Downtown is the Historic Heart that helps drive the Modern Beat of the City of Manassas-- as well as being an economic engine. It serves as a bellwether for the overall health and vitality of our economy. As such, the Department tracks economic activity in this district very closely. Recently we released the quarterly economic trends for the commercial market city-wide. This report focuses specifically on Historic Downtown.
RETAIL MARKET
While vacancy rates increased to 7.2% in the second half of the year, retail space in Historic Downtown continues to be in high demand. Several boutiques expanded to larger spaces but there are prospects in the queue just waiting for the right space to open up. As a result, vacancies are expected to decline in first quarter of 2018.
AVAILABILITY
CY 2017
4th QUARTER
5-YEAR
AVERAGE
INVENTORY
CY 2017 4th QUARTER
5-YEAR AVERAGE
NNN RENT PER SF
$22.43
$17.42
EXISTING BUILDINGS
57
57
VACANCY RATE
7.2%
5.7%
EXISTING SF
232,969
236,917
VACANT SF
16,659
13,433
12MO. CONSTRUCTION STARTS
0
0
MONTHS ON MARKET
2.9
10
UNDER CONSTRUCTION
0
0
OFFICE MARKET
At 8.2%, office vacancy hasn't been this low since 2008. Highly competitive rental rates are expected to continue to drive down vacancies as companies look to Manassas for more affordable office space.
AVAILABILITY
CY 2017
4th QUARTER
5-YEAR
AVERAGE
INVENTORY
CY 2017 4th QUARTER
5-YEAR AVERAGE
GROSS RENT PER SF
$19.97
$19.45
EXISTING BUILDINGS
51
52
VACANCY RATE
8.2%
12.7%
EXISTING SF
422,098
439,157
VACANT SF
34,783
55,755
12MO. CONSTRUCTION
STARTS
0
0
MONTHS ON MARKET
32.6
24.8
UNDER CONSTRUCTION
0
0
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.
