2016 Mid-Year Office Market Report

Office Market Activity Boost in Prince George’s County

Market Reports

Our 2016 mid-year office market report indicates that there is an office market activity boost in Prince George’s County during the first two quarters of the year.

Over the first half of the year, increased interest in Prince George’s County contributed to an office market activity boost. The County’s office market is showing signs of growth, while the Washington DC office market has been slowing down. One reason for this is the attractive rental rates in Prince George’s County. The average office rental rate is approximately $30 less in Prince George’s County than in the District of Columbia.

Additionally, there has been an increase in the number of transactions in the county – 79 full service office leases and 18 office sales over 15,000 square feet have been completed. As we’ve recently reported, this is part of the dramatic increase in office investment sales in suburban Maryland. We expect sales of multi-tenanted office buildings to ultimately benefit office tenants. There will be a push to upgrade and renovate properties to more modern standards. This means that some buildings will finally receive long-awaited upgrades, both cosmetic and in the systems that support their workplace environments.

VIEW NAI MICHAEL’S FULL 2016 MID-YEAR OFFICE MARKET REPORT

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Industrial Property Demand in Prince George’s County

Upcoming Events

Apr
5
Wed
5:30 pm 10th Annual Taste of Bowie / Fas...
10th Annual Taste of Bowie / Fas...
Apr 5 @ 5:30 pm – 8:30 pm
“Cheers to 10 Years”is this year’s theme for the fabulous evening of Restaurants and Fashion co-sponsored by GBCC and Soroptimist. Proceeds benefit both organizations’ scholarship funds plus GBCC’s Youth Leadership Bowie. Ticket price includes Signature[...]
Apr
21
Fri
7:30 am GBCC State of the County Breakfast
GBCC State of the County Breakfast
Apr 21 @ 7:30 am – 10:00 am
Come meet the County movers and shakers! Address by Prince George’s County Council Member Todd Turner, District 4. Breakfast provided. When: Friday, April 21, 2017 7:30 AM thru 10:00 AM Where: Comfort Inn & Conference Center[...]
Apr
28
Fri
8:00 am GBCC 19th Annual Golf Tournament
GBCC 19th Annual Golf Tournament
Apr 28 @ 8:00 am – 3:00 pm
Join us for this exciting Fundraising Event………. Registration 8:00 a.m. / Shotgun Start 9:00 a.m. Proceeds benefit the educational programs sponsored by the Chamber including Youth Leadership Bowie & the Women in Business Scholarship Fund.[...]
May
3
Wed
7:30 am Prince George’s County 2017 Stat...
Prince George’s County 2017 Stat...
May 3 @ 7:30 am – 10:30 am
The Greater Prince George’s Business Roundtable and the Prince George’s County Economic Development Corporation are pleased to invite you to join us at Prince George’s County Executive Rushern L. Baker, III’s 2017 State of the[...]
Jun
15
Thu
5:30 pm EDC Thirsty (For Business) Thurs...
EDC Thirsty (For Business) Thurs...
Jun 15 @ 5:30 pm – 7:00 pm
Join Team EDC for the June installment of the best networking event in Prince George’s County! Meet and Mingle with the most prominent movers and shakers in the county at Fishnet Restaurant in College Park, MD![...]

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