Second Quarter: Suburban Maryland s Uptick in Leasing has yet to be Realized in Absorption Numbers
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- Horatio Lucas
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1 Q 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 Q Q (p) NET ABSORPTION CONSTRUCTION MARKET OVERVIEW Despite a slight resurgence in leasing activity in Suburban Maryland, net absorption during the second quarter of 2013 remained negative. Bozzuto & Associates, a mid-atlantic regional residential developer, came to terms on a 75,000-square-foot deal at 6406 Ivy Lane in the Greenbelt submarket. This is one of the first times in recent memory that the largest deal in Suburban Maryland was larger than any that occurred in the District., on the other hand, continued to remain negative and was considerably less than what was recorded during the first quarter. This moderate uptick in deal volume will likely not be absorbed into the market for several quarters. ABSORPTION For four quarters in a row and thus far in all of 2013, Suburban Maryland registered negative absorption; the majority was focused in the Prince Georges County and in class B space from a quality standpoint. Prince George s County s negative 126,000 square feet of absorption brought the year to date absorption to negative 258,000 square feet. Montgomery County, however, saw positive absorption gains. The largest contributor was Adventist Healthcare s 69,379-square-foot move into 820 W Diamond Avenue in the Gaithersburg submarket. They vacated roughly 50,000 square feet from their former offices at 1801 Research Drive in the Rockville submarket. RENTAL RATE UPDATED SUMMARY STATISTICS RECENT SALES TRANSACTIONS Q Q Property Submarket Sale Price Size SF Price/ Buyer Seller RATE: 15.1% 15.1% ABSORPTION : (180,615) (190,655) DELIVERIES : 0 194,400 UNDER 9801 Washington Boulevard Gaithersburg $85,250,000 (as allocated part of portfolio sale) SF 321,007 $266 KBS Real Estate Investment Trust CBRE Global Investors CONSTRUCTION: 1,303, , Diamonback Greater Capital Washington ASKING RENTS/SF: $25.62 $25.65 Drive Rockville $12,250,000 58,346 $210 Area Association Property of Realtors Company
2 ABSORPTION 300, , ,000 0 Q Q Q Q Q Q Q , , , , % 15.0% 14.8% 14.6% 14.4% 14.2% 14.0% 13.8% 13.6% Q Q Q Q Q Q Q Q RENTAL RATES On the heels of significant vacancy increases last quarter, the vacancy rate for the Suburban Maryland submarket was flat throughout the second quarter. In Prince George s County, the Beltsville submarket saw the largest vacancy increase, up by over 4 percentage points to finish the quarter at 29.4 percent. Prince George s County overall vacancy increased 1.1 percent to end the quarter at 20 percent. Montgomery County registered a slight decrease in vacancy, falling 20 basis points and ending the quarter at 13.3 percent. Gaithersburg and Rockville saw the largest vacancy decreases, both dropping over a percentage point and ending the second quarter at 11.1 and 13.9 percent respectively. DELIVERIES AND CONSTRUCTION The Rockville Metro Plaza II, located at 121 Rockville Pike, delivered in the second quarter. It is a 200,000-square-foot, Class A office building in the Rockville submarket that was over 70 percent preleased at the time of delivery. Just over one million square feet is still under construction in the Suburban Maryland market, the majority of which is already accounted for. LOOKING FORWARD As the national economy continues to improve and job numbers increase, demand should follow suit in Suburban Maryland, however, we expect the Suburban Maryland market to be the last of the three to see positive increases. A more favorable business climate in Virginia and the Districts centralized location should have tenants choosing those two locations at a higher rate all things being equal. Regionally, the footprint of tenants is shrinking. Tenants are getting more out of less space and the efficiency of a building s mechanics and floor plan layout has never been more important. As we have already seen extensively in Northern Virginia and Washington, DC, Suburban Maryland owners will need to redevelop their vintage product. $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Class A Class B Class C RENTAL RATES Asking rental rates in the Suburban Maryland market continued to rise this quarter, up 10 cents to finish at $25.65 on a full service basis. Both Montgomery and Prince Georges Counties asking rates rose this quarter, up 15 and 35 cents, respectively. Class A and B rents continued to rise in the market, with Class C buildings asking rates declining slightly. Prior Qtr Lease SUBURBAN MARYLAND CLASS A TOTALS Suburban Maryland ,209, % 1.0% 15.7% 16.2% 585, ,462 (17,592) $28.93 SUBURBAN MARYLAND CLASS B TOTALS Suburban Maryland ,231, % 0.5% 15.8% 15.5% 297,712 (233,676) (350,185) $23.57 SUBURBAN MARYLAND CLASS C TOTALS Suburban Maryland 311 8,879, % 0.2% 8.6% 8.9% 38,159 22,621 38,959 $19.22 SUBURBAN MARYLAND CLASS A,B,C TOTALS Suburban Maryland 1,364 92,320, % 0.7% 15.1% 15.1% 921,827 (23,593) (328,818) $25.65 P. 2 COLLIERS INTERNATIONAL
3 MONTGOMERY COUNTY Prior Qtr Lease BETHESDA A 25 5,413, % 0.9% 12.5% 13.4% 151,378 46,977 38,575 $43.13 B 73 5,460, % 0.7% 8.9% 8.6% 71,159 (14,666) (66,162) $34.06 C , % 0.2% 5.8% 5.2% 2,300 (3,640) (14,903) $25.46 Subtotal ,528, % 0.7% 10.4% 10.6% 224,837 28,671 (42,490) $37.12 GAITHERSBURG A 11 2,382, % 0.3% 12.0% 14.5% 6,520 60,684 (46,999) $24.52 B 73 3,875, % 0.2% 11.4% 11.7% 24,634 12,329 1,550 $21.55 C , % 0.0% 6.7% 7.7% 6,461 7,837 8,042 $17.41 Subtotal 111 7,023, % 0.2% 11.1% 12.2% 37,605 80,850 (37,407) $22.39 GERMANTOWN A 12 1,314, % 1.2% 25.8% 24.9% 4,723 (12,072) 9,957 $27.52 B 40 1,725, % 0.0% 11.6% 44.4% 18,193 (3,712) 15,145 $23.52 C 1 13, % 0.0% 0.0% 3.0% $15.00 Subtotal 53 3,053, % 0.5% 17.6% 17.1% 22,916 (15,384) 25,502 $25.22 KENSINGTON A 2 165, % 1.8% 11.6% 11.6% 0 0 (1,544) $33.00 B 31 1,246, % 0.1% 29.0% 29.9% 16,669 11,003 9,960 $22.12 C , % 2.7% 10.9% 10.7% 0 (875) (25) $20.78 Subtotal 49 1,781, % 0.8% 23.7% 24.2% 16,669 10,128 8,391 $23.46 NORTH BETHESDA A 32 7,013, % 1.1% 15.3% 16.5% 80,044 84, ,729 $31.50 B 46 3,063, % 1.3% 13.4% 11.2% 30,020 (67,648) (83,565) $27.24 C , % 0.0% 8.2% 7.9% 398 (2,456) 13,410 $19.80 Subtotal 97 10,949, % 1.1% 14.2% 14.4% 110,462 14,715 53,574 $29.68 NORTH ROCKVILLE A 58 7,860, % 1.7% 15.2% 14.8% 130,778 (30,608) (51,636) $28.77 B 71 4,523, % 1.4% 16.9% 16.8% 32,424 (5,442) (13,736) $23.63 C , % 0.0% 17.1% 18.4% 0 7,510 (392) $20.07 Subtotal ,944, % 1.6% 15.9% 15.7% 163,202 (28,540) (65,764) $26.39 N. SILVER SPRING A 7 1,399, % 0.0% 1.1% 2.1% 4,139 14,178 13,561 $24.84 B 40 1,881, % 0.6% 21.4% 13.9% 6,405 (141,427) (159,550) $23.78 C 6 150, % 0.0% 4.7% 4.0% 0 (1,057) (1,057) $15.99 Subtotal 53 3,432, % 0.3% 12.4% 8.6% 10,544 (128,306) (147,046) $23.72 OUTLYING MONTGOMERY A 6 837, % 0.0% 1.4% 1.4% $28.54 B , % 0.0% 10.7% 10.5% 0 (1,067) (2,308) $27.74 C 8 163, % 0.0% 12.8% 12.8% $25.36 Subtotal 33 1,437, % 0.0% 5.5% 5.4% 0 (1,067) (1,542) $27.64 ROCKVILLE A 26 3,911, % 1.0% 19.9% 18.4% 59, ,785 96,656 $31.24 B 58 3,800, % 0.2% 10.7% 11.1% 36,622 23,071 16,804 $24.51 C 38 1,377, % 0.0% 5.3% 5.4% 2, ,082 $19.80 Subtotal 122 9,089, % 0.5% 13.9% 15.2% 99, , ,542 $27.61 SILVER SPRING A 19 4,184, % 0.8% 10.9% 11.0% 10,855 2,080 (31,747) $30.17 B 40 1,991, % 0.7% 10.0% 10.4% 12,357 7,849 8,901 $24.65 C , % 0.5% 16.3% 17.1% 9,787 5,868 21,285 $20.19 Subtotal 91 6,921, % 0.7% 11.3% 11.5% 32,999 15,797 (1,561) $27.50 MONTGOMERY CO. A ,483, % 1.1% 14.1% 14.9% 448, , ,552 $31.10 B ,003, % 0.7% 13.3% 12.6% 248,483 (179,710) (272,961) $25.76 C 188 5,673, % 0.3% 9.2% 9.4% 21,709 14,271 51,608 $20.51 Subtotal ,160, % 0.8% 13.3% 13.5% 718, ,404 (70,801) $28.11 P. 3 COLLIERS INTERNATIONAL
4 PRINCE GEORGES COUNTY Prior Qtr Lease BELTSVILLE A 6 751, % 1.1% 41.1% 28.0% 8,768 (97,777) (99,737) $20.81 B , % 0.0% 25.0% 28.0% 0 25,340 5,881 $18.69 C 8 205, % 0.0% 1.7% 1.7% 0 0 (820) $18.16 Subtotal 30 1,668, % 0.5% 29.4% 25.0% 8,768 (72,437) (94,676) $18.98 BOWIE A 6 688, % 0.0% 23.0% 27.0% 16,620 27,129 26,449 $26.66 B 31 1,015, % 0.4% 9.2% 9.4% 3,436 2,532 (17,539) $18.80 C 6 161, % 0.0% 4.1% 4.1% $12.04 Subtotal 43 1,866, % 0.2% 13.8% 15.4% 20,056 29,661 9,510 $20.49 BRANCH AVENUE B 38 1,534, % 0.0% 8.7% 6.6% 0 (31,201) (38,436) $20.31 C , % 0.0% 3.7% 4.1% 2,070 2,670 (715) $17.67 Subtotal 56 1,264, % 0.0% 7.2% 5.9% 2,070 (28,531) (39,151) $19.89 COLLEGE PARK A 10 1,847, % 0.0% 5.5% 6.0% 0 9,910 (89,062) $28.50 B 32 1,852, % 0.2% 32.7% 32.6% 4,128 (2,209) (22,506) $20.89 C , % 0.0% 14.2% 13.4% 2,053 (7,288) (27,544) $18.83 Subtotal 70 4,554, % 0.1% 18.2% 18.2% 6, (139,112) $20.58 UPPER MARLBORO A 1 54, % 0.0% 0.0% 0.0% B 4 136, % 0.0% 0.9% 1.7% 0 1,066 0 $18.59 C 7 95, % 0.0% 3.7% 3.7% 0 0 (507) $18.45 Subtotal , % 0.0% 1.6% 2.0% 0 1,066 (507) $18.52 GREENBELT A 18 2,166, % 1.3% 32.2% 32.1% 80,542 (629) (11,169) $22.66 B 41 1,402, % 0.8% 22.8% 22.4% 3,286 (5,452) 22,195 $20.11 C 3 79, % 0.0% 0.0% 0.0% $18.00 Subtotal 62 3,647, % 1.1% 27.9% 27.7% 83,828 (6,081) 11,026 $21.67 LANDOVER A 8 1,139, % 0.0% 23.9% 23.9% 4, ,671 $21.28 B 36 1,901, % 0.0% 24.1% 23.1% 11,199 (18,991) (15,579) $21.19 C , % 0.0% 2.3% 2.5% $11.23 Subtotal 62 3,483, % 0.0% 21.3% 20.8% 15,807 (17,710) (10,824) $19.55 LANHAM A 2 447, % 2.2% 3.4% 3.4% 0 4,141 4,141 $23.00 B 33 1,361, % 0.0% 26.6% 27.6% 4,448 13,589 2,940 $18.08 C 8 144, % 0.0% 7.3% 12.7% 8,545 7,825 4,691 $17.32 Subtotal 43 1,952, % 0.5% 19.8% 21.1% 12,993 25,555 11,772 $18.09 LAUREL A 6 840, % 1.1% 10.3% 10.3% 22,688 0 (75) $19.33 B 44 1,546, % 0.2% 22.3% 20.0% 12,637 (35,463) (10,660 $18.32 C , % 0.0% 3.6% 3.9% ,134 $15.96 Subtotal 61 2,662, % 0.5% 16.6% 15.3% 36,060 (34,728) (8,601) $18.51 NATIONAL HARBOR A 4 460, % 0.0% 19.8% 14.7% 4,514 (23,502) (3,362) $26.11 B , % 0.0% 20.1% 20.3% 10,095 1, $24.25 C 6 167, % 0.0% 23.0% 24.2% 0 1,900 7,854 $16.90 Subtotal 27 1,183, % 0.0% 20.4% 18.7% 14,609 (20,579) 5,172 $24.10 PENN AVE CORRIDOR A 3 328, % 0.0% 63.1% 63.1% $22.50 B 8 211, % 0.0% 15.5% 13.5% 0 (4,200) (4,200) $20.00 C , % 0.0% 12.7% 13.8% 3,047 1,574 1,574 $18.77 Subtotal , % 0.0% 37.6% 37.2% 3,047 (2,626) (2,626) $22.84 PRINCE GEORGES CO. A 64 8,725, % 0.6% 22.2% 21.3% 137,740 (80,381) (168,144) $21.70 B ,228, % 0.2% 21.6% 21.2% 49,229 (53,966) (77,224) $20.12 C 123 3,205, % 0.1% 7.7% 8.0% 16,450 8,350 (12,649) $17.18 Subtotal ,159, % 0.3% 20.0% 18.9% 203,419 (125,997) (258,017) $20.39 P. 4 COLLIERS INTERNATIONAL
5 MARKET REPORT KEY TERMS Q OFFICE SUBURBAN MARYLAND DEFINITIONS OF KEY TERMS FOUND IN THIS REPORT Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certificate of occupancy must have been issued for the property. Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of tenant) trying to sublet a space that has already been leased. Existing Inventory: The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation. Activity: The volume of square footage that is committed to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings. : Average Asking Rental s: by the total square feet available for direct lease. Data is based on Full Service Gross rents, and includes all costs associated with occupying the space, including taxes, insurance, maintenance, janitorial service and utilities. Reports on an annual per square foot basis. Rentable Building Area (RBA): The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant s rental obligation. This report tracks buildings with 10,000 square feet or more of speculative space. Includes competitive space in Class A, B and C single and multitenant buildings. Excludes buildings that were built with the intent to house only medical users and government owner-occupied buildings. Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. space is sometimes referred to as sublet space. Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. 482 offices in 62 countries on 6 continents United States: 140 Canada: 42 Latin America: 20 Asia: 38 EMEA: 85 Australia/New Zealand: 157 $2 billion in annual revenue 1.12 billion square feet under management Over 13,500 professionals RESEARCHERS: Andrew Wellman TEL andrew.wellman@colliers.com Robert Hartley TEL robert.hartley@colliers.com The net change in occupied space over a given period of time. Unless otherwise noted, includes direct and sublease space. Inventory: Includes all existing multi- or single-tenant leased and owner-occupied office properties greater than or equal to 10,000 square feet (net rentable area). Does not include medical or government buildings. Accelerating success.
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