In July 2012, the City of College Park was awarded a grant through the National Capital Region Transportation Planning Board to enable a consultant to conduct a market analysis of the 14.2 acre area located between Paint Branch Parkway and the College Park Airport.
City staff selected AECOM to analyze the market potential for this area and provide recommendations for its redevelopment. Given the drastic changes in the real estate market since that report, this analysis provides a realistic and in-depth look at the development potential of the study area.
The analysis is data-driven, as AECOM used various sources to compile demographic and economic information, real estate trends, and the context of the study area. In particular, the real estate trends are important indicators used in forecasting demand and absorption rates of commercial and residential property.
Using those sources of information, AECOM analyzed potential demand for residential, office, and retail development in the study area over a period from 2013 to 2023.
Highlights of the analysis include the following:
- The residential for-sale market is largely unproven in the surrounding areas
- The residential rental market in College Park has been driven by student housing development with less precedence for market-rate housing;
- There is likely to be minimal demand for new speculative office space in the near-term due to high vacancy rates in Prince George’s County, including a number of buildings near Metro stations. College Park, however, is a bright spot in the county office market with higher rents and lower vacancies than average.
- Retail vacancy is relatively low in College Park.
- The study area represents near-term opportunities for residential development with retail and limited office space.
Between 2013 and 2023, AECOM recommends potential development program for 314 residential units, 150 for-sale single family attached, 60 for-sale multifamily, 104 for-rent multifamily, 125,000 square feet of office space, 32,000 square feet of retail space, 6,500 square feet of food and beverage, 3,600 square feet of health and personal care, 7,200 square feet of shoppers goods, 7,100 square feet of full-service restaurant and 7,600 square feet of limited-service restaurant.
AECOM will present their findings at tonight’s worksession and answer questions.