Office vacancy declined in 2016 in Prince George's County

Office Vacancy Declined in 2016 for Prince George’s County

Market InsightMarket Reports

Over the course of 2016, office vacancy declined in Prince George’s County and in turn, average quoted rental rates have risen steadily.

 It was a year for the Prince George’s County office market. Office vacancy declined steadily every quarter, from 19.2% at the beginning of 2016 to 18.8% by year end. Based on 5-year averages and known construction activity, office vacancy is expected to drop to 17% by the end of 2017. Average full service rental rates increased in 2016, from $20.96 in Q1 to $21.43 in Q4.

A total of 114 office sale transactions were completed in 2016. These transactions totaled 2,597,862 square feet and $168,786,687 in sales volume. Many new owners plan on investing substantial capital into their assets to retain and attract tenants. For leasing, over 153 full service leases were completed, representing 530,820 square feet. One of the largest lease deals of 2016 was with the growing tech-education company, 2U Inc. They are in the process of relocating into 252,950 square feet they leased at 4900 Harkins Road in the Lanham/New Carrollton area.

FOR A FULL OFFICE MARKET REPORT, CLICK HERE

 

Previous
Industrial Vacancy Rates at All-time Low
Next
NAI Michael’s Agents Present at CEG Annual Economic Empowerment Conference

Upcoming Events

Mar
2
Fri
8:30 am MBIA Prince George’s County Chap... @ County Administration Building
MBIA Prince George’s County Chap... @ County Administration Building
Mar 2 @ 8:30 am – 10:00 am
EVENT INFORMATION0000000 Keep reading
Mar
7
Wed
8:30 am PGCOC Economic Development Commi... @ PGCOC Office
PGCOC Economic Development Commi... @ PGCOC Office
Mar 7 @ 8:30 am – 10:00 am
EVENT INFORMATION & CONTACT0000000 Keep reading
Mar
8
Thu
8:00 am Bowie CoC State of the County Br... @ The Country Club at Woodmore
Bowie CoC State of the County Br... @ The Country Club at Woodmore
Mar 8 @ 8:00 am – 10:00 am
REGISTER FOR EVENT HERE0000000 Keep reading
Mar
21
Wed
all-day ICSC Mid-Atlantic Conference & D... @ Gaylord National Resort & Conference Center
ICSC Mid-Atlantic Conference & D... @ Gaylord National Resort & Conference Center
Mar 21 – Mar 22 all-day
EVENT INFORMATION & REGISTRATION0000000 Keep reading
Apr
4
Wed
8:30 am PGCOC Economic Development Commi... @ PGCOC Office
PGCOC Economic Development Commi... @ PGCOC Office
Apr 4 @ 8:30 am – 10:00 am
EVENT INFORMATION & CONTACT0000000 Keep reading
Apr
12
Thu
5:30 pm Bowie CoC After Hours Mixer @ Metroplex I
Bowie CoC After Hours Mixer @ Metroplex I
Apr 12 @ 5:30 pm – 7:30 pm
REGISTER FOR EVENT HERE0000000 Keep reading
May
2
Wed
5:30 pm Maryland CoC Business Hall of Fa... @ BWI Hilton
Maryland CoC Business Hall of Fa... @ BWI Hilton
May 2 @ 5:30 pm – 9:00 pm
REGISTER FOR THIS EVENT0000000 Keep reading

Archived Posts