410 298 2600
|
www.MerrittProperties.comAccording to Costar, the light industrial market experienced 282,796 SF of total leasing activity
(including renewals, user purchases, and 100% office deals in traditional light industrial buildings) during
the past 12 months. The average transaction size was +/- 5,600 SF. Over the past four years, the light
industrial market realized an average of about 430,000 square feet per year of transactions and data
centers were a significant contributor to much of the activity. See below for some of the notable
transactions during the previous 24 months:
Approximately 420,000 square feet (approximately 70%) of the available product is older (circa 1988)
and is located in either individually owned condominiums (Beaumeade) or within heavier industrial
parks (Transdulles and Broad Run) with very little to no visibility. These vacancies have been in the
market for several years, especially the spaces on Executive Drive and TransDulles. Many of these
buildings have a high proportion of office in relation to warehouse and would not likely compete with
our proposed light industrial building. The newer light industrial product (existing product in Red Rum,
Summit, Northwoods and Guilford Drive) on the market has a vacancy rate of only 9% or about 82,000
square feet. When taking into account the leases we have out for signature, the vacancy rate drops to
6%.
The newer light industrial buildings at Waxpool Road (St. John), Dulles Summit (drive-in only) and
Northwoods (past Mercure on 606 –docks and drive-ins) are quoting between $9.00 and $10.00 psf,
NNN on a shell basis . Dulles Summit’s light industrial building is tucked away in the back without
visibility.
MARKET SNAPSHOT
(CONTINUED...)
Tenant Name
Size (SF): Industrial Park (location)
Notes:
Liebert
18,112 Beaumeade
Merritt
Saab Defense & Security
26,522 20700 Loudoun County Parkway Merritt
Fidelity Engineering
8,463 20700 Loudoun County Parkway Merritt
Crown Trophy
5,368 20700 Loudoun County Parkway Merritt
Loudoun Valley Flooring 5,425 20700 Loudoun County Parkway Merritt
Saab North America
2,712 20700 Loudoun County Parkway Merritt
Henry Schein
7,175 Beaumeade
Merritt
Life Changing Fitness
2,520 Ashbrook
Merritt
PowerTrain
6,675 Ashbrook
Merritt
ESI
2,121 Ashbrook
Merritt
Level 3
48,635 Beaumeade
Building Purchase
Raging Wire
15,063 Beaumeade
Latisys Data Centers
51,905 Ashburn Tech Park
Renewal
Raytheon
48,002 Northwoods
New Building