. We expect rental rates to push higher in 2017 as industrial-zoned ground becomes increasingly scarce and the supply of vacant space continues to diminish.
As a result of these trends, we expect nearly all of Prince George’s County’s Class A industrial space will be absorbed within the next two years.
For additional details and transaction info, click here to view the full industrial market report.