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.