CoreSite to spend $60M in acquiring Sunrise Technology Park, $90M on first phase of new development, $500M on building out space over time (via RestonNow)
Of the roughly 20M sqft of vacant office space in Fairfax County, JBG principal Greg Trimmer said a disproportionate amount sits in suburban office parks, while Reston Town Center has just 3 percent vacancy. (via BisNow)
“Real estate closings are hobbled, sometimes even derailed, by a seller’s last-minute adjustment of terms. What the buyer had believed was included in the transaction — the Viking stove, the Sub-Zero refrigerator, the sconces in the living room, the fresco in the dining room, the brass carpet rods on the staircase — isn’t part of the deal after all.”
—What sellers leave behind(via NYTimes Real Estate)
McEnearney Market in a Minute (April 2016): “We’ve seen something in the first quarter of the year that we’ll be keeping a close eye on. For the first time in a long time, new contract activity for areas of Northern Virginia inside the Beltway is down while those outside the Beltway are higher. We’re not convinced that three months of activity is enough to say there’s a trend, but it’s possible that the higher prices of close-in communities are causing some buyers to look elsewhere. Stay tuned.”
Click here to read the entire Market in a Minute report for Northern Virginia, here for Washington, D.C.