Signs of Recovery Ahead
|
|
- Ashley Sherman
- 5 years ago
- Views:
Transcription
1 Research & Forecast Report Northern Virginia Office Market Fourth Quarter 2015 Signs of Recovery Ahead Audrey Hinkle Research Analyst Northern Virginia In recent years, fiscal uncertainty has created softness in the Northern Virginia market. Since the implementation of the Sequestor, government contractors have reduced the amount of space they leased impacting the entire market. However, with the government loosening the cap on federal spending activity, the Northern Virginia office market saw significant demand growth for the first year since During the fourth quarter, 60 leases were signed over 10,000 square feet, 25 percent more than were signed in the third quarter. With strengthening demand for space during the fourth quarter of 2015, absorption totaled 877,930 square feet. Such strong absorption in the fourth quarter was preliminary indicator of the Northern Virginia Market s improvement. Government contractors lead the region in largest leases signed, accounting for six of the ten largest. Three of these constituted new or additional space. These leases will generate almost a quarter of a million square feet of net absorption over the next two years. In addition, government agencies and contractors that were once consolidating the Department of Defense and Booz Allen Hamilton to name two renewed two of their leases in the fourth quarter with no contraction. The other large contractor leases executed were of the same size as opposed to contraction, which have plagued the market in 2014 and early Though, Arlington, specifically the Rosslyn-Ballston (R-B) Corridor, may not be signing deals with the government, the numerous attempts to attract start-up and tech companies to the area are starting to pay off. In fact, the R-B Corridor saw positive demand for the quarter with 77,601 square feet of space absorbed. In contrast, 179,702 square feet was returned during the third quarter. A large portion of leases signed in the R-B Corridor were executed by technology sector companies. These, however, were all less than 50,000 square feet in size. Market Indicators Relative to prior period VACANCY NET ABSORPTION CONSTRUCTION RENTAL RATE Note: Construction is the change in under development. *Projected 2015 Q4 2016* Summary Statistics 2015 Q4 Regional Office Market All Classes Class A Class B & C Vacancy Rate 17.6% 17.9% 17.3% Change from 2015 Q3 (Basis Points) Absorption (Square Feet) New Construction (Square Feet) Under Construction (Million Square Feet) Asking Rates Per Square Foot/Year , , , ,664 95,000 20, Direct Asking Rate $31.42 $34.67 $28.51 Change from 2015 Q3 0.3% 0.2% 0.0%
2 Recently, tech start-ups have leased collaborative space, as well as introduced workplace initiatives offering the option for employees to work remotely. Therefore, their need for large blocks of contiguous space is less than that of government contractors which require secured space and additional workrooms. Therefore, although the amount of business in the technology sector is growing in the market, it will have less of an impact on the leasing market than the recovering government contracting industry. Economics The office-using economy demonstrated growth during the fourth quarter of The seasonal adjusted office-using growth rate grew 0.72 percent since last quarter, generating over 11,000 jobs in Northern Virginia. Since the fourth quarter of 2014, seasonally adjusted job growth has occurred in the financial activities, professional and business services, and government sectors. Source: Colliers International, CoStar Group Northern Virginia s office using economy has created 17,000 new jobs during 2015, which shows significant improvement from 2014 numbers when only 8,200 jobs were created for the year. The overall growth in jobs this year points towards a market recovery as all the jobs lost under Sequestration have been recovered. Absorption Not just government contractor demand in Northern Virginia increased in the fourth quarter. A number of private sector companies and smaller technology companies increased their demand for office space. These smaller move-ins accounted for the majority of this quarters 877,000 square feet of net absorption. Smaller tenants of note that moved into new space included Stanley Martin, Blue Canopy and Pulte. The largest move-ins this quarter included SRA International which occupied 150,000 square feet at Conference Center Drive, and Capital One, which moved into 135,000 square feet at 1750 Tysons Boulevard. Source: Colliers International, CoStar Group As noted, the R-B Corridor has continued to struggle even before the contraction in government spending and relocation of contractors to areas with cheaper space. During 2015, the area continued to see demand contract, but at a slower pace than in recent history. During 2015, 84,000 square feet of space was returned to the R-B Corridor. This compares to almost 700,000 square feet returned in Crystal City had the greatest demand for the year with net absorption totaling 545,000 square feet. With the lower cost of space, and its proximity to both the District and the Pentagon, the area became a popular destination for government agencies and contractors throughout the year. Areas outside the beltway with lower priced space remained competitive in the market. Route 28 Corridor South had almost a half million square feet absorbed for the year. Source: Colliers International, CoStar Group 2 Northern Virginia Office Market Research & Forecast Report Fourth Quarter 2015 Colliers International
3 Move-ins in Route 28 Corridor South have been closely tied with National Intelligence and has largely been driven by defense contractors throughout the year. However, private sector tenants have been active in the market too. Overall in 2015, net absorption totaled 941,716 square feet of absorption, the most since Last year, 609,000 square feet of space was given back to the market. Vacancy With demand for office space strong during the year and lower levels of new supply, the overall vacancy rate decreased 40 basis points since the start of the year. At 17.6 percent, the vacancy rate in Northern Virginia still remained higher than previous years, and was the second highest recorded at yearend in past eleven years. With a moderate amount of speculative development currently under construction, demand for space must remain high in order for vacancy to continue decreasing over the next few quarters. were build-to-suits. While some developers may not risk constructing speculatively, those that have are developing in close proximity to Metro and well established amenities. This quarter, three developments commenced. The largest was Reston Station, a 375,000-square-foot speculative office building located adjacent to the Reston-Wiehle Metro station. Comstock, the developer, plans to move their headquarters to this building upon completion. No other leases have been signed. In 2015, nine buildings delivered. Of the 755,000 square feet constructed, 39.5 percent was leased upon delivery. Vacancy decreased in all but one county in Northern Virginia during the quarter. In Loudoun County, the vacancy rate rose from 15.9 percent to 16.4 percent. This rise in vacancy was due in part to the delivery of 95,000 square feet of medical office space at Gum Springs Road, which was completely vacant upon delivery. Development Even with the decreased demand for office space in recent years, development activity remained strong during Developers broke ground on six projects during the year for a total of about one million square feet of office space. However in past years, developers were more likely to build on speculative basis. In contrast, the majority of developments that started in 2015 Source: Colliers International, CoStar Group 3 Northern Virginia Office Market Research & Forecast Report Fourth Quarter 2015 Colliers International
4 Market Statistics Northern Virginia Office Market All Classes 2015 Q4 MARKET ALEXANDRIA CITY EXISTING INVENTORY NEW SUPPLY ) 2015 NEW SUPPLY UNDER CONSTRUCTION ABSORPTION 2015 ABSORP- TION OVERALL VACANCY RATE DIRECT ASKING RENTAL RATE Eisenhower Ave Corridor 5,225, ,000-2,764-24, % $39.76 I-395 Corridor* 9,125, , , % $30.23 Old Town 8,971, ,876-10, % $33.21 Alexandria City Total 18,540, ,000 19,967-90, % $33.51 Arlington County/Falls Church City Crystal City/Pentagon City 13,455, , , % $38.06 Falls Church** 2,279, ,509 51, % $22.49 Rosslyn/Ballston Corridor 24,088, , ,548 77,601-91, % $41.24 Arlington County/Falls Church Total Fairfax County/Fairfax City 40,019, , , , , % $39.44 Annandale 1,871, ,581-71, % $25.04 Fairfax/Oakton 13,424,127 20,664 20,664-21, , % $24.47 Herndon 12,144, ,237-57, % $27.70 McLean 1,558, , % $32.09 Merrifield 9,845,682-27, , , % $31.25 Reston 18,926, ,413 56, , % $27.67 Route 28 Corridor South 14,146, , , , , % $25.47 Springfield 6,972, , , % $30.39 Tysons Corner 28,460, ,787, , , % $31.38 Vienna 1,542, ,721 31, % $24.40 Fairfax Area Total 113,478,174 20, ,664 2,315, , , % $28.59 Loudoun County Leesburg/West Loudoun 2,140,339 95,000 95, ,773 8,047 35, % $24.54 Route 28 Corridor North 9,689, , ,000-39,476 46, % $23.70 Route 7 Corridor 4,710,682-68,375 15,000 29, , % $25.29 Loudoun County Total 16,540,128 95, , ,773-1, , % $24.00 Prince William County/Manassas City/Manassas Park Manassas 1,976, ,206 22, % $20.84 Route 29/I-66 Corridor 2,585, , , % $18.21 Woodbridge 2,523, ,232 33, % $23.44 Prince William Area Total 7,085, , , % $20.50 Northern Virginia Total 195,663, , ,837 4,169, , , % $31.42 * I-395 Corridor extends into Arlington County, Fairfax County and Alexandria City. Jurisdictional totals reflect the portion of I-395 Corridor they contain. ** The Falls Church submarkets includes all of Falls Church City and extends into Fairfax County. Jurisdictional totals reflect the portion of Falls Church they contain. 4 Northern Virginia Office Market Research & Forecast Report Fourth Quarter 2015 Colliers International
5 Market Statistics Northern Virginia Office Market Class A 2015 Q4 MARKET ALEXANDRIA CITY EXISTING INVENTORY NEW SUPPLY ) 2015 NEW SUPPLY UNDER CONSTRUCTION ABSORPTION 2015 ABSORP- TION OVERALL VACANCY RATE DIRECT ASKING RENTAL RATE Eisenhower Ave Corridor 3,713, ,000 2,206-9, % $42.14 I-395 Corridor* 4,256, , , % $31.28 Old Town 3,515, ,280 32, % $36.36 Alexandria City Total 9,152, ,000 4,157-40, % $37.51 Arlington County/Falls Church City Crystal City/Pentagon City 6,166, , , % $40.92 Falls Church** 128, ,265 5, % $29.50 Rosslyn/Ballston Corridor 15,531, , ,548-10,827 57, % $43.30 Arlington County/Falls Church Total Fairfax County/Fairfax City 22,357, , ,548 24, , % $42.10 Annandale 200, ,862-14, % $31.50 Fairfax/Oakton 4,949, ,130 18, % $29.17 Herndon 7,940, ,361 82, % $30.23 McLean n/a n/a Merrifield 5,378, , , % $32.60 Reston 11,085, , ,427 18, % $30.95 Route 28 Corridor South 8,903, , , , , % $27.33 Springfield 2,435, , , % $39.34 Tysons Corner 13,726, ,787, , , % $37.19 Vienna 406, ,324 32, % n/a Fairfax Area Total 56,828, ,000 2,315, , , % $31.80 Loudoun County Leesburg/West Loudoun 746,018 95,000 95,000 95,000 6,766 25, % $25.64 Route 28 Corridor North 5,435, ,000-8,620 16, % $25.28 Route 7 Corridor 1,040, ,915 64, % $26.03 Loudoun County Total 7,222,533 95,000 95, ,000 26, , % $25.41 Prince William County/Manassas City/Manassas Park Manassas 163, ,556-10, % $25.95 Route 29/I-66 Corridor 603, ,948 14, % $26.60 Woodbridge 470, ,606-17, % $28.62 Prince William Area Total 1,237, ,110-13, % $27.23 Northern Virginia Total 96,797,071 95, ,331 4,011, ,337 1,023, % $34.67 * I-395 Corridor extends into Arlington County, Fairfax County and Alexandria City. Jurisdictional totals reflect the portion of I-395 Corridor they contain. ** The Falls Church submarkets includes all of Falls Church City and extends into Fairfax County. Jurisdictional totals reflect the portion of Falls Church they contain. 5 Northern Virginia Office Market Research & Forecast Report Fourth Quarter 2015 Colliers International
6 Market Statistics Northern Virginia Office Market Class B & C 2015 Q4 MARKET ALEXANDRIA CITY EXISTING INVENTORY NEW SUPPLY ) 2015 NEW SUPPLY UNDER CONSTRUCTION ABSORPTION 2015 ABSORP- TION OVERALL VACANCY RATE DIRECT ASKING RENTAL RATE Eisenhower Ave Corridor 1,511, ,970-15, % $24.88 I-395 Corridor* 4,868, ,297-39, % $29.25 Old Town 5,456, ,156-43, % $30.19 Alexandria City Total 9,388, ,810-50, % $28.61 Arlington County/Falls Church City Crystal City/Pentagon City 7,288, , , % $36.02 Falls Church** 2,151, ,244 46, % $22.41 Rosslyn/Ballston Corridor 8,557, , , % $38.57 Arlington County/Falls Church Total Fairfax County/Fairfax City 17,662, ,065 15, % $36.77 Annandale 1,671, ,719-56, % $23.10 Fairfax/Oakton 8,474,587 20,664 20,664-4, , % $23.50 Herndon 4,203, , , % $22.47 McLean 1,558, , % $32.09 Merrifield 4,467,313-27,000-20,698 19, % $27.45 Reston 7,841, , , % $25.24 Route 28 Corridor South 5,243, ,055 9, % $23.02 Springfield 4,537, ,866 78, % $22.87 Tysons Corner 14,733, , , % $29.03 Vienna 1,135, ,397-1, % $24.40 Fairfax Area Total 56,650,077 20,664 47, , , % $26.06 Loudoun County Leesburg/West Loudoun 1,394, ,773 1,281 9, % $24.14 Route 28 Corridor North 4,253, , ,856 30, % $19.87 Route 7 Corridor 3,669,945-68,375 15,000 2,054 56, % $23.22 Loudoun County Total 9,317, , ,773-27,521 96, % $21.09 Prince William County/Manassas City/Manassas Park Manassas 1,813, ,762 32, % $19.72 Route 29/I-66 Corridor 1,981, ,640 94, % $17.44 Woodbridge 2,053, ,626 50, % $21.98 Prince William Area Total 5,848, , , % $19.31 Northern Virginia Total 98,866,918 20, , , ,593-82, % $28.51 * I-395 Corridor extends into Arlington County, Fairfax County and Alexandria City. Jurisdictional totals reflect the portion of I-395 Corridor they contain. ** The Falls Church submarkets includes all of Falls Church City and extends into Fairfax County. Jurisdictional totals reflect the portion of Falls Church they contain. 6 Northern Virginia Office Market Research & Forecast Report Fourth Quarter 2015 Colliers International
7 Deliveries Northern Virginia Office Market 2015 Q4 PROJECT DEVELOPMENT TYPE SUBMARKET CLASS DELIVERY DATE Canfield Village 4290 Chain Bridge Road RENTAL BASE AREA % COMMITTED Speculative Condos Fairfax City B October , % Stone Spring Hospital Center Gum Spring Road Speculative Medical Condos Leesburg/West Loudoun A December , % Under Construction Northern Virginia Office Market 2015 Q4 PROJECT DEVELOPMENT TYPE SUBMARKET CLASS DELIVERY DATE COPT - Phase Stonecroft Boulevard RENTAL BASE AREA % COMMITTED Build-to-suit Route 28 Corridor South A January , % 1775 Tysons Boulevard Speculative Tysons Corner A January , % Glenn Drive Build-to suit Route 28 North August , % Mitre Coleshire Drive NSF Headquarters Eisenhower Avenue Marymount 1000 N Glebe Road Reston Station On Plaza 1900 Reston Metro Drive Central Place Tower/CEB Tower 1201 Wilson Boulevard Capital One Campus Building 3 Capital One Drive N Build-to-suit Tysons Corner A October , % Build-to-suit Eisenhower Avenue Corridor A January , % Build-to-suit Ballston A April , % Speculative Reston A June , % Pre-Committed Rosslyn A February , % Build-to-suit Tysons Corner A August , % Largest Leases Northern Virginia Office Market 2015 Q4 TENANT ADDRESS LEASE TYPE LEASED SAPCE Raytheon Company Pacific Boulevard Renewal 666,377 Department of Defense (DoD) 2521 S Clark Street Renewal 353,631 LMI 7940 Jones Branch Drive Sale/Leaseback 161,641 Capital One 7900 Westpark Drive New 136,000 Fairfax County Public Schools 8270 Willow Oaks Corporate Drive New 122,948 Booz Allen Hamilton, Inc. 575 Herndon Parkway Renewal 116,343 Carfax, Inc Trinity Center Parkway Renewal/Expansion 103,789 Amazon Web Services Worldgate Drive Expansion 83,000 AECOM 3101 Wilson Boulevard Expansion 69,411 Front Point 1595 Spring Hill Road Renewal 62,000 7 Northern Virginia Office Market Research & Forecast Report Fourth Quarter 2015 Colliers International
8 This was a significantly lower amount of supply than what delivered last year when 2,254,510 square feet delivered in Northern Virginia. Of the space delivered in 2014, 56.1 percent was leased at delivery. Rental Rates For the fourth quarter in a row, the direct average asking rental rate increased in Northern Virginia, which was driven by high confidence in Class A product. The average Class A asking rate was $34.67 per square foot for the quarter, up from $34.61 per square foot in the third quarter of For the quarter, the direct average rental rate across all classes was $34.42 per square foot, up from the previous quarter when it was $31.32 per square foot. Areas outside the beltway continued to have lower asking rental rates than those submarkets closer to DC. It is not surprising that the highest rates were seen in Arlington, which averaged $39.44 per square foot for the quarter. Although vacancy remains high in these areas, landlords continued to maintain higher asking rental rates. Tenants were able lease Class A or trophy space in submarkets a little farther from the District than those adjacent for lower rates. For example, Class A rental rates in Rosslyn were $39.70 per square foot for the quarter; in comparison, Tysons Corner s average rate was $31.38 per square foot. Outlook Though it may seem that there is only room for growth in the market, fiscal uncertainty will continue to negatively affect leasing in the Northern Virginia. Because Northern Virginia still relies highly on government contractors, if Congress acts imprudently, final budget decisions (or lack of) could once again negatively impact demand in the market. Landlords should be aware that until a budget is in place, contractors and government agencies may not be willing to pay premium rental rates or even to make long term commitments let alone take on additional space. As Northern Virginia is a popular tech hub for the east coast; smaller leases from non-government related tenants will continue through out the market and drive demand in the market. While, commencement of speculative development has slowed, there are still speculative projects set to deliver. If demand for high-end space near Metro stays strong, then speculative projects like 1775 Tysons Boulevard and Reston Station will remain successful. Landlords on average offered one month of rental abatement for every year within the lease to compete for tenants. Tenant improvement packages have ranged between $70 to $80 per square foot on a ten year lease. FOR MORE INFORMATION Robert Hartley Director of Research Greater Washington, DC robert.hartley@colliers.com CONTRIBUTORS Audrey Hinkle Research Analyst Northern Virginia Copyright 2016 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. Colliers International Greater Washington, DC 8045 Leesburg Pike Suite 401 Vienna, VA colliers.com/washingtondc
Federal Spending: The Road to Recovery
MARKET REPORT NORTHERN VIRGINIA OFFICE First Quarter 2017 Federal Spending: The Road to Recovery As federal spending growth and the Northern Virginia economy generates new jobs, the office market continued
More informationCranes are Lifting Skylines and Future Vacancy
MARKET REPORT NORTHERN VIRGINIA OFFICE Fourth Quarter 2016 Cranes are Lifting Skylines and Future Vacancy Northern Virginia continued to see increased demand in the fourth quarter, although 2016 numbers
More informationRESEARCH MARKET REPORT NORTHERN VIRGINIA OFFICE Q IN THIS ISSUE. State of the Economy. Leasing Activity. Development Pipeline.
RESEARCH MARKET REPORT NORTHERN VIRGINIA OFFICE IN THIS ISSUE State of the Economy p.2 Leasing Activity p.3 Development Pipeline p.4 Market Breakdown p.5 Northern Virginia in Recovery... For Now Recovery
More informationMARKET REPORT FIRST QUARTER Creative Reuse of Office Space in Virginia Market Recovery to Occur with New Federal Spending
Q1 2015 NORTHERN VIRGINIA OFFICE NORTHERN MARKET REPORT VIRGINIA Q1 OFFICE 2015 NORTHERN VIRGINIA OFFICE MARKET REPORT FIRST QUARTER 2015 Creative Reuse of Office Space in Virginia Market Recovery to Occur
More informationSuburban Maryland Lagging Recovery
Research & Forecast Report Suburban Maryland Office Market Fourth Quarter 2015 Suburban Maryland Lagging Recovery Andrew Wellman Research Analyst Suburban Maryland Despite strengthening market fundamentals,
More informationThird Quarter: Demand for Office Space Grew in 3Q, but Falling Employment Points to Slower Growth Ahead
OFFICE NORTHERN VIRGINIA MARKET REPORT Third Quarter: Demand for Office Space Grew in 3Q, but Falling Employment Points to Slower Growth Ahead Updated May MARKET INDICATORS (p) VACANCY NET ABSORPTION CONSTRUCTION
More informationSUBURBAN MARYLAND IN THIS ISSUE OFFICE Q RESEARCH MARKET REPORT. State of the Economy p.2. Leasing Activity p.3. Development Pipeline p.
RESEARCH MARKET REPORT SUBURBAN MARYLAND OFFICE IN THIS ISSUE State of the Economy p.2 Leasing Activity p.3 Development Pipeline p.4 Market Outlook p.5 Market Breakdown p.6 Two Massive Deals Highlight
More informationDISTRICT OF COLUMBIA IN THIS ISSUE OFFICE Q RESEARCH MARKET REPORT. State of the Economy. Leasing Activity. Development Pipeline.
RESEARCH MARKET REPORT DISTRICT OF COLUMBIA OFFICE IN THIS ISSUE State of the Economy p.2 Leasing Activity p.3 Development Pipeline p.4 Market Outlook p.5 Market Breakdown p.6 DC Development: No Signs
More informationMARKET REPORT FIRST QUARTER Positive Absorption and Weak Leasing the Story of the First Quarter Q SUBURBAN MARYLAND OFFICE MARKET SUMMARY
Q1 2015 SUBURBAN MARYLAND OFFICE SUBURBAN MARKET REPORT MARYLAND Q1 2015 OFFICE SUBURBAN MARYLAND OFFICE MARKET REPORT FIRST QUARTER 2015 Positive Absorption and Weak Leasing the Story of the First Quarter
More informationFOURTH QUARTER 2013 LEASING ACTIVITY CONTINUES TO BE BETTER THAN EXPECTED MARYLAND OFFICE MARKET REPORT MARKET SUMMARY ABSORPTION
Q4 2013 MARYLAND OFFICE MARYLAND OFFICE MARKET REPORT FOURTH QUARTER 2013 LEASING ACTIVITY CONTINUES TO BE BETTER THAN EXPECTED MARKET SUMMARY Updated April 2013 MARKET INDICATORS Q4 2013 Q1 2014* VACANCY
More informationNorthern Virginia. Quarterly Market Report. 2nd Quarter lpcwashingtondc.com
Northern Virginia Quarterly Market Report 2nd Quarter 217 Northern Virginia Leasing & Market Research Table of Contents Metropolitan D.C. Market Overview...3 Northern Virginia Quarterly Overview...5 Northern
More informationThird Quarter: Northern Virginia Focuses on Development
Q3 2012 OFFICE NORTHERN VIRGINIA MARKET REPORT Third Quarter: Northern Virginia Focuses on Development Updated May 2012 MARKET INDICATIONS Q3 2012 Q4 2012 (p) VACANCY NET ABSORPTION CONSTRUCTION RENTAL
More informationCaution: Vacancy Increases Ahead
MARKET REPORT DISTRICT OF COLUMBIA OFFICE Fourth Quarter 2016 Caution: Vacancy Increases Ahead Market Indicators Q4 2016 2017 (Projected) NET Despite year-to-date negative absorption, the Washington, DC
More informationNational Presence. Local Focus
Metropolitan DC Market Overview 4Q 214 Overall Market Summary The Washington, DC Metropolitan commercial real estate market is comprised of approximately 41.9 million square feet of rentable office space
More informationSecond Quarter: Suburban Maryland s Uptick in Leasing has yet to be Realized in Absorption Numbers
Q2 2013 OFFICE SUBURBAN MARYLAND SUBURBAN MARYLAND MARKET REPORT Second Quarter: Suburban Maryland s Uptick in has yet to be Realized in Numbers Updated May 2012 MARKET INDICATIONS Q2 2013 Q3 2013 (p)
More informationNational Presence. Local Focus
Metropolitan DC Market Overview 3Q 214 Overall Market Summary The Washington, DC Metropolitan commercial real estate market is comprised of approximately 41.5 million square feet of rentable office space
More informationVALUE-ADD TYSONS OFFICE OPPORTUNITY STEPS TO SPRING HILL METRORAIL STATION EXECUTIVE SUMMARY
VALUE-ADD TYSONS OFFICE OPPORTUNITY STEPS TO SPRING HILL METRORAIL STATION EXECUTIVE SUMMARY EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS Institutional-Quality 150,897 SF Tysons Office Asset Over $3.3 Million
More informationLegal Industry: Bigger No Longer Better
MARKET REPORT DISTRICT OF COLUMBIA OFFICE First Quarter 2017 Legal Industry: Bigger No Longer Better After a strong end to 2016, leasing activity in the beginning of 2017 started with a whimper. Just two
More informationWashington, D.C. Quarterly Market Report. 4th Quarter lpcwashingtondc.com
Washington, D.C. Quarterly Market Report th Quarter 17 Table of Contents Washington, D.C. Leasing & Market Research Metropolitan D.C. Market Overview...3 Washington, D.C. Quarterly Overview...5 Washington
More informationMARKET REPORT FIRST QUARTER Market Ripe for Speculative Construction Falling Demand for Obsolete Product Not Indicative of Market Health
SHENANDOAH MARKET REPORT VALLEY Q1 2015 NORTH SHENANDOAH INDUSTRIAL VALLEY NORTH INDUSTRIAL MARKET REPORT FIRST QUARTER 2015 Market Ripe for Speculative Falling Demand for Obsolete Product Not Indicative
More informationNational Presence. Local Focus
Metropolitan DC Market Overview 3Q 214 Overall Market Summary The Washington, DC Metropolitan commercial real estate market is comprised of approximately 41.5 million square feet of rentable office space
More informationNational Presence. Local Focus
Metropolitan DC Market Overview 4Q 214 Overall Market Summary The Washington, DC Metropolitan commercial real estate market is comprised of approximately 41.9 million square feet of rentable office space
More informationStronger Office Market Looking Into Future
Research & Forecast Report Long Island OFFICE MARKET Q2 2015 Stronger Office Market Looking Into Future Rose Liu Research & Financial Analyst Long Island Takeaways Class A & B Long Island economic and
More informationNorthern Virginia. Quarterly Market Report. 4th Quarter lpcwashingtondc.com
Northern Virginia Quarterly Market Report 4th Quarter 217 Northern Virginia Leasing & Market Research Table of Contents Metropolitan D.C. Market Overview...3 Northern Virginia Quarterly Overview...5 Northern
More informationEverything Old is New Again
MARKET REPORT OFFICE Second Quarter 2016 Everything Old is New Again Market Indicators Q2 2016 2017 (Projected) While the global economy remains on its Jekyll and Hyde path, the District s commercial real
More informationPENDLETON STREET ALEXANDRIA, VIRGINIA FOR SALE OR LEASE
1000 PENDLETON STREET ALEXANDRIA, VIRGINIA 22314 FOR SALE OR LEASE SALE OR LEASE OPPORTUNITY KLNB is pleased to offer 1000 Pendleton Street in Alexandria, Virginia for sale or lease. This fully renovated
More informationWashington DC Market Office Report
Washington DC Market Office Report Market Overview The Office Market The Washington Office Market includes the District of Columbia and adjacent suburban submarkets in Maryland and Virginia. The Washington
More informationMarket Report. Northern Virginia 4th Quarter cushmanwakefield.com
Market Report Northern Virginia 4th Quarter 217 cushmanwakefield.com Contents DC Metropolitan Area Overview...3 Northern Virginia & Map...4-6 Alexandria...7 RB Corridor...8 Crystal City/Pentagon City...9
More informationShrinking Supply Continues To Push Rates
Research & Forecast Report STOCKTON SAN JOAQUIN COUNTY OFFICE Q1 2017 Shrinking Supply Continues To Push Rates > Office inventory: 8,221,819 > Vacancy: 10.5 percent > Net absorption: 49,103 year-to-date
More informationHomestretch: Office Market Set to Finish Strong
Research & Forecast Report RENO OFFICE Q3 2016 Homestretch: Office Market Set to Finish Strong >> Vacancy drops significantly the largest drop quarter over quarter in 2016 >> Rental rates are not increasing
More informationMarket Report. Northern Virginia 2nd Quarter cushmanwakefield.com
Market Report Northern Virginia 2nd Quarter 2017 cushmanwakefield.com Contents DC Metropolitan Area Overview...3 Northern Virginia & Map...4-6 Alexandria...7 RB Corridor...8 Crystal City/Pentagon City...9
More informationLow Vacancy Stimulates New Developments
Research & Forecast Report LAS VEGAS MULTIFAMILY Q3 2015 Low Vacancy Stimulates New Developments > > Multifamily vacancy dipped below 5 percent in the third quarter of 2015 ELECTRIC Meter Hookups NEW HOME
More informationMedical Takes a Sick Quarter
Research & Forecast Report LAS VEGAS MEDICAL OFFICE Q3 2015 Medical Takes a Sick Quarter > > After two quarters of growth, the medical real estate sector stalled in the third quarter of 2015 > > Asking
More informationMarket Report. Northern Virginia 1st Quarter cushmanwakefield.com
Market Report Northern Virginia 1st Quarter 2017 cushmanwakefield.com Contents DC Metropolitan Area Overview...3 Northern Virginia & Map...4-6 Alexandria...7 RB Corridor...8 Crystal City/Pentagon City...9
More informationSuburban Maryland. Quarterly Market Report. 3rd Quarter lpcwashingtondc.com
Suburban Maryland Quarterly Market Report Table of Contents Metropolitan D.C. Market Overview...3 Suburban Maryland Quarterly Overview...5 Suburban Maryland Top Leases... 8 Suburban Maryland Top Sales...
More information+48.6 million sf office inventory
Research Market Report METROPOLITAN MILWAUKEE OFFICE 2018 Quarter 1 Research Wisconsin Introduction Following a strong second half of 2017, 2018 had a slow start. Despite an increase in vacancy and negative
More informationOffice Market Continues to Improve
Research & Forecast Report LAS VEGAS OFFICE Q3 2016 Office Market Continues to Improve > > Southern Nevada s office market is improving at a steady rate > > Net absorption has been positive in twelve of
More informationMARKET INDICATORS Q Q TOTAL 2,909,848 IN DEALS
Research & Forecast Report DETROIT & ANN ARBOR OFFICE Q1 2017 OFFICE ENDS ON A STRONG NOTE Peter McGrath Metro Detroit s office market reported a strong first quarter, carrying over the previous quarter
More informationMarket Report. Northern Virginia 3rd Quarter cushmanwakefield.com
Market Report Northern Virginia 3rd Quarter 2016 cushmanwakefield.com Contents DC Metropolitan Area Overview...3 Northern Virginia & Map...4-6 Alexandria...7 RB Corridor...8 Crystal City/Pentagon City...9
More informationWashington, D.C. Quarterly Market Report. 1st Quarter lpcwashingtondc.com
Washington, D.C. Quarterly Market Report 1st Quarter 1 Table of Contents Washington, D.C. Leasing & Market Research Metropolitan D.C. Market Overview...3 Washington, D.C. Quarterly Overview...5 Washington
More informationVacancy Inches Higher, Despite Continued Absorption
Research & Forecast Report GREATER PHOENIX OFFICE 1Q 2017 Vacancy Inches Higher, Despite Continued Absorption Key Takeaways > > Improving conditions in the Greater Phoenix office market took a pause in
More informationGreenville is a tenant s market
Research & Forecast Report GREENVILLE SPARTANBURG ANDERSON SOUTH CAROLINA OFFICE Q2 2018 Greenville is a tenant s market Crystal Baker Research Coordinator South Carolina Key Takeaways > > Large blocks
More informationHas The Office Market Reached A Peak? Vacancy. Rental Rate. Net Absorption. Construction. *Projected $3.65 $3.50 $3.35 $3.20 $3.05 $2.90 $2.
Research & Forecast Report OAKLAND METROPOLITAN AREA OFFICE Q1 Has The Office Market Reached A Peak? > > Vacancy remained low at 5. > > Net Absorption was positive 8,399 in the first quarter > > Gross
More informationWashington, D.C. Quarterly Market Report. 2nd Quarter lpcwashingtondc.com
Washington, D.C. Quarterly Market Report Table of Contents Washington, D.C. Leasing & Market Research Metropolitan D.C. Market Overview...3 Washington, D.C. Quarterly Overview...5 Washington D.C. Top Sales...
More informationTRANSWESTERN OUTLOOK DC AT Q1O8
TRANSWESTERN OUTLOOK DC AT Q1O8 Even With Soft Office Absorption, Vacancy Remains Low; Rents Continue to Edge Up The District of Columbia s office market experienced steady conditions during the 1st quarter
More informationMetropolitan Washington, DC Office Market. Journal, which surveyed top real estate
3RD QUARTER 2008 3Q 08 DIRECT VACANCY DC NOVA MD 6.5% 10.4% 10.5% *Arrows indicate change from previous quarter TOTAL NET ABSORPTION DC NOVA MD 1.47 MIL SF 337,090 SF (442,542) SF WASHINGTON, DC REGIONAL
More informationOffice Market Remained Steady in Q4
Research & Forecast Report Long Island OFFICE MARKET Q4 2015 Office Market Remained Steady in Q4 Rose Liu Research & Financial Analyst Long Island Takeaways Class A & B Continuing the momentum, the Long
More information2.8% 2.0% $811M. 2017: A Solid Year for the Metro Denver Office Sector HIGHLIGHTED METRO DENVER OFFICE. Market Report Q ECONOMIC TRENDS
Market Report METRO DENVER OFFICE Q4 2017 2017: A Solid Year for the Metro Denver Office Sector MARKET OVERVIEW Denver s office market finished 2017 with strong positive absorption during the fourth quarter
More information>> 2016 Off to A Good Start for Tri-Cities
Research & Forecast Report TRI-CITIES OFFICE Q1 216 Accelerating success. >> 216 Off to A Good Start for Tri-Cities Key Takeaways > The Tri-Cities office market saw vacancy decline for the seventh consecutive
More informationWashington, D.C. Quarterly Market Report. 3rd Quarter lpcwashingtondc.com
Washington, D.C. Quarterly Market Report Table of Contents Washington, D.C. Leasing & Market Research Metropolitan D.C. Market Overview...3 Washington, D.C. Quarterly Overview...5 Washington D.C. Top Sales...
More informationSoft Land Market in 2017
Research & Forecast Report LAND Q4 217 Soft Land Market in 217 > > Land sales in 217 fell behind 216 > > A lack of large sales at Apex brought the average price per square foot up > > Strong development
More informationMARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q
MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q Year: 2013 Market Area (City, State): Arlington, Virginia Provided by (Company / Companies): McEnearney Associates, Inc. Realtors What are the most significant
More informationSan Fernando Valley & Ventura County End 2015 On A Positive Note
OFFICE SAN FERNANDO & MARKET REPORT San Fernando Valley & Ventura County End 2015 On A Positive Note MARKET OVERVIEW MARKET INDICATORS - VACANCY 15.4% NET ABSORPTION 74,400 CONSTRUCTION 120,933 RENTAL
More information>> 2017 Begins With Continued Strong Demand
Research & Forecast Report Central Los Angeles OFFICE Q1 217 Accelerating success. >> 217 Begins With Continued Strong Demand Key Takeaways > Hudson Pacific's Icon at Sunset property delivered 323,3 square
More informationARLINGTON ECONOMIC DEVELOPMENT VACANCY UPDATE
ARLINGTON ECONOMIC DEVELOPMENT VACANCY UPDATE THE NEW NORMAL From 1980 to 2010, the average yearly net absorption in the region was approximately 4.2 million square feet per year. From 2011, that absorption
More informationLandlords Getting Aggressive
Research & Forecast Report GREENVILLE SPARTANBURG ANDERSON SOUTH CAROLINA OFFICE Q2 2017 Landlords Getting Aggressive Ron Anderson Vice President of Administration South Carolina Key Takeaways > > Landlords
More information2018: A Ground Breaking Year
Research & Forecast Report STOCKTON SAN JOAQUIN COUNTY OFFICE Q4 2017 2018: A Ground Breaking Year > Office inventory: 8,527,819 > Vacancy: 10.6 percent > Net absorption: 310,934 year-to-date The Northern
More information>> Orange County Market Gains Positive Momentum
Research & Forecast Report ORANGE COUNTY OFFICE Accelerating success. >> Orange County Market Gains Positive Momentum Key Takeaways > The Orange County office market saw positive demand for third quarter
More informationColliers International Indiana Region
Colliers International Indiana Region FIRST QUARTER 2011 INDUSTRIAL MARKET REPORT Q1 2011 INDUSTRIAL COLLIERS INTERNATIONAL INDIANA REGION RESEARCH & FORECAST REPORT Flourishing Developments and Company
More informationMarket Research. Market Indicators
colliers international LAS VEGAS, NV Market Research OFFICE Third Quarter 2009 Market Indicators Net Absorption Construction Rental Rate Q3-09 Q4-2009 Projected Clark County Economic Data Jul-09 Jul-08
More informationMARKET REPORT THIRD QUARTER Third Quarter Leasing Thrives Amidst Tepid Tenant Growth Q DISTRICT OF COLUMBIA OFFICE MARKET SUMMARY
Q3 2014 DISTRICT OF COLUMBIA OFFICE DISTRICT MARKET REPORT OF COLUMBIA Q3 2014 OFFICE DISTRICT OF COLUMBIA OFFICE MARKET REPORT THIRD QUARTER 2014 Third Quarter Leasing Thrives Amidst Tepid Tenant Growth
More informationNational Presence. Local Focus
National Presence. Local Focus Washington, DC Regional Quarterly Overview 4Q Metropolitan Washington, DC Office Market Statistics revealed that in the fourth quarter, the Metropolitan Washington, DC office
More informationVACANCY COMPLETIONS RENTAL RATE. *Projected $1.70. Vacancy Rate 14.9% 14.4% $1.60 $1.50 $1.40 $1.30 $1.20
Research & Forecast Report RENO OFFICE Q4 A Good Year Overall > Building sale prices are significantly higher than. > Seven buildings over 40,000 sf sold in, more than in previous years. > Many large office
More informationStrong Leasing Velocity Points to a Positive Office Market
Research & Forecast Report > MINNEAPOLIS-ST. PAUL Office Q1 2018 Strong Leasing Velocity Points to a Positive Office Market Vacancy and Absorption Trends The first quarter of 2018 brought a total multi-tenant
More informationOffice Stays Positive
Q2 2014 OFFICE LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Office Stays Positive While it may not always be pretty, Southern Nevada s office market continues to improve. Net absorption increased in the
More informationRESEARCH & FORECAST REPORT
Q3 2012 OFFICE LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Office Forges Ahead Southern Nevada s office market continued to post positive net absorption in the third quarter of 2012, despite weak employment
More informationChicago s industrial market thrives during the second quarter.
Economic Overview CHICAGO INDUSTRIAL MARKET MONITOR SECOND QUARTER 2015 Chicago s industrial market thrives during the second quarter. Demand across the Chicago industrial market remains high sending absorption
More informationNashville the #5 Market to Watch in 2019
Research & Forecast Report NASHVILLE INDUSTRIAL 4 th Quarter Nashville the #5 Market to Watch in 2019 Industrial Market The industrial real estate sector is currently undergoing one of the greatest expansionary
More information7901 Westpark Dr. McLean, VA 22102
7901 Westpark Dr. McLean, VA 22102 Jeff Roman +1 703 734 4724 jeff.roman@cbre.com Erik McLaughlin +1 703 288 2548 erik.mclaughlin@cbre.com Brett Schweitzer +1 703 905 0253 brett.schweitzer@cbre.com LOCATION
More informationChicago s industrial market thrives during the third quarter.
CHICAGO INDUSTRIAL MARKET MONITOR THIRD QUARTER 2015 Chicago s industrial market thrives during the third quarter. Demand across the Chicago industrial market remains high sending absorption up and vacancy
More information>> Hollywood Market Activity Flattens
Research & Forecast Report Central Los Angeles OFFICE Q2 216 Accelerating success. >> Hollywood Market Activity Flattens Key Takeaways > There is currently 533,6 square feet () of office product under
More informationStrong Marketwide Leasing Activity Points To A Strong Finish for Tri-Cities
OFFICE TRI-CITIES MARKET REPORT Strong Marketwide Leasing Activity Points To A Strong Finish for Tri-Cities MARKET OVERVIEW MARKET INDICATORS - VACANCY 14.9% NET ABSORPTION 254,6 CONSTRUCTION 113,8 RENTAL
More informationTime for Retail to Take Stock
Q1 2013 RETAIL LAS VEGAS NEVADA RESEARCH & FORECAST REPORT Time for Retail to Take Stock It is heartening to say, after five years of a bad economy, that the first quarter of 2013 s 119,649 square feet
More informationIndianapolis MARKETBEAT. Office Q Economy. Market Overview INDIANAPOLIS OFFICE
INDIANAPOLIS OFFICE Economic Indicators Market Indicators (Direct, All Classes) Direct Net Absorption/Direct Asking Rent 4-QTR TRAILING AVERAGE Direct Vacancy Q3 17 Q3 18 MSA Employment 1.05M 1.07M MSA
More informationNORTHERN VIRGINIA MARCH 2017
STATPAK NORTHERN VIRGINIA MARCH 2017 McEnearney.com MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR FEBRUARY 2017 Contract activity in February 2017 was up 4.0% from February 2016, and there were
More informationRegional Housing Foreclosure Summit Foreclosures in the Washington Metropolitan Region
Regional Housing Foreclosure Summit Foreclosures in the Washington Metropolitan Region John C. McClain, AICP Senior Fellow and Deputy Director Center for Regional Analysis School of Public Policy, George
More information>> Orange County Rents Increase to Start 2017
Research & Forecast Report ORANGE COUNTY OFFICE Accelerating success. >> Orange County Rents Increase to Start 2017 Key Takeaways > The Orange County office market saw positive demand for the first part
More informationYear End Deliveries Drive Leasing Activity In the Raleigh-Durham Market
Research Report RALEIGH-DURHAM OFFICE Q4 2018 Accelerate Success Year End Deliveries Drive Leasing Activity In the Raleigh-Durham Market Kelsey Rogers Senior Research Analyst Raleigh-Durham Market Indicators
More informationCZECH REPUBLIC RESEARCH & FORECAST REPORT Q Accelerating success.
CZECH REPUBLIC RESEARCH & FORECAST REPORT Accelerating success. RESEARCH & FORECAST REPORT CZECH REPUBLIC PRAGUE OFFICE PROPERTY MARKET SUPPLY METRIC KEY OFFICE FIGURES MEASURE Total Stock 2,773,296 m
More informationThe Industrial Market Cooled Off in Q1
Research & Forecast Report Long Island industrial MARKET Q1 2016 The Industrial Market Cooled Off in Q1 Rose Liu Director of Finance & Research Long Island Takeaways > > Long Island industrial market slowed
More informationMANHATTAN OFFICE 2017
Research Report MANHATTAN OFFICE 2017 Accelerating success. % $ ± Market Indicators Full Year 2016 Full Year 2017 Y-O-Y Change AVAILABILITY RATE 10.3% 10.0% -0.3pp AVERAGE ASKING RENT ($/SF/YR) $73.24
More informationNegative Absorption Recorded For The First Time In Past Nine Quarters
OFFICE SAN FERNANDO & VENTURA MARKET REPORT Negative Absorption Recorded For The First Time In Past Nine Quarters MARKET OVERVIEW MARKET INDICATORS - VACANCY 15.6% NET ABSORPTION -124,000 CONSTRUCTION
More informationNational Presence. Local Focus
National Presence. Local Focus Washington, DC Regional Quarterly Overview 3Q Metropolitan Washington, DC Office Market The Washington, DC metropolitan office market consists of approximately 398 million
More informationMarket Research. OFFICE First Quarter 2010
colliers international LAS VEGAS, NV Market Research OFFICE First Quarter 2010 Market Indicators Net Absorption Construction Rental Rate Q1-10 Q2-2010 Projected Clark County Economic Data Jan-10 Jan-09
More informationHouston s industrial market continues to expand
Research & Forecast Report HOUSTON INDUSTRIAL Q1 2017 Houston s industrial market continues to expand Lisa Bridges Director of Market Research Houston During the first quarter of 2017, 1.7M SF of Houston
More information>> Strong Sales Activity Persists in Second Quarter
Research & Forecast Report TRI-CITIES OFFICE Q2 217 Accelerating success. >> Strong Sales Activity Persists in Second Quarter Key Takeaways > Overall vacancy in the Tri-Cities office market decreased in
More informationNORTHERN VIRGINIA NOVEMBER 2017
STATPAK NORTHERN VIRGINIA NOVEMBER 2017 McEnearney.com MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR OCTOBER 2017 Contract activity in October 2017 was up 3.8% from October 2016, and there were
More informationAlexandria, Virginia EXECUTIVE SUMMARY
Alexandria, Virginia 440 Ford Avenue 30 Park Center Drive EXECUTIVE SUMMARY 4300 King Street EXECUTIVE S U M M A RY ( HFF ), as exclusive representative for the Owner, is pleased to present this offering
More informationThe Office Market Feels The Heat in Q2
Research & Forecast Report RENO OFFICE Q2 2017 The Office Market Feels The Heat in Q2 >>All major office submarkets have decreased vacancy and positive absorption this quarter >>The overall vacancy decreased
More information>> South Bay Market Hits 9-Year High in Demand
Research & Forecast Report South Bay OFFICE Q3 2016 Accelerating success. >> South Bay Market Hits 9-Year High in Demand Key Takeaways > The El Segundo/Beach Cities submarket once again led the South Bay
More information>> Market Records Strong Demand To End 2016
Research & Forecast Report Central Los Angeles OFFICE Q4 216 Accelerating success. >> Market Records Strong Demand To End 216 Key Takeaways > There is currently 61,4 square feet () of office product under
More informationDulles Corridor Metrorail Project
Dulles Corridor Metrorail Project Tysons East Station Construction Truss Erecting Cement Spans at I-495 and Route 123 Dulles Corridor Metrorail Project 23-mile new Metrorail line branching off the Orange
More informationHouston s industrial leasing activity decreases 42.7% over the quarter - vacancy rate remains under 5.0%
Research & Forecast Report HOUSTON INDUSTRIAL Q3 2015 Houston s industrial leasing activity decreases 42.7% over the quarter - vacancy rate remains under 5.0% Lisa Bridges Director of Market Research Houston
More information>> South Bay Continues Momentum To Start 2017
Research & Forecast Report South Bay OFFICE Q1 2017 Accelerating success. >> South Bay Continues Momentum To Start 2017 Key Takeaways > Although leasing velocity dropped from 2016, demand from that period
More informationOrange County Office Market Continues to Tighten Causing Rental Rates to Increase
OFFICE ORANGE COUNTY MARKET REPORT Continues to Tighten Causing Rental Rates to Increase MARKET OVERVIEW MARKET INDICATORS - VACANCY 12.6% NET ABSORPTION 688,800 CONSTRUCTION 497,387 RENTAL RATE $2.26
More informationSummary. Houston. Dallas. The Take Away
Page Summary The Take Away The first quarter of 2017 was marked by continued optimism through multiple Texas metros as job growth remained positive and any negatives associated with declining oil prices
More informationMonthly Market Snapshot
SEPTEMBER 2018 Vacancy continues to fall. Nearing the end of the third quarter, the vacancy rate dropped 10 basis points to 6.4%, compared to this time last month at 6.5%. Occupancy of the 1.1 million
More informationFOR SALE $350,000 $300,000
MEDICAL OFFICE CONDO 4123 UNIVERSITY BLVD. S, UNIT E JACKSONVILLE, FL 32216 FEATURES GREAT LOCATION CONVENIENTLY LOCATED ON UNIVERSITY BOULEVARD IN CLOSE PROXIMITY TO MEMORIAL HOSPITAL +/- 1,842 SQ. FT.
More informationMarket Research. Market Indicators
colliers international LAS VEGAS, NV Market Research OFFICE Second Quarter 2009 Market Indicators Net Absorption Construction Rental Rate Q2-09 Q3-2009 Projected Clark County Economic Data UNEMPLOYMENT
More informationKEY TOWER SALE highlights start of 2017
KEY TOWER SALE highlights start of 2017 Demand for office space in the Greater Cleveland office market remained strong as 2016 wound down and transitioned into the first quarter of 2017. After netting
More information