Tag Archives: Rental

Prince George’s County Office Space Market Conditions

Prince George’s County, Maryland, is named after Prince George of Denmark.  Nestled in the Atlantic coastal plain, its landscape is a beautiful mix of gently rolling hills and valleys.  The county is part of the Baltimore-Washington, D.C. Metropolitan area, and is home to the Joint Base Andrews, the Census Bureau, and NASA’s Goddard Space Flight Center.  Historically, the county was once inhabited by dinosaurs in the Cretaceous Era, whose fossils are now preserved in a 7.5 acre park in Laurel.

Prince George’s County economy has always been predominantly agricultural, with tobacco being the main crop through the 1900’s.  With the end of the Civil War, the slaves that worked the tobacco fields were freed, but the economy was still majorly supported by the tobacco farms.  The 70’s and 80’s County leaders sought to expand the economy through industry and commercial enterprise.  Despite these economic changes, Prince George’s County still retains its rural character and agricultural lifestyle.

Prince George’s County Central includes the area between Bowie and Landover, and through the south.  Central county has a diverse employment base, fueled by Andrews Air Force Base.  Limited demand and tenants vacating space contributed to this submarkets’ sluggish office market conditions during the 2nd quarter of 2013.  The Central county submarket had an overall vacancy rate of 18.1% in Q2 2013.  Average asking rents for Class A office space are at $22.67 per square foot.  Class B office space is slightly lower, at $19.95 per square foot.  The overall outlook for this sub-market remains subdued as tenants are reluctant to take space.

Prince George’s County North encompasses Laurel, Greenbelt, College Park, and Beltsville/Calverton.  The NASA Goddard Space Center is the major contributor to this area’s economy.  As in Central county, the North county sub-market has been experiencing a slowdown in the office sector.  In mid 2013, net absorption was at -104,000 square feet, with the overall vacancy rate at 21.5%.  Average asking rents for office space in Prince Georges County North are at $22.40 per square foot for Class A space, and $19.90 per square foot for Class B.

Despite the current lull in the office space market for Prince George’s County, overall, the conditions are expected to improve, positioning the county for long-term growth.

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Choosing The Right Office Space For Your Organization

Choosing the right office space for your business or organization means more than just choosing a physical location.  If you have customers visiting your property, then you want to make a good impression.  Depending on your organization’s identity, you might need to appear trendy, modern, or traditional, and your physical location can help customers decide if you are the right place for them to take their business or not.  When choosing commercial real estate, the following tips are a few considerations that can help you find the location that is just right for you and your company.

  1. As mentioned previously, appearances are very important.  Take a very close look at the property, standing in the parking lot, or on the sidewalk in front of the building.  If the building looks dingy and dirty to you, it will probably look that way to your customers as well.  Make sure the location is somewhere that you would visit as a customer.
  2. Consider accessibility and convenience.  Many customers will simply not visit your location if it is difficult for them to park, maneuver a wheelchair through, or find the elevator or stairs.  While some inexpensive improvements may be feasible and advantageous, you do not want to invest more money into making your building accessible than you spend on the property itself.  Make sure the elevators and stairs are in good condition, ensure that the location is handicap accessible, and consider the ease of entering and exiting the parking garage or lot for your customers.
  3. Check with the local City Hall to ensure that the property is zoned for your business.  If you have an unusual business, rezoning can take months or even years, and is a costly process that requires legal consultation and assistance.  Checking out the zoning ordinances for the property before you sign the contract is always the easiest way to avoid headaches and extra cost.
  4. Consult an expert.   The perfect office space can be competitive and hard to find, so consulting an expert is your best bet.  An experienced tenant rep can help you locate inspectors, engineers, architects, or anyone else that you may need to get your business off and running.

For more information on choosing the right location and property, contact us today.

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By: James Osgood

Know Before You Modify Your Office Space: Internet & Phone Service

Tip #2: Call the professional in the appropriate communications industry before modifying your office.  A good business partner will assist you with general questions pro bono.  This can lead to avoiding costly problems down the road.  For instance we know that each VoIP seat/phone requires a specific bandwidth requirement to operate in addition to general Internet browsing and use.  Simple math will tell you if your current Internet bandwidth will be sufficient to operate your business.

When it comes to your COMMUNICATION needs, proper planning and vision is the key and understanding your needs. What you need today along with the future should be taken into account. For additional information call us direct at 800-987-0100.

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