New reports from the National Association of Realtors (NAR) show that commercial real estate leasing patterns are pointing to signs of steady growth. And, seeing how One Loudoun has an abundance of retail and office space available for leasing, this is great news to hear!
NAR predicts that the retail vacancy rate will fall from 10.4 percent in the fourth quarter of 2013, to 9.9 percent in the fourth quarter of next year. A similar pattern is predicted for the office sector, as vacancy rates are expected to drop from 15.6 to 15.4 percent, from this fourth quarter to next year’s. Additionally, gross domestic product, or GDP, rose 2.5 percent in the second quarter of 2013, and again by 2.9 percent in the third. This includes a two percent increase in leasing patterns and higher sales levels when compared to a year ago.
Lawrence Yun, NAR chief economist, says, “jobs are the key driver for commercial real estate, and the accumulation of 7 million net new jobs from the low point a few years ago is steadily showing up as demand for leasing and purchases of properties.” So, not only will the retail and office sectors improve, but it could be in part to the positive job growth across the country!
This news couldn’t come at a better time for retailers and business owners. Many have been waiting for the right moment to jump into the retail industry or lease a new office space. And, Loudoun’s new downtown scene, One Loudoun, is the perfect place to start! Whether you’ve just opened your shop or are looking for a place to relocate, our community is ideal for incubating and developing businesses. And, to make the chances of success even higher, One Loudoun is nestled in Loudoun County, rated as the most affluent county in the entire nation. With families moving into our community at an exciting pace, there will always be customers walking and shopping in One Loudoun. Talk about a positive outlook!
And what’s one more perk for business owners? One Loudoun is known for its mixed-use and convenience – meaning employees can move into any of our beautiful new homes so they can work and live here. What could be better?