Office Vacancy Reduced in Prince George’s County

Market InsightMarket Reports

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.

FOR A FULL OFFICE MARKET REPORT, CLICK HERE

Previous
NAI Michael’s Agents Present at CEG Annual Economic Empowerment Conference
Next
Development in Prince George’s County

Upcoming Events

Apr
26
Fri
7:00 am Greater Bowie Chamber of Commerc... @ Lake Presidential Golf Club
Greater Bowie Chamber of Commerc... @ Lake Presidential Golf Club
Apr 26 @ 7:00 am – 6:00 pm
Friday, April 26, 2019 Join Greater Bowie Chamber of Commerce at Lake Presidential Golf Club for this exciting Fundraising Event Registration 7:00 am, shotgun start 8:00 am. Proceeds benefit Greater Bowie Chamber of Commerce.  To[...]
May
2
Thu
8:00 am SAVE THE DATE – 2019 Commercial ... @ Turf Valley Resort
SAVE THE DATE – 2019 Commercial ... @ Turf Valley Resort
May 2 @ 8:00 am – 4:30 pm
Maryland REALTORS® Commercial Alliance Committee is pleased to announce that the 2019 Commercial Symposium – Maryland: The State of Opportunity will be held on May 2 at the Turf Valley Resort in Ellicott City, MD. The Commercial Symposium is an annual one-day educational seminar for Maryland real[...]
May
22
Wed
12:00 pm The Deals on the Bus – DC Bus Tour! @ Costar
The Deals on the Bus – DC Bus Tour! @ Costar
May 22 @ 12:00 pm – 5:00 pm
The Deals on the Bus - DC Bus Tour! @ Costar
    NAIOP and CoStar Present: The Deals on the Bus!  All aboard, please join NAIOP DC|MD as we navigate our way across the City seeing and hearing about the newest office buildings and multi-family[...]

Archived Posts