GWCAR 2004 Year-End Market Report
A Statistical Snapshot of the Greater Washington Area Commercial Real Estate Market in 2004.

Suburban Maryland Office Report CMRC Consensus 
  
Total Inventory: 70,190,906 SF 
New Deliveries and Completed Renovations: 1,412,992 SF 
Net Absorption: 1,828,514 SF 
Vacancy Rate (Excluding Sublet) 9.8% 
Vacancy Rate (With Sublet) 11.4% 
Class "A" Average "Asking Rate" PSF Full Service $26.01 PSF 
Class "B" Average "Asking Rate" PSF Full Service $22.82 PSF 
   
Total Office Space Available: 7,977,694 SF
Direct (New & Relet): 6,850,790 SF
Sublet: 1,126,904 SF
  
Total Office Space Under Construction/Renovation: 614,639 SF
Total Available Office Space Under Construction/Renovation: 189,562 SF
Percentage Under Construction/Renovation Pre-Leased: 69.2%
  
Under Construction (u/c) and Under Renovation (u/r) Square Feet
Frederick County/City
None
 
  
Montgomery County  
5425 Wisconsin Avenue (Chevy Chase Center, office portion only) 204,147 SF
9901 Belward Campus Drive (Belward II) 54,000 SF
15901 Frederick Avenue 43,500 SF
611 Rockville Pike (Sandy Spring Plaza Ph I) 30,000 SF
Wisteria @ Germantown Road (Mid-Atlantic Federal Credit Union) 27,000 SF
  
Prince George's County  
7852 Walker Drive (Patriot Business Park East) 85,092 SF
10665 Stanhaven Place 64,900 SF
6100 Frost Place (Konterra at Sweitzer Lane Phase II) 64,000 SF
4834 Silver Hill Road 42,000 SF
  
Total Square Footage Under Construction & Renovation: 614,639 SF
  
2004 Buildings Taken Out of Inventory:  
None  
Total Square Footage Taken Out of Inventory: 0 SF
  
New Deliveries & Completed Renovations Square Feet
Frederick County/City:  
  
Montgomery County:  
1 Choke Cherry Road (Market Square at Shady Grove) 228,020 SF
5635 Fishers Lane 185,506 SF
8515 Georgia Avenue 183,000 SF
9737 Washingtonian Boulevard (Phase II - Two Washingtonian Center) 151,230 SF
9605 Medical Center Drive 115,691 SF
15810 Indianola Drive (Metro Executive Park Phase III) 79,000 SF
11333 Woodglen Drive (Woodglen 1) 66,000 SF
19847 Century Boulevard (Century Center) 60,000 SF
9650 Rockville Pike 55,000 SF
2403 Research Boulevard (Research Office Park 3) 28,000 SF
19731 Germantown Road 27,000 SF
506 Main Street (Lakelands Office Building) 24,100 SF
8070 Georgia Avenue (Silver Spring Innovation Center) 20,000 SF
  
Prince George's County:  
7850 Walkers Drive (Patriot Business Park West) 84,743 SF
4300 River Road (FDA at Riverside) 81,702 SF
6913 Laurel Bowie Road 24,000 SF
Total Square Footage New Deliveries & Completed Renovations: 1,412,992 SF
  
Top Ten Largest Non-Renewal Lease Transactions:  
Tenant Address Square Feet
The Mills Corporation 5425 Wisconsin Avenue 202,147 SF
Lockheed Martin 14440 Sweitzer Lane 120,904 SF
Affiliated Computer Services (ACS) 12410 Milestone Center Drive 96,575 SF
Greenhorne & O'Mara Frost Place @ Sweitzer Lane 64,900 SF
AWS (Weatherbug.com) 12410 Milestone Center Drive 54,248 SF
Northrop Grumman IT 2101 Gaither Road 52,176 SF
LexisNexis 7500 Old Georgetown Road 49,013 SF
Comsys Information Technology Service 9737 Washingtonian Boulevard 46,170 SF
GSA - U.S. Dept. of Health & Human Services 1101 Wootton Parkway 44,195 SF
U.S. Pharmacopeia 1801 Rockville Pike 40,270 SF
   
Largest Office Sales Transactions:    
Address Purchaser Price
6700 & 6710 Rockledge Drive TIAA-CREF $181,000,000
9737 Washingtonian Boulevard Generali Group & Lend Lease $80,000,000
800 North Frederick Avenue Well Real Estate Investment Trust $79,000,000
9715-9719 Key West Avenue HRPT Property Trust $73,300,000
BECO Park at Forbes Center BECO Management $56,000,000
10720-10770 Columbia Pike Capital Lease Funding $44,000,000
15200-15204 Omega Drive Koger Equities $42,000,000
8201-8401 Corporate Drive Buchannan Partners/Meritage Properties $40,727,000
8455 Colesville Road TA Associates Realty $38,100,000
1801 Rockville Pike TA Associates Realty $37,200,000