Second Quarter 2021 Market Report, City of Manassas

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Provided by City of Manassas Economic Development

The Manassas economy continues to pick up speed at the finish of the second quarter of 2021. Each commercial real estate sector – industrial, office, and retail – have all seen significant leasing and sale activity as the region bounces back from the impacts of COVID-19. In fact, vacancy levels across the commercial real estate industry all fell well below their 10-year averages and nearly to pre-pandemic levels within City limits.
Industrial activity led all sectors, with 5.3% annual rent growth and a vacancy rate of 3.9%, providing further evidence of Manassas’ reputation as a desirable location for manufacturers, e-commerce business, and other industrial users.
The Manassas office sector remained largely insulated from the pandemic-related slowdown in leasing and large-block vacancy affecting much of Northern Virginia. As businesses now consider their ‘Return to Office’ strategies and vaccine rollout continues, we are optimistic about office-related activity in Manassas’ key business locations of Historic Downtown, Godwin Technology corridor, Sudley Medical area, and other commercial districts.
One major highlight of the quarter was UVA Health’s expansion in Manassas through the acquisition of sole ownership of the UVA Health-Novant Health system – including the 200,000+ square foot Prince William Medical Center campus on Sudley Road. The hospital is currently the second largest employer in the City and contributes to Manassas having one of the highest weekly wage rates for healthcare in Virginia.
Retail, the hardest hit sector during the pandemic, also performed well during the second quarter. The number of commercial vacancies is anticipated to continue to decrease and re-investment in some of the City’s older properties as they are repositioned for new retail use.
The City recognizes that starting, expanding and relocating your business comes with unique costs. The following programs are designed to help:
For more information about these programs, please call 703-257-8881.
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