Tag: industrial

Industrial Vacancy Rate Low in Prince George's County

Industrial Vacancy Rates at All-time Low

Market InsightMarket Reports
Industrial vacancy rates are at an all-time low of 6.7% in Prince George’s County.

High demand has contributed to low industrial vacancy rates. Approx. 880,000 square feet of new industrial space was delivered within the county in 2016. In addition, another 500,000 square feet is in the pipeline for 2017 delivery.

These positive trends have created a competitive Class A industrial market. Due to demand, average rental rates is at a high of $7.79 per square foot on a triple net basis. We expect rental rates to push higher in 2017 as industrial-zoned ground becomes increasingly scarce and the supply of vacant space continues to diminish.

As a result of these trends, we expect nearly all of Prince George’s County’s Class A industrial space will be absorbed within the next two years.

For additional details and transaction info, click here to view the full industrial market report.

Industrial Property Demand in Prince George's County

Industrial Property Demand in Prince George’s County

Market Reports

Prince George’s County has seen industrial property demand rise over the past few quarters. Our mid-year 2016 industrial market report examines this demand and shows growth for the county’s industrial market.

Prince George’s County’s location makes it ideal for serving the District of Columbia, suburban Maryland, and northern Virginia markets. This makes it highly attractive to storage and distribution businesses. There has been a significant increase in industrial property demand and we have seen ample new construction to meet this growing demand. Two new buildings totaling 275,000 square feet were delivered at Cabin Branch Distribution Center in 2015. We have already seen 225,000 square feet absorbed, primarily by the United States Government. Overall vacancy in Prince George’s County held at 8.1% during the first two quarters of 2016, even with the additional supply added of new buildings.

Also contributing to the industrial property demand in the county are attractive rental rates compared to the neighboring jurisdictions of the District of Columbia and northern Virginia.  While rental rates in those neighboring markets are averaging north of $9 per square foot, tenants can still lease class A product in Prince George’s County for the mid $7’s per square foot NNN.

Lance Schwarz and Peter Burleigh of NAI Michael provide the full details and numbers behind the industrial market’s first two quarters of 2016.

CLICK HERE FOR THE FULL INDUSTRIAL MARKET REPORT

The “Tomato Building” has sold!

Deals & Transactions

7440 Assateague EMAIL

Nary a tomato has been stored in the building for 10 years now, but 7440 Assateague Drive is nevertheless known only as ‘the Tomato building.’ And now it has sold. A partnership operated by brothers who ran Maryland Fresh Tomato a decade ago have sold the 78,000 foot Jessup building for $6.85 million. The Jaciri Family LLC, operators of a Hispanic food chain called MegaMart, was the buyer. The brothers had sold the business long ago but held on to the real estate, even though they didn’t lease it up again. In the end, they got $87.82 per foot from a grocer that has multiple locations in the region. Ken Griffin, Andy Mayr and Jim Miers at NAI Michael represented the seller.

Courtesy of Howard County Newsletter. For more information or to subscribe, please visit www.marylandnewsletters.com

Leasing Activity in Capitol Heights

Deals & Transactions

Insulation Distributors is one of two deals that returns 8700-8800 Edgeworth Drive to a state of fulfillment. Leasing fulfillment, that is.

The company signed a lease for 35,000 square feet at the Capitol Heights building. It was joined at the building in a second lease, that by 21st Century Expo, for 10,000 feet. Together, the deals backfilled a 45,000 square foot vacancy that had come available.

Brian Watts of Transwestern represented the landlord. Michael Alcamo of Cresa DC brought Insulation, and Omar McKeithan of NAI Michael represented 21st Century.

Courtesy of Prince George’s Newsletter. For more information or to subscribe, please visit www.marylandnewsletters.com

Q4 2014 Office Market Report Shows the Market is Poised for Significant Change

Market Reports

Office Q4 2014 Report Thumbnail

NAI Michael has just released its fourth quarter office market report for Prince George’s County, covering everything from vacancy and rental rates to absorption trends and construction in the area. Though the year end numbers indicate a lot of vacancy, market conditions continue to be favorable for both buyers and sellers.

Keep reading

Looking to the Future of the Prince George’s County Industrial Market

Market Reports

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.

MRP Industrial Breaks Ground on 220,800-Square-Foot Spec Project in Prince Georges County

Market Insight

Lance Schwarz, vice president at NAI Michael, talks about a new 220,800 SF industrial project, Collington Park, in Prince George’s County .

“The shortage of industrially-zoned development sites has left limited options for tenants seeking modern, Class A distribution centers in order to service the nearly 10 million people in the Baltimore-Washington MSA”

Check out the full CityBiz article here

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