2015 Industrial Market Year End Wrap-Up!
The Prince George’s County 2015 industrial market grew, with many new facilities delivered and new tenants coming into the market. We review the 2015 industrial market and look ahead to what 2016 will hold for the county.
The 2015 industrial market was rife with new inventory in Prince George’s County. Over 900,000 SF of new, class A facilities came to the market, including Cabin Branch Industrial Park, Andrews Federal Campus and Collington Park. Tenants are starting to make the switch from class B and C space into better class A space. Also, we are seeing many northern Virginia tenants moving into Prince George’s County, which has more affordable rental rates. The increase in demand led to positive tenant absorption and a 5.5% increase in rental rates on average.
In Prince George’s County, there are seven primary class A industrial projects which could be viable for a large industrial user. These include SteepleChase 95, Cabin Branch Industrial Park, Andrews Federal Campus, the Brick Yard, and Collington Park. This class A space will be in high demand during 2016 and is expected to be fully absorbed over the next 36 months.
Interested in reading more about the 2015 industrial market in Prince George’s County? Check out the full report here.
By Lance Schwarz & Peter Burleigh