MANASSAS — Real estate prices in Prince William County and Manassas continue to rise.
First, in Manassas, the cost of the commercial real estate is up.
From the city’s economic development office:
The City’s office market ended the first quarter with historically low vacancy of 5.6%. It also saw rental rates increase 30% to $19.10 per square foot. As vacancy and rental rates remain higher across the rest of the region, this is tremendous news for Manassas. Declining vacancy and rising rents should cause property values across the City. Additionally, it underscores the City’s continued commitment to creating a pro-business environment.
The lack of office space in the city and in Prince Wiliam County is one of the reasons why prices are rising so quickly.
“There’s a real optimism in the economy right now, and you couple that with a real business-friendly government, that’s why you’re seeing such growth in Manassas,” said Jackson Miller, owner of Crossroads Realtors.
The city continues to lag behind it’s Northern Virginia neighbors when it comes to rental rates. The average rates for all classes of office space in nearby Chantilly were $25.94 per square foot in the fourth quarter of 2017, according to a Cushman and Wakefield report.
It was a bit lower in Loudoun County where rates were at $24.31 per square foot late last year. The average in Northern Virginia is $32.68.
The city this week is also touting its retail development which is still concentrated in its downtown area.
From the city:
With 4.9% vacancy and competitive rental rates, the City’s retail market continues to thrive. Historic Downtown Manassas remains a premier business destination and key factor in the City’s overall success.
On the residential side of the aisle, the number of property listings in Prince William County in February was down 5.5 percent over the prior year from 837 to 790, accroding to the Prince William Association of Realtors.
The number of active home listings also dropped from 1,000 to 867.
However, there were more 456 sales during the month, nine more than the previous year.
The overall median home price in Prince William County also increased about $11,500 from the previous year to $331,498.
In the Fredericksburg region, the average median price of a home is up nearly five percent to $287,750.
