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New industrial development in Prince George’s County looks to capture evolving tenant demand

• Prince George’s County has consistently seen a higher volume of Class B&C industrial leases signed than Class A leases signed over the last five years. During that time, 173 Class B&C industrial leases closed, compared to only 47 Class A industrial leases. As a result, current vacancy for the Class B&C market, 8.7%, is half that of the Class A market, 17.0%.

• Despite historical growth stemming from mid-sized Class B&C tenants, demand is shifting toward large Class A product. Since the start of 2015, nine Class A leases larger than 75,000 s.f. signed in the county by national users. Among them, Starbucks and Benjamin Moore took down 130,000 s.f. and 90,000 s.f. of new construction respectively, both specifically targeting Prince George’s County for their regional distribution hubs.   

• Currently, national distributors have requirements for a combined 3.3 m.s.f. of Class A warehousing in Metro DC. With 20 blocks of space larger than 75,000 s.f. sitting vacant, Prince George’s County has plenty of available inventory on the doorsteps of Washington, DC. As distributors look to increase last-mile efficiency, Prince George’s County will be a primary destination and thus beneficiary.

Source: JLL Research

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