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Manassas office vacancy rates fall below 5-year average

 

FY 2016 3rd Quarter Commercial Report

Office Market

Office vacancy rates across the region remain high, but Manassas has fallen to a low of 7.5 percent. This is significantly below the 5-year average of 10.6 percent. Rental rates fell during the quarter to $18.80 but are expected to rebound; the average over the last five years has been $19.68.

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Retail Market

The retail market remains strong as development and relocation interest grows from prospective developers and businesses. At the close of the 3rd quarter, rates hit a 2016 high of $22.80 while vacancy was just over 5 percent.

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Industrial/Flex Market

The 4.5 percent vacancy rate in the City is consistent with neighboring communities. With average rental rates of $9.38, and new product entering the market, the City will be at a competitive advantage-offering new, Class A Flex space at a lower price than others.

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The Economic Development Office maintains an inventory of available commercial space which can be found on the City webpage at www.manassasva.gov/ED or call 703-257-8881.

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