DC metro station

WASHINGTON, DC–Users of close-in industrial space along the the upcoming Purple Line light-rail system in Suburban Maryland may have a problem: they will likely to be shunted aside in favor of office and apartment uses. That is one conclusion to draw from JLL research on the subject. It notes that there is more than 7 million square feet of industrial and flex inventory that lies within a one-mile radius of one of the 21 station locations of the upcoming Purple Line light-rail system in Suburban Maryland and that competing land uses have already helped push rents higher, with asking rents in Northern Prince George’s County reaching $8.41 per square foot, a year-over-year increase of 6.5%.

Excluding multifamily, industrial buildings make up 40% of commercial real estate inventory between ½ and 1 mile away from planned Purple Line stations, JLL says, making the property type a target for long-term redevelopment. The industrial product surrounding future Purple Line stations is well leased with just 4.3% vacancy.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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