SuburbanMd AMERICAS MarketBeat Industrial Q32013
Content
MARKETBEAT
INDUSTRIAL SNAPSHOT
SUBURBAN MARYLAND
A Cushman & Wakefield Research Publication
Q3 2013
SUBURBAN MARYLAND
SUBMARKET INVENTORY OVERALL YTD LEASING ACTIVITY YTD USER UNDER YTD VACANCY SALES CONSTRUCTION CONSTRUCTION RATE ACTIVITY COMPLETIONS YTD DIRECT YTD OVERALL NET NET ABSORPTION ABSORPTION HT North Bethesda/Rockville Gaithersburg/Germantown 7,701268 8,406,992 11.1% 11.0% 142,936 253,753 0 0 0 0 0 0 (59,718) 10,803 (43,972) 34,529 N/A N/A MF N/A N/A OS $14.08 $13.07 DIRECT WEIGHTED AVERAGE NET RENTAL RATE W/D $11.85 $10.37
Montgomery County
Beltsville/College Park Laurel Landover/Lanham Bowie Oxon Hill/Suitland
16,108,260 11.0%
7,598,245 2,535,738 13,047,592 2,227,015 3,998,973 13.5% 14.9% 11.5% 17.3% 12.6%
396,689
151,450 70,242 456,234 70,574 136,121
0
0 0 0 0 0
0
0 0 360,550 0 0
0 (48,915)
0 0 167,226 0 0 12,723 40,273 161,700 (29,724) 60,696
(9,443) N/A N/A $13.44 $11.15
12,988 (56,205) 163,255 (29,724) 41,796 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A $9.69 $7.22 $9.32 $7.58 $8.60 $6.37 $7.56 $6.59 $7.02 $6.20
Prince George’s County TOTALS
29,407,563 12.9% 45,515,823 12.2%
884,621 1,281,310
0
360,550
167,226
245,668
132,110 N/A N/A
$9.14
$6.53 $7.83
0 360,550 167,226 196,753
122,667 N/A N/A $10.64
* RENTAL RATES REFLECT ASKING $PSF/YEAR
HT= HIGH TECH MF = MANUFACTURING OS = OFFICE SERVICE W/D = WAREHOUSE/DISTRIBUTION
MARKET HIGHLIGHTS Significant Q3 2013 Lease Transactions
620 Professional Drive 5700-5730 Sunnyside Avenue 1030 Hampton Park Boulevard 7300 Calhoun Place 7301 Calhoun Place SUBMARKET TENANT PROPERTY TYPE Flex Warehouse/Distribution Warehouse/Distribution Flex Flex PURCHASE PRICE / $PSF $16,500,000/$107 $5,870,000/$73 COMPLETION DATE Q3 2013 COMPLETION DATE Q4 2013 SQUARE FEET 26,000 25,000 22,366 16,083 15,464 SQUARE FEET 153,700 80,000 BUILDING SQUARE FEET 26,000 BUILDING SQUARE FEET 360,550 Gaithersburg/Germantown Undisclosed Beltsville/College Park Landover/Lanham North Bethesda/Rockville North Bethesda/Rockville SUBMARKET Oxon Hill/Suitland North Bethesda/Rockville SUBMARKET Landover/Lanham SUBMARKET Landover/Lanham Cabinets Direct Plus Metro Laundry Services TechXact Group Corporation Agnovos Healthcare US BUYER TIAA-CREF Finmarc Management Inc. MAJOR TENANT N/A MAJOR TENANT N/A
Significant Q3 2013 Sale Transactions
8420 Westphalia Road 1029 E Gude Drive
Significant Q3 2013 Construction Completions
4700 Walden Lane
Significant Projects Under Construction
1811 Cabin Branch Drive
* RENEWAL - NOT INCLUDED IN LEASING ACTIVITY STATISTICS
Cushman & Wakefield of Maryland, Inc. 500 East Pratt Street, Suite 500 Baltimore, MD 21202 www.cushmanwakefield.com/knowledge
For more information, contact: Paula Munger, Regional Research Director 703 847 2785 [email protected]
The market terms and definitions in this report are based on NAIOP standards. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. © 2012 Cushman & Wakefield, Inc. All rights reserved.
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INDUSTRIAL SNAPSHOT
SUBURBAN MARYLAND
A Cushman & Wakefield Research Publication
Q3 2013
SUBURBAN MARYLAND
SUBMARKET INVENTORY OVERALL YTD LEASING ACTIVITY YTD USER UNDER YTD VACANCY SALES CONSTRUCTION CONSTRUCTION RATE ACTIVITY COMPLETIONS YTD DIRECT YTD OVERALL NET NET ABSORPTION ABSORPTION HT North Bethesda/Rockville Gaithersburg/Germantown 7,701268 8,406,992 11.1% 11.0% 142,936 253,753 0 0 0 0 0 0 (59,718) 10,803 (43,972) 34,529 N/A N/A MF N/A N/A OS $14.08 $13.07 DIRECT WEIGHTED AVERAGE NET RENTAL RATE W/D $11.85 $10.37
Montgomery County
Beltsville/College Park Laurel Landover/Lanham Bowie Oxon Hill/Suitland
16,108,260 11.0%
7,598,245 2,535,738 13,047,592 2,227,015 3,998,973 13.5% 14.9% 11.5% 17.3% 12.6%
396,689
151,450 70,242 456,234 70,574 136,121
0
0 0 0 0 0
0
0 0 360,550 0 0
0 (48,915)
0 0 167,226 0 0 12,723 40,273 161,700 (29,724) 60,696
(9,443) N/A N/A $13.44 $11.15
12,988 (56,205) 163,255 (29,724) 41,796 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A $9.69 $7.22 $9.32 $7.58 $8.60 $6.37 $7.56 $6.59 $7.02 $6.20
Prince George’s County TOTALS
29,407,563 12.9% 45,515,823 12.2%
884,621 1,281,310
0
360,550
167,226
245,668
132,110 N/A N/A
$9.14
$6.53 $7.83
0 360,550 167,226 196,753
122,667 N/A N/A $10.64
* RENTAL RATES REFLECT ASKING $PSF/YEAR
HT= HIGH TECH MF = MANUFACTURING OS = OFFICE SERVICE W/D = WAREHOUSE/DISTRIBUTION
MARKET HIGHLIGHTS Significant Q3 2013 Lease Transactions
620 Professional Drive 5700-5730 Sunnyside Avenue 1030 Hampton Park Boulevard 7300 Calhoun Place 7301 Calhoun Place SUBMARKET TENANT PROPERTY TYPE Flex Warehouse/Distribution Warehouse/Distribution Flex Flex PURCHASE PRICE / $PSF $16,500,000/$107 $5,870,000/$73 COMPLETION DATE Q3 2013 COMPLETION DATE Q4 2013 SQUARE FEET 26,000 25,000 22,366 16,083 15,464 SQUARE FEET 153,700 80,000 BUILDING SQUARE FEET 26,000 BUILDING SQUARE FEET 360,550 Gaithersburg/Germantown Undisclosed Beltsville/College Park Landover/Lanham North Bethesda/Rockville North Bethesda/Rockville SUBMARKET Oxon Hill/Suitland North Bethesda/Rockville SUBMARKET Landover/Lanham SUBMARKET Landover/Lanham Cabinets Direct Plus Metro Laundry Services TechXact Group Corporation Agnovos Healthcare US BUYER TIAA-CREF Finmarc Management Inc. MAJOR TENANT N/A MAJOR TENANT N/A
Significant Q3 2013 Sale Transactions
8420 Westphalia Road 1029 E Gude Drive
Significant Q3 2013 Construction Completions
4700 Walden Lane
Significant Projects Under Construction
1811 Cabin Branch Drive
* RENEWAL - NOT INCLUDED IN LEASING ACTIVITY STATISTICS
Cushman & Wakefield of Maryland, Inc. 500 East Pratt Street, Suite 500 Baltimore, MD 21202 www.cushmanwakefield.com/knowledge
For more information, contact: Paula Munger, Regional Research Director 703 847 2785 [email protected]
The market terms and definitions in this report are based on NAIOP standards. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. © 2012 Cushman & Wakefield, Inc. All rights reserved.
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