Wednesday, July 29, 2015

June Economic Indicators Reflect High Demand for Property

The latest edition of Frederick County's Monthly Business Economic Indicators shows that residential and commercial property is in hot demand in Frederick County.

According to CoStar, Frederick County had a significant reduction in the commercial real estate market vacancy rates for 2nd quarter 2015. Overall vacancy in the commercial market is down 9.5% compared to the five-year average of 13.6%. The industrial and flex markets are proving to be in high demand with vacancy rates for industrial properties at 7.5%, compared to the five-year average of 12.2% and in the flex market, the vacancy rate is 11.1%, a 6.1% decrease from the five-year average.

For the month of June, Frederick County also saw the largest dollar value in commercial and industrial construction costs at $83 million compared to the five-year average of $9.8 million.  $78 million of this total was from the City of Frederick with construction value at a five-year high. The total value of commercial and industrial construction in the City of Frederick this month alone has already more than doubled annual totals from 2013 when the annual value was at a high of $49.7 million.  The number of commercial and industrial permits pulled in Frederick County year-to-date is 523, a 28% increase over the five-year average of 409.

June 2015 also reflects a a sizable increase in the number of residential homes sold last month.  There were 483 housing units sold, representing a 53.8% increase from June 2014.

The number of  Frederick County businesses licenses issued was at an annual high of 68. As unemployment continues to remain lower than the state and national averages, Frederick County's business climate remains robust.  Please download a full copy of the report here or contact Sandy Wagerman, Research Specialist, with any questions about Frederick County's Monthly Business Economic Indicators at 301-600-1578.