Northern Virginia Commercial Realty Projection for 2011 at the Syndicate - Dulles Area Executive Business Networking
Yesterday's "Syndicate" inaugural lunch at the Reston Sheraton featured Brady Roman, of Atlantic Realty Companies, discussing commercial leasing considerations for the Northern Virginia area this year. The Dulles-area executive men's group "The Syndicate" describes its mission as follows:
"In an era of splintered networking, The Syndicate is proud to offer a new unique networking group focused on the needs of men in today’s increasingly challenging workspace. We are a motivated, energetic group committed to connecting business owners, partners and managers with each other to support both their peers and the community. We focus each quarter on a major local employer to host our events with an eye on local topics and growth."
Hosted by emcee Marvin "Coach" Powell, the commercial leasing discussion focused on the fact that 2011 remains still a "tenant's market" (vs. a landlord's), and opportunities still abound for great rates on Class B spaces with great locations, exceptional landlord concessions and tenant improvement allowances.
Some interesting points made by Roman:
- Commercial leasing activity is getting much busier, every month
- Now's the time for a new or renegotiated lease - areas near the Tyson's and Wiehle future Silver Metro line are still in low $20's/sq ft.
- Metro construction impact in Tyson's is really pretty low - very well-managed
- 2011 hiring projections are "astronomical", but 2011 rent/lease rates shouldn't change much from 2010
- 2012 looks to be a changeover year, leading to a 2013 "landlord's market", with far fewer deals and concession opportunities
Next Syndicate Lunch is in February - watch their facebook page!