Office Report Q3 2013

Market Reports

NAI Michael’s Office Report for Quarter 3 in 2013 is available! 

The Prince George’s County office market totals approximately 26,402,329 square feet in 1,133 buildings.  Lease rates and vacancy continue at the same levels they have been for the last five quarters.  The lease rates for Prince George’s County are a good value compared to rates in Washington D.C. and other suburban areas in the region.

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Q3 2013 OFFICE REPORT

Industrial Report Q3 2013

Market Reports

NAI Michael’s Industrial Market Report for Q3 in 2013 is available! 

Here’s a quick overview:

The industrial market in Prince George’s County is seeing an abundance of new construction after two years of increased activity in the market, most of which is focused in the Central Sub-markets which include the Cheverly and Landover/Largo submarkets. This new construction is a result of declining vacancy due to several hundred thousand square feet of positive absorption in the submarket that had reduced sub-market vacancy to 6.1% as of Q1 2013. Currently, the overall Prince George’s County Industrial vacancy rate is 8.3% due to the delivery of new industrial space to the market.

Atapco has delivered two new buildings at Steeple Chase 95 (92K & 43K sf respectively) and has plans to deliver an additional 180K s/f of Class “A” industrial space in one buildings. Atapco’s 92K sf building has recently been fully leased to HD Supply  Company. The Merchants Terminal site (adjacent to Cabin Branch) was purchased by a partnership between Chesapeake Real Estate, Oakmont and Carlyle and was recently delivered, adding 360,550 sf of vacant Class “A” industrial space known as the Landover Logistics Center. The final 77K sf of Lincoln Property Company’s 150K sf building (Lincoln 495) was recently leased by Uni-Select. Lincoln Property Company sold the Class “A” warehouse for $107 per sf to TIAA-CREF in Q2 2013. Pannatoni has plans to build an approximately 220K sf spec building in Bowie at their Collington site which should be delivered late 2014.

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940-Acre Toll Brothers Deal

Deals & Transactions

Toll Bros. Acquires Pair
Buys Locust Hill, Willowbrook

Two properties that together might serve as the next Beech Tree or Oak Creek have been sold to a partnership headed by Toll Brothers.

In a deal settled just over a week ago, Toll paid $21.6 million for the Locust Hill and Willowbrook properties. Located on Oak Grove Road and totaling about 940 acres, the two tracts could yield about 1,300 units. It’s believed that Toll bought the ground in a joint venture with NVR Inc., which would mark an expansion of the two builders’ efforts together locally.

Seller Seton Belt Trust has wanted to dispose of the land for years, but its marketing efforts eight years ago produced numerous offers – and then ran headlong into the bust. Toll had emerged then as a leading suitor, but put everything on hold until this summer, when it again put Locust and Willowbrook under contract and moved to protect the existing entitlements.

Toll and NVR are already cooperating at Oak Creek, but not in a formal joint venture. NVR bought the partially built-out community on Church Road, while Toll bought the golf course. It also contracted to buy lots from NVR, and will take more of the larger lots, befitting its high-end approach.

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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.

 

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