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.



Industrial Vacancy Rates at All-time Low

Upcoming Events

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[...]
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[...]
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.[...]
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[...]
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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