2019-07-02_DTZ戴德梁行_Office_Q3_2018_Suburban_Maryland_2页_639kb

报告摘要

Suburban Maryland Office Market Summary Q3 2018

Core Content

The Suburban Maryland office market experienced mixed performance in Q3 2018, with overall positive absorption and a decline in vacancy rates, though some submarkets showed negative absorption for the quarter. The market was influenced by significant leasing activity, key tenant movements, and new developments, particularly in Bethesda and Silver Spring.

Key Economic Indicators

D.C. Metro Employment: Increased from 3.28M in Q3 17 to 3.34M in Q3 18, showing continued job growth.
D.C. Metro Unemployment: Decreased from 3.6% to 3.4%, indicating a healthier labor market.
U.S. Unemployment: Declined from 4.4% to 3.9%, reflecting national economic improvement.

Market Indicators (Overall, All Classes)

Vacancy: Decreased from 19.5% to 18.7% year-over-year (YOY), showing improved demand.
YTD Net Absorption (sf): Reached 337,909 sf, a significant increase from Q3 17.
Under Construction (sf): Increased from 356k to 2.0M, signaling future supply.
Average Asking Rent (psf/year): Increased to $27.85, with Class A rents reaching $31.00 psf.

Market Overview

Key Lease Transactions:
- Enviva leased 80,000 sf at 7272 Wisconsin Avenue.
- Fox Television leased nearly 60,000 sf at 8403 Colesville Road.
- 3M renewed a lease at 12215 Plum Orchard Drive.
- The State of Maryland leased 62,623 sf at 5801 University Research Court.
Key Sales Transactions:
- 1 Discovery Place (490,062 sf) sold for $70 million or $142 psf to Foulger-Pratt.
- 401 N Washington (228,989 sf) sold for $37 million or $161 psf to Normandy Real Estate Partners.
New Developments:
- Kaiser Permanente's 176,000-sf built-to-suit at 4000 Garden City Drive is set to deliver in Q4 2018.
- 5801 University Research Court, a 75,000-sf speculative building, is 85% preleased.
Vacancy Trends:
- Overall vacancy declined 80 bps YOY to 18.7%.
- Montgomery County vacancy fell to 16.9%.
- Prince George's County vacancy increased to 25.6%, highlighting regional disparities.
Rental Trends:
- Overall gross asking rents increased by over 4.0% YOY.
- Class A rents reached $31.00 psf, with some submarkets like Bethesda/Chevy Chase showing even higher rates.

Outlook

Trophy Development:
- The Pike Corridor and Bethesda/Chevy Chase are seeing peak trophy development with rental rates in the high 60s to low 70s psf.
- These rates are 10 to 15 psf higher than those in Northern Virginia and comparable to Class A rents in the D.C. area.
Market Tightening:
- As new quality space becomes available, the existing Class A market is tightening, pushing tenants to seek value in lower-priced areas like Rockville Pike and I-270 Corridors.

MarketBeat Summary

Suburban Maryland Office Market Q3 2018

Submarket Performance:
- Pike Corridor: Overall vacancy rate at 16.9%, with net absorption of -111,372 sf.
- Silver Spring: Vacancy at 11.2%, with net absorption of 10,221 sf.
- I-270/Rockville: Vacancy at 19.5%, with net absorption of 75,136 sf.
- Bethesda/Chevy Chase: Vacancy at 13.9%, with net absorption of -50,463 sf.
- Montgomery County: Vacancy at 16.9%, with net absorption of 42,061 sf.
- Beltsville/College Park: Vacancy at 27.1%, with net absorption of 8,119 sf.
- Laurel: Vacancy at 25.4%, with net absorption of 7,098 sf.
- Greenbelt: Vacancy at 32.4%, with net absorption of 9,344 sf.
- Landover/Lanham: Vacancy at 21.0%, with net absorption of -79,755 sf.
- Bowie: Vacancy at 17.2%, with net absorption of 6,215 sf.
- Oxon Hill/Suitland: Vacancy at 22.6%, with net absorption of -17,836 sf.
- Prince George's County: Vacancy at 25.6%, with net absorption of -66,815 sf.
- Frederick County: Vacancy at 14.6%, with net absorption of -28,428 sf.
Overall Trends:
- Total inventory: 59,932,405 sf.
- Sublet vacant: 498,180 sf.
- Direct vacant: 10,716,892 sf.
- Total net absorption: 337,909 sf.
- Total leasing activity: 1,868,961 sf.
- Under construction: 2,067,787 sf.

Key Takeaways

The Suburban Maryland office market is showing resilience and growth, particularly in Bethesda and Silver Spring.
New developments are attracting tenants and contributing to rising rents.
While some submarkets experienced negative absorption, the overall market remains positive.
Diverging vacancy rates across counties indicate varying levels of demand and development activity.
Trophy developments are driving up rental rates, creating a gap in the Class A market.