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.
NAI Michael released its fourth quarter market report recently, which analyzes vacancy rates, average rental rates and the construction pipeline, as well as major sale and lease transactions. What this report forecasts is a positive absorption and rental rate growth for this year.
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.
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.
Ever wanted to see what the Aerospace Building in Lanham, Maryland looks like from a birdseye view? We’ve posted a new video showing the building and the immediate area. You can check it out here.
Lance Schwarz, vice president at NAI Michael, talks about a new 220,800 SF industrial project, Collington Park, in Prince George’s County .
“The shortage of industrially-zoned development sites has left limited options for tenants seeking modern, Class A distribution centers in order to service the nearly 10 million people in the Baltimore-Washington MSA”
Thank you to the Greater Prince George’s Business Roundtable for releasing the Quality of Life Index for Prince George’s County, including data showing major improvements in all facets of life in the County. http://www.bizroundtable.org/cms/wp-content/uploads/2014/05/6105PGBRTQofL8.pdf
There are no upcoming events.