{"id":65,"date":"2013-10-28T06:24:31","date_gmt":"2013-10-28T13:24:31","guid":{"rendered":"http:\/\/www.officefinder.com\/officeblog\/?p=65"},"modified":"2016-04-13T15:12:17","modified_gmt":"2016-04-13T22:12:17","slug":"prince-georges-county-office-space-market-conditions","status":"publish","type":"post","link":"https:\/\/www.officefinder.com\/officeblog\/prince-georges-county-office-space-market-conditions\/","title":{"rendered":"Prince George\u2019s County Office Space Market Conditions"},"content":{"rendered":"

Prince George\u2019s County, Maryland, is named after Prince George of Denmark. \u00a0Nestled in the Atlantic coastal plain, its landscape is a beautiful mix of gently rolling hills and valleys. \u00a0The county is part of the Baltimore-Washington, D.C. Metropolitan area, and is home to the Joint Base Andrews, the Census Bureau, and NASA\u2019s Goddard Space Flight Center. \u00a0Historically, the county was once inhabited by dinosaurs in the Cretaceous Era, whose fossils are now preserved in a 7.5 acre park in Laurel.<\/p>\n

Prince George\u2019s County economy has always been predominantly agricultural, with tobacco being the main crop through the 1900\u2019s. \u00a0With 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. \u00a0The 70\u2019s and 80\u2019s County leaders sought to expand the economy through industry and commercial enterprise. \u00a0Despite these economic changes, Prince George\u2019s County still retains its rural character and agricultural lifestyle.<\/p>\n

Prince George\u2019s County Central includes the area between Bowie and Landover, and through the south. \u00a0Central county has a diverse employment base, fueled by Andrews Air Force Base. \u00a0Limited demand and tenants vacating space contributed to this submarkets\u2019 sluggish office market conditions during the 2nd quarter of 2013. \u00a0The Central county submarket had an overall vacancy rate of 18.1% in Q2 2013. \u00a0Average asking rents for Class A office space are at $22.67 per square foot. \u00a0Class B office space is slightly lower, at $19.95 per square foot. \u00a0The overall outlook for this sub-market remains subdued as tenants are reluctant to take space.<\/p>\n

Prince George\u2019s County North encompasses Laurel, Greenbelt, College Park, and Beltsville\/Calverton. \u00a0The NASA Goddard Space Center is the major contributor to this area\u2019s economy. \u00a0As in Central county, the North county sub-market has been experiencing a slowdown in the office sector. \u00a0In mid 2013, net absorption was at -104,000 square feet, with the overall vacancy rate at 21.5%. \u00a0Average 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.<\/p>\n

Despite the current lull in the office space market for Prince George\u2019s County, overall, the conditions are expected to improve, positioning the county for long-term growth.<\/p>\n

Find Office Space in Prince George’s County North<\/a> or Prince George’s County South<\/a><\/p>\n

\n

Find Office Space Elsewhere<\/a><\/p>\n

By:\u00a0James Osgood<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Prince George\u2019s County, Maryland, is named after Prince George of Denmark. \u00a0Nestled in the Atlantic coastal plain, its landscape is a beautiful mix of gently rolling hills and valleys. \u00a0The county is part of the Baltimore-Washington, D.C. Metropolitan area, and is home to the Joint Base Andrews, the Census Bureau, and NASA\u2019s Goddard Space Flight\u2026 Read More »<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,10],"tags":[16,19,17,15,18,6],"class_list":["post-65","post","type-post","status-publish","format-standard","hentry","category-office-rental","category-office-space","tag-county","tag-lease","tag-office-space-2","tag-prince-george","tag-rent","tag-rental"],"yoast_head":"\r\nPrince George\u2019s County Office Space Market Conditions<\/title>\r\n<meta name=\"description\" content=\"Prince George\u2019s County Office Space Market Conditions and assistnace find office space for rent or lease\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" 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