Prince William County Submarkets Q2 2019

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Route 29/I-66 Corridor

  • RBA: 3,276,672 SF
  • Vacancy Rate: 9.4%
  • 12 Month Net Absorption: (14,000 SF)
  • Average Asking Rent: $26.33
  • 12 Month Rent Growth: 1.1%

The Route 29/I-66 Corridor, better known as Gainesville and Haymarket, is an interesting submarket. Housing prices have forced development westward and, as a result, this submarket is poised for significant growth and appreciation. Whether due to I-66’s notorious traffic or greater demand further north in areas like South Riding and Ashburn, Gainesville and Haymarket have yet to see significant commercial development. The submarket’s vacancy rate is well below the metro average; however, rent growth has not seen a proportionate rise as a result. It’s yet to be seen if a lack of demand is, indeed, the cause or if a lack of appropriate supply forces tenants to look at other submarkets.

Manassas Submarket

  • RBA: 2,635,011 SF
  • Vacancy Rate: 4.4%
  • 12 Month Net Absorption: (58,300 SF)
  • Average Asking Rent: $21.38
  • 12 Month Rent Growth: 0.8%

Manassas is a large market from a geographic standpoint, technically stretching from Yorkshire to Quantico, but the total inventory is small at just over 2.6 million square feet, the majority of which is concentrated in the northern portion of the submarket, and over half of which is comprised of 1 & 2 Star properties. The vacancy rate is well below the metro average and has been for some time. This is due to Manassas being one of the most affordable submarkets in the DC metro area. Despite the low demand for space in the submarket, it’s low supply and lack of deliveries is another reason for its low vacancy. Manassas is home to one of the areas larger industrial submarkets, which dwarves its office inventory at 6,679,401 SF.

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