Prince William County, Va Naiop I‐95/ Route 1 Corridor Program, September 2012

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Prince William County, Va Naiop I‐95/ Route 1 Corridor Program, September 2012 PRINCE WILLIAM COUNTY, VA NAIOP I‐95/ ROUTE 1 CORRIDOR PROGRAM, SEPTEMBER 2012 PRESENTED BY: JEFFREY A. KACZMAREK, EXECUTIVE DIRECTOR, PWCDED Prince William County, Virginia • AAA bond rating from all three rating agencies Montgomery County, MD • #1 in VA, #3 Nationwide for Job (BLS, Oct, 2011) Growth Loudoun County, VA • 7th wealthiest County in the nation by median household income Dulles Intl. • One of the 100 Best Communities for Airport Young People for the second year in a row according to America’s Promise Alliance Reagan National • Named to CNN Money’s “Where the Airport Jobs Are” four of the last five years Fairfax County, VA Prince George's County, MD Manassas Airport Ft. Belvoir Virginia Railway Express Station Major Highway Quantico Interstate Highway HOV lanes Stafford County, VA Commuter Rail Line |2| PWC Snapshot “Prince William County likes to give companies the royal treatment, and it shows.” ‐‐CNN Money Boston Detroit Chicago New York Pittsburgh Population / Workforce # of Establishments Over Time 8,000 800 mi 600 mi 400 mi 200 mi • Population: 413,396 • Labor force: 237,548 7,500 • Jobs Added Last 12 Months: 5,346 7,000 Atlanta • Establishments: 7,824 6,500 • Est. Added Last 12 Months: 405 6,000 • At-place employment: 110,758 • Unemployment : 4.9% (July) 5,500 • Median Household Income: $95,416 5,000 Dulles Intl. Airport • Adults w/ College Degree: 43.7% Q1 Q1 Q1 Q1 Q1 Q1 Prince 2002 2004 2006 2008 2010 2012 William Washington, DC County 10-Year Growth Trends • Avg. of 2,700 jobs added annually • 37% at-place job growth • 43% population growth • 48% growth in avg. weekly wages • 57% business growth • 59% growth in CRE inventory |3| Growth Sectors Professional Scientific and Technical Services • 76% employment growth and 96% establishment growth • high-skill, high-wage employment opportunities • well aligned with PWC’s labor force profile and broader labor shed • federal market remains an important driver of this growth, but not the sole driver Healthcare • 65% employment growth rate • healthcare sector is, and will continue, to drive growth nationwide • PWC offers advantages here in infectious disease research and bioinformatics Public Administration • 50% employment growth • federal market has been a driver in sector growth in PWC with FBI Northern Virginia Resident Agency and growth in on-post employment at MCBQ Transportation and Warehousing • 27% employment growth, 40% establishment growth • location in National Capital Region, 66/95, and availability of industrial space are key drivers in sector growth * Growth rates are for last 10 years |4| Business Proposition Workforce Center of Northern Virginia • 75% of Northern Virginia’s 1.5 million workers are within a 30-minute one-way commute to the center of Prince William County during rush hour • Rapidly growing, highly-skilled labor force Transportation & Accessibility • Two interstates (I-66 / I-95), HOT and HOV lane access and robust intra- county road system • 7 VRE stops on two rail lines • Quick access to Dulles International, Reagan National and Manassas National Airports Defense Market Access • I-95 Corridor bookended by Marine Corps Base Quantico to the south and Ft. Belvoir to the north • Home to over 150 federal contractors Versatile and Cost-effective Location Options • Cost competitive in the National Capital Region • Existing office, flex, industrial and data center facilities • Available large acreage sites for development |5| Location Incentives Fast-track Permitting • Companies within targeted industries may be eligible for fast-track permitting, which guarantees the County’s review time for site or building plans will not exceeded 30-days. County Opportunity Fund • The County’s Economic Development Opportunity Fund can be used at the discretion of the Board of County Supervisors to offer project incentives tailored to a company’s needs. These funds are usually used to secure matching funds from the Commonwealth. Governor's Opportunity Fund • The Governor's Opportunity Fund (GOF) is a discretionary incentive for businesses locating or expanding in Virginia. Grants are awarded to localities on a local matching basis. Other Incentives • County - Low programmable and computer equipment taxes, Hub Zone location opportunities • Commonwealth - Virginia Economic Development Incentive Grants, Rail Industrial Access Program, and others. |6| Major Real Estate Submarkets I-66 Submarket Innovation I-95 Submarket • Rapid CRE development in recent • Premier business park in PWC • Bookended by Marine Corps Base years Quantico and Ft. Belvoir • Home to over $700m in new • Available large acreage sites investment during the last 15 • Key job generator for PWC unique in the NCR years historically • Good mix of office, flex & • Future plans call for town center • Federal market a major driver industrial product development • More development needed to • Strong data center market here meet demand for office space if with $2.5b in new projects since present trends persist 2000 |7| I-95 Submarket Overview County Center Submarket Overview Reid’s Prospect Devil’s Reach • Most mature major submarket in PWC Catons Crossing Woodbridge Station • Characterized by historically strong Woodbridge Station demand yet exhibits a slower rate of Parkway Emp. Cntr. Belmont Bay Prince William Commons new commercial development due to density of existing development Sentara NOVA Medical Center • Desirability of this submarket for federal Stone Bridge Potomac Center Featherstone Industrial Park contractors has led to continued interest even during the economic downturn NOVA Woodbridge Campus • Redevelopment and new mixed-use product continue to provide growth Neabsco Commons Rippon Station opportunities Interstate Overlook Quantico Center Buildings w/ significant Cherry Hill Station (planned) available space Potomac Shores Development sites Quantico Gateway Key assets VRE Stations Quantico Station |8| PwcEconDev.org Follow us on Twitter @PWCDED Sign‐up for our Newsletter www.PwcEconDev.org |9|.
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