Q3 2019 Market Report

The office and industrial sectors experienced a slowdown as evidenced by the negative absorption during Q3. However, notable announcements by Square and Build-A-Bear to move their headquarters to the outskirts of the CBD have generated a lot of buzz. Additionally, the National Geospatial Intelligence Agency’s new campus scheduled for completion by 2025 is already having an impact as many suppliers, subcontractors and vendors are actively leasing space in close proximity to NGA’s new campus.  

On the industrial side, the volume of large sized deals dropped in Q3 and overall activity was sporadic.  Pre-leasing for new development has slowed considerably with developers now willing to subdivide space for smaller users to minimize risk and aid in the marketing of the remaining vacancy.