Central Prince George’s County Industrial Analysis

Market Insight

CENTRAL PRINCE GEORGE’S COUNTY INDUSTRIAL ANALYSIS

The Central Prince George’s County Industrial subset would consist of the Landover/Largo and Cheverly/Hyattsville submarket. The total rentable base area for this subset is approximately twenty one million square feet in total, representing roughly 1/3 of the entire Prince George’s County Industrial market. The Central Prince George’s County submarkets have thrived over the years due to their proximity to Washington, DC and ease of access to the Capital Beltway making for an invaluable local/regional distribution point. Presently the subset is experiencing a higher than average vacancy rate of approximately 15%. Most of the vacant spaces however are in older class C buildings that are now considered obsolete due to lack of truck court depth, lower ceiling heights or a variety of other deficiencies. If you restrict the view of the subset to modern product (defined as built or renovated yr 2000 or later) the vacancy rate falls to just 2% of the approximately 1.8 million square feet of existing product.

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Prince George’s is open for business

Company News
Washington Business Journal – by Rushern L. Baker III

Date: Friday, April 22, 2011, 6:00am EDT

To bring about real, sustainable and positive change in Prince George’s County, we must transform our fundamental approach to economic development.

This means focusing not only on big exciting projects such as National Harbor or Konterra, but also on having a more comprehensive, holistic approach toward creating a stronger county.

I firmly believe that through economic development we can create strong, safe neighborhoods, high-performing schools and good jobs with livable wages for our residents.

The new paradigm for economic development in Prince George’s County must be:

Responsive: An economic development program must address the needs of both the business …

Read more: Prince George’s is open for business | Washington Business Journal

BRAC Is Happening Sooner

Company News

By Elizabeth P. Daily, Vice President, NAI Michael

The long anticipated moves by the military and contractors onto the Maryland bases are going to happen earlier than what had been projected.

I have been following these moves for sometime and now know that the projected deadline of September 2011 is just a deadline, not when the actual moves will happen.

DISA’s move into Fort Meade, as an example, will really be in high gear this spring with the move from Arlington since their building is 97% completed. Currently the 5,000 + staff have been in a holding position in Arlington due to the “finish” schedule of their new 1,000,000 foot facility on the Fort Meade Campus. The DISA staff on the Campus have been waiting for the completion of their new building.

The large contractors working in this space have already taken blocks of space near the Base so that it can be projected to tighten the space availability. The mid level contractors who are postponing their decisions will find the need to look further from the bases than they projected since space is going to be scarce close in.

The bottom line is the effect of this will be 100,000 to 200,000 people moving to Maryland in the next five to ten years due to the BRAC decisions. It will have a dramatic impact on the office market in the Baltimore Washington Corridor.

Those companies sitting on the side lines now should get their plans into high gear. Those who hesitate will be lost. Feel free to call for discussions or strategies, 301-918-2907.

 

Military Bases in Maryland Busy with New Construction

Market Insight

By Elizabeth P. Daily, Vice President, NAI Michael

The deadline of September 2011 for occupancy continues to pressure the construction teams to finish work on all military bases.  The biggest occupancy move is expected at Fort Meade with about 20,000 new jobs on Base and space needs near the Base as well for contractors.  Andrews is expecting 2,800 with new office buildings and improvements on the runways.

Fort Detrick in Frederick, Maryland has eight new labs underway and construction improvements to the Base such as improved gates.  Aberdeen has new office space underway in partnership with St. John Properties.  These buildings are leasing up prior to construction since this Base had no excess office space in place.  Major contractors are taking large amounts of space near these Bases since they recognize the shortage of existing inventories in the state, unlike Virginia where there is excess space waiting for occupancy.

Government contractors need to recognize that their needs will be met if they push forward the time lines for decisions – time is critical.

Prince George’s County’s Ripe for GSA Tenancy

Market Insight

By Monique A. Walker, Associate, NAI Michael

There is a growing trend to look toward Prince George’s County, MD to house GSA contractors and Federal Agencies, as development costs as well as security and transportation logistics become central to Tenancy opportunities.  Hard to find developable areas near the Capital Beltway and on metro rail have put Prince George’s County in a class of its own, as the county has available green space, ripe for development.  In particular, the Branch Avenue metro rail and Joint Base Andrews (formerly named Andrews Air Force Base) business corridors offer endless development possibilities and great incentives for GSA Tenants who wish to be located just off a major interstate and on metro rail, and in proximity to the multi-faceted Joint Base Andrews.

Joint Base Andrews and the Branch Avenue metro-rail are approximately 1 mile apart, affording each corridor the benefit of the other. Joint Base Andrews corridor offers base-related growth and access to the Capital Beltway.  The Branch Avenue metro rail corridor, located just inside the Capital Beltway, boasts the largest east coast campus of Strayer University and offers a quick commute to the seat of government in Washington, DC, as well as several acres of developable land.  The potential for a symbiotic relationship where the expansion of duties of the Joint Base, and the attendant need for office space will connect the two corridors, has led to regional appeal.  As a result, the two corridors are being considered by highly sought after Federal Tenants.

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Prince George’s is being unfairly excluded on federal leasing

Market Insight

By Kwasi G. Holman, Washington Post

Monday, August 2, 2010

Whenever the federal government casts its net for office space in the Washington region’s commercial real estate market, the District and Fairfax, Arlington and Montgomery counties are the ones most likely to snag the leases — and the economic benefits. But Prince George’s County is often overlooked.

More than 25 percent of the region’s federal workforce resides in Prince George’s, according to the National Center for Smart Growth Research and Education at the University of Maryland. Yet the county has only 70 out of 1,134 federal leases in the region’s private market, according to Jeffrey D. Ludwig, senior vice president at NAI Michael, a real estate firm in the county.

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