Q2 2024 Market Report Summary
The second quarter of 2024 has showcased a vibrant and active commercial real estate market across Loudoun, Fairfax, and Prince William counties. The reports reflect strong investor confidence and robust transaction volumes, particularly in the retail and industrial sectors. Here’s a comprehensive overview of the key market activities and trends:
Loudoun County Investment Property Market
The Loudoun County investment property market remains highly active with significant transactions across various property types. The industrial sector leads in total sales, highlighting its continued demand and investment potential.
- Total Sold Properties: 23
- Total Sale Price: $361.6M
- Average Price/SF: $361.51
- Top Sector: Industrial ($149M in sales)
- Highest Price/SF: Retail ($845.16)
- Total Under Contract: 17 properties at $18.6M
- Active Listings: 109 properties at $171.3M
- Market Trends: Strong interest in land for development, with significant activity across all property types.
Loudoun County Owner-User Property Market
Loudoun County’s owner-user property market shows notable activity, especially in the office and retail sectors. The average price per square foot reflects a healthy market with diverse opportunities.
- Total Sold Properties: 18
- Total Sale Price: $52.3M
- Average Price/SF: $282.63
- Top Sector: Office (6 properties)
- Active Listings: 95 properties at $102.7M
- Market Insights: Office sector shows strong activity with potential opportunities in retail development.
Fairfax County Investment Property Market
Fairfax County’s investment property market demonstrates significant transaction volumes, particularly in the industrial and retail sectors. The market’s robustness is evident in the diverse property types sold and under contract.
- Total Sold Properties: 66
- Total Sale Price: $837.2M
- Average Price/SF: $232.45
- Top Sector: Industrial ($237.7M in sales)
- Highest Price/SF: Retail ($561.64)
- Total Under Contract: 117 properties at $337.5M
- Active Listings: 69 properties at $421M
- Market Insights: Significant transaction volume with office properties leading in number sold, and land properties showing strong activity.
Fairfax County Owner-User Property Market
The Fairfax County owner-user property market remains vibrant, with a high number of transactions, particularly in the retail sector. The market insights indicate strong demand and opportunities for investment.
- Total Sold Properties: 142
- Total Sale Price: $1.63B
- Average Price/SF: $292.95
- Top Sector: Retail (74 properties, $827M in sales)
- Total Under Contract: 43 properties at $337.5M
- Active Listings: 69 properties at $421M
- Market Insights: High demand in retail and land transactions, industrial sector showing resilience.
Prince William County Investment Property Market
The Prince William County investment property market shows robust activity with substantial sales in the retail sector. The land transactions highlight significant development potential.
- Total Sold Properties: 155
- Total Sale Price: $1.7B
- Average Price/SF: $295.45
- Top Sector: Retail (83 properties, $882M in sales)
- Total Under Contract: 45 properties at $347.5M
- Active Listings: 72 properties at $431M
- Market Insights: Dominance of retail sales, strong land transactions indicating development potential, steady industrial demand.
Prince William County Owner-User Property Market
The owner-user property market in Prince William County highlights a strong preference for land, which dominates the sales volume. Retail properties command the highest price per square foot among active listings.
- Total Sold Properties: 9
- Total Sale Price: $233.5M
- Average Price/SF: $273.08
- Top Sector: Land ($218M in sales)
- Total Under Contract: 10 properties at $22M
- Active Listings: 60 properties at $108.2M
- Market Insights: Land sales dominated, with retail showing the highest price per square foot among active listings.
For detailed analysis or to explore opportunities in these markets, contact Serafin Real Estate for an Opinion of Value.
Contact Information:
- Phone: 703.261.4809
- Email: info@wp24.cryscampus.com
- Website: www.serafinre.com
Joe Serafin
- Phone: 703.994.7510
- Email: jserafin@wp24.cryscampus.com
Market Analysis and Future Trends
The Q2 2024 reports across Loudoun, Fairfax, and Prince William counties demonstrate a dynamic and diverse commercial real estate market. Key trends indicate robust transaction volumes and strong investor interest in various property types, particularly land and retail sectors.
Retail Sector Strength: The retail sector consistently shows high demand and premium prices per square foot across all counties, reflecting consumer confidence and investment potential in retail spaces.
Land Transactions: Significant activity in land transactions suggests ongoing interest in development opportunities, particularly in Prince William and Fairfax counties. This trend highlights potential future growth areas as investors seek to capitalize on undeveloped properties.
Industrial Stability: The industrial sector remains stable with consistent demand, showcasing its resilience and attractiveness for long-term investments. This is evident in all counties, where industrial properties show stable pricing and steady activity.
Office Market Challenges: While office properties see numerous transactions, the pricing variability suggests ongoing challenges in this market. However, the potential for shifts in valuation indicates opportunities for strategic investments and repositioning of office spaces.
Market Outlook: Moving forward, the commercial real estate market in these regions is poised for growth, driven by strong demand in retail and land sectors, coupled with stable industrial activity. Investors and property owners should stay informed on market trends to make strategic decisions.
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All data and information provided in this newsletter are sourced from Costar.com and proprietary databases maintained by Serafin Real Estate. While we strive to ensure the accuracy and reliability of the data, we do not guarantee its completeness or accuracy. This information is intended for informational purposes only and should not be relied upon for making real estate decisions. Serafin Real Estate is not liable for any errors or omissions in the content, nor for any losses or damages arising from the use of this information.