New industrial demand in the Washington, D.C., metropolitan region has come not only from its strong service economy, but also a rapidly growing consumer goods supply chain, e-commerce distribution seeking speed of delivery, data centers and even government contractors. Both occupiers and investors seek modern, state-of-the-art building design and features. The Washington metro industrial market (185 million square feet inclusive of flex space) was well into the single digits with a sub-9 percent vacancy rate as of the third quarter of 2015. New construction has returned with 2.7 million square feet poised for delivery. The overall market is fairly balanced between suburban Maryland and Northern Virginia comprising 88.3 million square feet and 87.3 million square feet, respectively. The remaining 9.3 million square feet is located in the District of Columbia. Vacancy has been on a downward trajectory for the region as a whole. The current 8.8 percent rate represents a drop of 100 basis points compared with the third quarter of 2014. The largest industrial market is found in Prince George’s County, Md., and totals 52 million square feet of industrial and flex space. Prince George’s County also anchors the south end of the Baltimore-Washington I-95 Corridor. If the adjacent …
WASHINGTON, D.C. – Terreno Realty Corporation (NYSE:TRNO) has acquired an 820,000-square-foot industrial property in Washington, D.C., for $115.5 million. The 28.2-acre property is located at 3015-3535 V Street. The facility is situated one block from New York Avenue/Route 50, in the northeastern section of the District of Columbia. It is also near the Amtrak Northeast Corridor, the U.S. National Arboretum and the Anacostia River. Notable tenants in the area include Anchor Construction Corp. and Premium Distributors. The industrial facility includes 102 dock-high and eight grade-level loading positions, as well as parking for 470 cars. It is currently 87 percent leased to 22 tenants. The seller was not named. Terreno was represented by James Cassidy of DTZ. The firm also recently acquired a 107,000-square-foot industrial property in Doral, Fla., for $9.9 million. That property is located at 10100 NW 25th Street, in Miami’s Airport West market. San Francisco-based Terreno Realty Corporation acquires, owns and operates industrial real estate in six major U.S. coastal markets. The markets include Los Angeles, Northern New Jersey/New York City, the San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore. Terreno’s stock price closed at $23.36 per share on Thursday, Jan. 29, up from $22.90 per share …
There was a time when retail in the District of Columbia was tired and unimaginative, but today things are changing. Today, D.C. competes with some of this country’s greatest retail cities. No longer do “food by the pound” cafes dominate fast casual lunch options, or tired steak houses fill the nights. A young generation of award winning chefs — the likes of Mike Isabella, Cedric Maupillier and Aaron Silverman — are driving a new culinary scene, which in turn is helping to boost retail growth across our city. Silverman’s Rose’s Luxury across from the Marine Barracks on Capitol Hill was just named 2014 best new restaurant in the country by Bon Appetit. With a population of less than 700,000, D.C. is still a relatively small city, but it doesn’t act like it. It is the focus of the nation’s — and the world’s — political eye. It is also blessed with a stable economy and the recent influx of a younger generation who seek to put their stamp on it. We are no longer just a government town. International corporations like Hilton, Marriott, Choice, and Host Hotels have chosen this market for their headquarters. Discovery and Travel channels have staked …
The Washington, D.C. metro multifamily housing sector has continued to demonstrate resiliency and recovery in the midst of the clamor in the media over the last year, which has caused many to believe otherwise. Multifamily has enjoyed declining rental vacancy levels the last three of four years ending in 2013, and only nominal increases during 2014, according to Reis. The eagerness of developers to capitalize on the absorption and flowing capital markets of the D.C. multifamily market has left some speculators concerned that the established strength of the fundamentals will be eroded by oversupply and ultimately lead to flat or negative rent growth and high vacancy rates. While 2014 has come with a stream of new developments hitting the D.C. metro, absorption remains steady and in some cases outperforming expectations. New product has been consumed as quickly as new developments are delivered. The D.C. metro market absorption is on track to exceed its record of units absorbed in a year, which was reached in 2010, already absorbing 4,904 out of the 6,516 units delivered year-to-date, according to Reis. This continued strength of the multifamily market is further evidenced by higher levels of demand for Class A luxury units, as shown …
The Washington, D.C. metropolitan area’s retail market is expected to continue to perform as well as or better than any other retail market in the nation. Ranked the seventh-largest Metropolitan Statistical Area (MSA) in the United States, Washington boasts a dizzying amount of retail growth in existing and emerging neighborhoods. Household incomes in the area grew by 42 percent from 2000 to 2013, compared to just 27 percent nationally. The highly educated and affluent population is driving urban mixed-use developments across the region. According to the National Association of Realtors, Washington led the nation in the Millennials’ share of the local population, at 15.7 percent. Millennials are demanding authentic experiences in residential living, shopping, restaurants and entertainment. Cranes can be seen everywhere with 30,000 apartment units under construction, many with prevailing urban feel above retail. This trend is common in the redevelopment on H Street, the corridor between Union Station and 17th Street Northeast that has been undergoing redevelopment in the last half dozen years. During this time both Giant Food and Walmart have opened stores under apartment buildings in this neighborhood, which Forbes lists as one of the “hippest” areas in the United States. Insight Property Group just broke …
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