Every year GSA is in the market to lease between four to six million sf, a spokesman tells GlobeSt.com. The agency manages 93 million sf in the metro area, of which 52 million sf is leased. Every year roughly 10 million sf expires.
Prince George's County has been concentrating on attracting a greater government presence, Tony Ginter, director of research for GVA Advantis tells GlobeSt.com, but until this point has not been as successful as neighboring Montgomery County. Vacancy rates are 14% to 15% in Prince George's County. Meanwhile in Montgomery, she says "we are seeing more and more tenants--both government and private--upgrading space so occupancy and rental rates are increasing."
Indeed, there is no guarantee that the government will increase its expansion into Prince George's County, the agency's spokesman says. "What we are doing is essentially saying that PG County is an attractive location and we are happy to acquaint our agencies with it," he adds.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
