Press release | The commercial market report for Manassas for the fourth quarter of 2019 showed stability and strength through all three commercial market segments – office, retail, and industrial/flex.
In the office market, the City ended the year with a historically low vacancy rate of 3.6%. New firms that relocated to the city in 2019 included Quantitative Analytics, Gryphus Enterprises, and MP Copiers.
Despite national trends, the City’s retail market remained strong. Low vacancy and competitive rents – which are far below the
regional average – held steady. Downtown Manassas remained a highly sought-after destination, welcoming three new businesses (Antiques and Collectibles, Kerbobble and Eva’s Alley) and one expansion (Knock on Wood).
Meanwhile, quality flex and industrial space are nearly fully leased with a vacancy rate of 2.5%.
These Q4 2019 numbers bode well for business throughout the city of Manassas throughout 2020.
City leaders say the numbers are also a reflection of the city’s distinctively favorable business climate, which includes a AAA bond rating, strong community leadership, flexible regulatory environment, and progressive economic development programs.