Prince George’s County Q2 Office Market Report

Market Reports

NAI Michael’s Q2 Office Market Report is out!

The Prince George’s County office market borders the District of Columbia from I-95 to the north and around to the Wilson Bridge and Potomac River on the south next to National Harbor and the proposed MGM casino. The Prince George’s County office market totals approximately 26 million square feet in 1,134 buildings at very affordable rates just over $20 per square foot compared to rates as high as $50 per square foot in DC’s central business district and approximately $28 per square foot in Montgomery County.

Click here for the full office market report.

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Timing a Sale or Purchase of Real Estate

Market Insight

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Many property owners ask themselves is “When is the right time to sell?” or “When do I go from leasing to owning?”

In regards to selling, there are many reasons for selling a property, some of which include:

  • taking gains knowing the market is near its peak
  • tax/estate reasons
  • personal, family or health reasons
  • choosing a different area/market
  • switching to a different type of property
  • acquiring something less management intensive
  • leveraging proceeds into a larger or multiple properties
  • cashing-out and hold for a down market
  • cashing-out and spending the money during retirement years

You, or possibly your accountant, would know best time to sell.  If you are just selling to play the real estate market and building wealth via appreciation/sweat equity, you need to time the market.  There are historical cycles in real estate, though there is no magic formula to use for timing.  Even the gurus sometimes get it wrong.  Currently we are in the up-swing.

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Ritchie Station Marketplace Groundbreaking

Company News

Last Friday was all about Dave & Buster’s and Phase III development at Ritchie Station Marketplace! We kicked off Phase III with a ceremonial groundbreaking at the site of the new restaurant/arcade/sports bar, Dave & Buster’s. The 40,000-square-foot restaurant will add 250 new jobs to Prince George’s County. Council Member Derrick L. Davis opened and closed the speeches, with many in between from our own Kenneth and Gary Michael to County Executive Rushern Baker.

Mr. Davis had kind words for Mr. Michael and NAI Michael – “Ken Michael is a catalyst. He is someone who really believes in Prince George’s County. He is someone who really believes in the community and utilizing the land that we have here in Prince George’s County for the best and the good economic development…” County Executive Rushern Baker honored the late Wayne K. Curry, the former county executive and our former company president,  by stating that Wayne “saw what the county was and what the county could be by working for the Michael’s company.” After the groundbreaking, Pohanka Hyundai hosted a wonderful reception. It was a beautiful day and a great way to celebrate the upcoming development.

A video of the groundbreaking can be found here.

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Prince George’s State of the County Breakfast

Company News

Last Thursday, the Prince George’s County Economic Development Corporation hosted a breakfast event at Colony South Hotel & Convention Center in Clinton, MD. It was a fantastic event with speeches from Prince George’s County elected officials about what’s been happening in the county and where it’s going from here. EDC President & CEO Gwen McCall talked about bringing in international business and announced that the entire county is now a Foreign Trade Zone. She also discussed Youth@Work, a summer employment program, and encouraged area businesses to use it to hire youth for the summer. We were also treated to an overview of the new EDC branding campaign, Experience, Expand, and Explore Prince George’s County.

There is a lot of activity going on in the county, from the potential FBI headquarters to MGM’s $925 million casino and resort at National Harbor. In fact, the county has $6 billion worth of development projects in the pipeline!

County Executive Rushern Baker focused on how education impacts economic development, “schools are paramount to our economic success. We can’t afford to lose sight… We need strong school systems to attract new residents and businesses.”

His entire speech can be watched here.

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Q4 2014 Office Market Report Shows the Market is Poised for Significant Change

Market Reports

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NAI Michael has just released its fourth quarter office market report for Prince George’s County, covering everything from vacancy and rental rates to absorption trends and construction in the area. Though the year end numbers indicate a lot of vacancy, market conditions continue to be favorable for both buyers and sellers.

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Looking to the Future of the Prince George’s County Industrial Market

Market Reports

It’s been an interesting year for the Prince George’s County industrial market; average rental rates have dropped since 2013, but have remained steady in 2014, and construction throughout the county has increased with many anticipated deliveries in the coming months.

Two significant industrial spaces are expected to delivery in December 2014, bringing a total of 352,000 square feet of new space to the market. SteepleChase 95 is online to deliver both of their spec buildings totaling approximately 270,000 square feet in the 4th quarter, which should offset the new tenancy in the marketplace and create an effective zero sum game for absorption.  In addition, The Brick Yard in Laurel is expected to come online with 85,000 square feet of space. There are also a number of additional projects that are expected to complete in early 2015.

With all this positive growth, Prince George’s County is situated to ideally serve the Washington DC metropolitan area’s industrial needs in 2015.

For our full Industrial Market Report Q3 2014, please click here.

Prince George’s County – Experience. Expand. Explore.

Market Insight

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Last night, Prince George’s County Economic Development Corporation held its new Marketing and Branding Campaign Launch Party at National Harbor. The event was an excellent opportunity to hear about everything going on in the county, including the new hospital and potential FBI headquarters, to where Prince George’s County is going in the future. Speakers at the event included County Executive Rushern Baker, Council Chairman Mel Franklin, and EDC President Gwen McCall, among other county officials and business leaders.

The new branding campaign, “Prince George’s County – Experience. Expand. Explore.”, will highlight all the wonderful things in the county, both old and new, and will also attract new businesses and residents to Prince George’s County. The campaign consists of traditional advertising and social media content. There is even a new “Explore Prince George’s County” app that allows users to find things to do, dining, events, and lodging in Prince George’s County. Their new website connects people to all the ways they can learn about and interact with the county.

Everyone at NAI Michael is very excited about the new campaign, and we are looking forward to seeing how Prince George’s County grows! Experience. Expand. Explore.

Experience Prince George’s County

Expand Prince George’s County

Explore Prince George’s County

Upcoming Events

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