Like our waistlines, businesses’ expand and contract … what phase is your business in?
Debating if you should renew your lease or dip your toes into the local commercial real estate market? Come on in! The waters warm, yes, not hot, but warm. The vacancy rate in Loudoun County at the end of 2014 was over 20%, contrast that with the Reston/Herndon rate of just under 16%. The weaker market makes it a great time to start exploring your options in Loudoun.
Although unemployment in Northern Virginia closed out the year with a promising 3.7%, the gains were largely in non-office using sectors such as construction; leaving the office market flat.
Whether you are looking to “right-size” up or down, looking for a change of venue or an upgrade from your current location, 2015 will continue to present opportunities. With this flat market prospective tenants have gained with concession packages including free rent and tenant improvement packages.
On the flip side the Northern Virginia flex and warehouse markets continued to be strong, ending 2014 with a vacancy rate of 12%. Loudoun County beat that overall rate coming in at an impressive 9.9%. This lower vacancy rate means the deals may not be there if you’re looking for that upgrade or a need support growth. We can talk about your particular situation to see if staying put may be the best option for you right now.
As the economy slowly improves so goes the real estate market; putting upward pressure on rents and downward pressure on concession packages.
The most recent job’s report does indicate office use employment is on the rise, so if you are considering a move, now might just be the perfect moment.
Commercial leasing is a process so if your lease is expiring in the next year to 18 months it’s not too early get started.
Whatever your needs, my 30 years in the business allow me to be uniquely qualified to guide your company through the maze of commercial real estate options.
We are a full service real estate firm with expertise in leasing, relocation and construction management. Sometimes you just need someone you can trust to take you from point A to point B, I am here and ready to help. Call me for a free consultation.