Office Vacancy Reduced in Prince George’s County
Prince George’s County office vacancy reduced by over half a million square feet leased in the last six months!
Leasing of vacant space achieves over 357,000 square feet in the first quarter 2017 – the highest quarterly absorption for the last 10 years. Recently signed leases and new leasing activity indicates that Prince George’s County is poised for continued significant growth in office leasing in 2017.
The Washington DC area office market includes the District of Columbia and adjacent suburban submarkets in Maryland and Virginia. The Washington DC area office market consists of about 470 million square feet in 10,051 buildings. Net absorption for the overall Washington Area was positive 2,754,849 square feet for the first quarter 2017. The Washington Area vacancy decreased from 14.6% to 14%.
Prince George’s County office space net absorption of vacant space was positive 357,767 square feet in the first quarter 2017. Annual rental rates for Prince George’s County office space have increased steadily almost every quarter for the last five quarters with the first quarter 2017 rate per square foot of averaging in the mid-twenty dollar range on a full service basis.