Rrenewals have become the life blood of every asset class in the DC area, from office to industrial and retail. Still, though, this lease--along with others--suggest that pockets of industrial markets are maintaining a strong hold on their tenants. Landover is one area for various reasons, starting with its proximity to the DC market. For example, the building in which Verizon has renewed--called Washington Commerce Center--is located at the intersection of Landover Road (Route 202) and Martin Luther King Jr. Boulevard (Route 704)--less than 15 miles from Reagan National Airport, and less than 25 miles from BWI Airport. Another factor in Landover's favor, Watts says, is that "pricing is considerably cheaper here compared to Montgomery County and Northern Virginia."
Other recent transactions here include the National Gallery of Art's renewal for 83,608 square feet at 2000 South Club Dr. and the Department of Defense's 60,389 square foot renewal at 6340 Columbia Park Rd.
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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.
