Provided by City of Manassas Economic Development
Downtown continues to serve as an economic engine for the City. It is the Historic Heart that helps drive the Modern Beat and is a bellwether for the overall health and vitality of the economy. That’s why the City tracks the economic activity in this district very closely. Recently, the City released city-wide economic trends for 2020. This report focuses specifically on Historic Downtown.
Many were hit hard by the pandemic. But what you’ll see in this market report is a rebound at the end of 2020, a trend we hope to continue throughout 2021. Businesses did not shutter en masse as was feared. Instead they worked on improving their business models, forged strategic partnerships and offered new services to attract customers. Dining in Downtown looks different as the streets are now lined with tents, fire pits and heat lamps to encourage outdoor dining. Curbside parking has been established to make carryout and pick-up of products from retailers easier.
This report shows that retail vacancy peaked mid-year but has stabilized, and while office vacancy is up, both are within what is considered a stable or healthy range. In fact, office vacancy is slightly lower in Downtown, and retail vacancy is significantly lower than the rates Citywide. Some of this is a testament to the City’s partnership with its businesses to offer relief and resources to weather the pandemic.
The Economic Development Department will continue to monitor these important trends and provide necessary resources and support as necessary. While the pandemic continues, the end is in sight! #ManassasStrongerTogether
