Ashbrook 9 Summary 20150727

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The 28 North market segment of Loudoun County consists of 80 light industrial buildings that we
consider competition:
# Buildings Total RBA Available SF Current
Vacancy (%)
SF Under
Construction
Pre-leasing of
Space Under
Construction (%)
80 4,625,624 545,998 11.8% 35,000 0%
The light industrial market overall in Route 28 North is about 11.8% vacant and that vacancy comprises
over 545,000 square feet. This is the lowest vacancy percentage in over three years and 70% of the
available spaces are within buildings built before 1989. Most of the recent leasing activity occurred
within Red Rum Drive (newer and more functional light industrial), our recently delivered 20700 Loudoun
County Parkway building, and the significant data center absorption by Raging Wire and Level 3. There
is only one 35,000-square-foot, front-loaded, light industrial building under construction, and it is near
Arcola along Route 606 and is being marketed as for-sale condominiums (these are more appropriate for
auto uses and repair shops).
The demand for data center space may continue to reduce the supply of the newer and larger blocks of
light industrial space currently in the market, particularly those spaces within Beaumeade (“Fiber Alley”).
Digital Realty is under construction on its 210,828-square-foot data center building in Ashburn, Dupont
Fabros is under construction on 250,000 SF of data center space, Amazon is having six buildings
constructed throughout Ashburn and Sterling, Cyrus One is constructing 400,000 SF of data center
space in Sterling.
Historical Vacancy Rates:
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Market
Merritt