Our Commercial Market Continues to Trend Towards Tech
While Amazon will continue to dominate the headlines over the coming year, the giant only represents one player within our region’s growing tech market. Every month, new indications emerge that technology will play a major role in our commercial markets.
Here are a few new items that further indicate our region’s trend towards a tech-dominant real estate market:
- Cybersecurity continues to mature as a regional industry, especially. In Maryland, as JLL reports, “cyber-focused office leasing activity in the state has topped 1.2 million s.f.” over the last five years, “compared to 440,000 s.f. in the five years prior (2009-2013).” Additionally, CBRE notes that federal spending on cybersecurity continues to grow, increasing by 4.1% between 2018-2019, and expected to generate larger cybersecurity firms and greater office leasing needs for those firms.
- A tech talent investment fund, by way of Virginia’s Tech Talent Investment Program and Fund Senate bill, was proposed last week. This funding bill was part of Virginia’s bid for Amazon’s HQ2, and aims to spend $8.3 million in 2020 to double the state’s number of graduates earning computer science degrees.
- A new 120+ acre technology-focused campus is being assembled in Prince William County, which Biz Journals speculates will be utilized for data centers and other light industrial uses. The company behind the deal previously sold 332 acres in Leesburg to Microsoft, which are expected to also house data centers and technology-focused office space.
We will continue to keep you up-to-date on commercial developments and opportunities emerging in the technology space, both due to Amazon’s move and due to the many other technology developments occurring in our region. To learn more about how you may capitalize on these opportunities, contact us today. Email us at firstname.lastname@example.org, or call us at (202) 713 9072.