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owntown Manassas is abuzz with activity as the commercial market wraps up 2024 on a high note. The area's overall performance is impressive, boasting an average rent of $25.75 per square foot and a remarkably low 5.0% vacancy rate. Office space, in particular, remains robust, with rents averaging $26.30/sf and occupancy rates at a healthy 93.9%. Retail spaces are also thriving, with rents slightly lower at $26.09/sf but still boasting an impressive 96.3% occupancy.
A slight dip in office market occupancy from 97.7% in Q3 to 93.9% in Q4 is worth monitoring, but historical trends suggest this may be a temporary blip. The return of nearly 80 employees to the newly renovated City Hall has injected new energy into the area and further fueled commercial activity.
The Downtown retail scene is also experiencing growth, with Voodoo Brothers and Lume Asian Fusion taking over the former Okra's Cajun Creole space, adding to the area's diverse dining options. Increasing foot traffic and new businesses demonstrate that Downtown remains a hub for both residents and visitors.
A standout development this year is the opening of the Meredith House, a beautifully restored 1890s Colonial Revival building transformed into a members-only speakeasy. The ribbon-cutting event drew over 100 attendees, solidifying its place as a key addition to Downtown's evolving landscape.
As the City of Manassas continues to thrive, we're excited to see both businesses and residents benefit from the ongoing revitalization of Downtown. If you have commercial real estate needs or simply want to learn more about the area's growth, our Economic Development office is here to assist.
The Department of Economic Development is dedicated to helping businesses succeed, offering a range of services from permitting assistance to access to capital. We understand that location is crucial for business success and thank you for choosing Manassas. Share your ideas and feedback with us directly or follow us on Facebook and LinkedIn for updates on Manassas happenings.
