| Outlook
Virginia Business
March 2004
The
look ahead:
•
Medical practices are leaving hospital campuses for
traditional office space.
• Office condos are hot buys, thanks to attractive
mortgage interest rates.
• Corporate downsizing in Richmond and other places
continues to dump space on the market.
• Increased federal spending for defense and security
helps the rebound in Northern Virginia, boosting office
leases and absorption.
What's going up:
PRINCE
WILLIAM COUNTY
Buchanan Partners of Gaithersburg, Md., has contracted
to purchase six acres for the construction of speculative
flex/office space in the county’s 1,600-acre Innovation
biotech-oriented business park. By mid 2004, the company
plans to build two, single-story flex office buildings
totaling 90,000 square feet, which will be leased to
biotechnology and technology firms. The park is already
home to Micron, Lockheed Martin and Eli Lilly &
Co.
RICHMOND
Family Dollar Stores of Virginia Inc. has purchased
1.1 acres of land at 3110 Jefferson Davis Highway. The
Chesapeake-based company plans to build a new showroom,
warehouse and office space.
WILLIAMSBURG
Liberty Property Trust is building a 101,000 square-foot
office headquarters building that will be leased by
Wythe-Will Distributing Co., a leading specialty food
company now located in Lightfoot. The single-story building
will be located on 15 acres on LaGrange Parkway in the
Stonehouse Commerce Park.
Virginia
Business - March 2004
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