The Mid-Year 2008 Trends in Housing Report, a joint publication of MRIS and Delta Associates states the Washington DC Metro Commercial market is one of the top commercial real estate markets in the nation. The Metro Area is very desirable for investors to own property.
Office Market – The Metro Area ranks 6th at a 10% Vacancy Rate compared to New York at the lowest (7.8%) and Dallas/Fort Worth at the highest (17.2%). The National Vacancy Rate at mid-year is 11.4%.
Retail Market – The Retail Market for grocery-anchored shopping centers remains healthy due to low Vacancy Rates (2.28%) at year-end 2007. Average rents were up almost 4% at year-end 2007 from the previous 12 month period.
Apartment Market – The Apartment Market is one of the better markets in the nation. This is mainly because of a solid job market, a transient work force and a stalled condo market. The Vacancy Rate for Class A and B investment grade apartments increased to 3.6% up 0.7% from a year ago. This is 2% below the national rate. Class A rents increased 1.8% from mid-year 2007.
Source: Mid-Year 2008 Trends in Housing Report – MRIS and Delta Associates
The information made available here is the author’s own interpretation of the Mid-Year 2008 Trends in Housing Report – Commercial Real Estate Market and makes no warranty or claim regarding the usefulness or implications of this information.
Michael Setunsky is the Broker and owner of Michael's Commercial LLC serving the Northern Virginia commercial real estate market. His more than 23 years of experience as a commercial real estate and business broker has earned him the distinction for being one of the top commercial real estate producers in the Mid-Atlantic Region. He also serves on the Mid Atlantic Real Estate Marketing Association's (MAREMA) Board of Directors, and is a Commonwealth of Virginia licensed Instructor. He teaches Pre-licensing, Post Licensing Education, Broker's and Continuing Education courses. Visit his company web site at http://michaelscommercial.com/.
©2008 Michael’s Commercial LLC, All Rights Reserved - Washington DC Metro Commercial Market - Tops in Nation
Comments(0)