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Class A Office Space Vacancy in Downtown Silver Spring(Md.) Falls Below 10%
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Added: 12/26/2003
Type: Summary
Viewed: 876 time(s)
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Class A Office Space Vacancy in Downtown Silver Spring(Md.) Falls Below 10%
With the vacancy rate for Class A commercial office space in downtown Silver Spring, MD now below 10%, the Downtown Silver Spring Alliance is celebrating the milestone as the latest indicator of the area’s successful renaissance.
“This sends a strong message that Downtown Silver Spring has arrived. It has been transformed into one of the healthiest submarkets in the Washington metro area. The response from the marketplace is telling us that the ability to live, work and play in one convenient location close to Washington, D.C., the outstanding transportation options and the competitive rental rates offer an excellent value to commercial tenants,” said Charles K. Nulsen, III, chairman of DSSA and a partner at Atlantic Realty Companies.
Nulsen points to the recent announcement of ULLICO’s 90,500 sq. ft. lease in Trizec’s Silver Spring Metro Plaza as one of the key events in helping the Downtown Silver Spring market to achieve its latest milestone, as well as further evidence that Washington, DC tenants view Silver Spring as a first class business address. ULLICO, an insurance and financial services firm, is moving its offices from Washington, D.C., and joins other notable neighbors including Discovery Communications with its new 550,000 sq. ft. world headquarters, the American Film Institute and Social & Scientific Systems. In the spring of 2004, they will be joined by the American Nurses Association, which last summer announced its plans to move from Washington, D.C. to an eight-story building at 8515 Georgia Avenue.
The New Downtown Silver Spring offers a wide array of diverse amenities, which includes an ever-growing list of restaurants, national retailers, hotels, entertainment venues and housing choices. Also arriving in 2004, will be the second phase of Downtown Silver Spring, a 22-acre mixed-use development encompassing four city blocks in the heart of Silver Spring with dining, entertainment, office, hotel and residential uses.
The Downtown Silver Spring Alliance, which is comprised of members of the real estate community, has been formed to bring the story of the New Downtown Silver Spring to the marketplace, and to provide a convenient, comprehensive source of information to real estate professionals and other decision makers with responsibility for real estate services.
For more information on available opportunities in Silver Spring, visit www.downtownsilverspringalliance.com .
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