Shopping Center Directory Shopping Center
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Available only on web 20082001 ShoppingShopping CenterCenter PrincePrince George’sGeorge’s CountyCounty DirectoryDirectory PlanningPlanning DepartmentDepartment TheThe Maryland-NationalMaryland-National CapitalCapital ParkPark && PlanningPlanning CommissionCommission AbstrAct TITLE: Prince George’s County Shopping Center Directory AUTHOR: The Maryland-National Capital Park and Planning Commission DATE: March 2008 SOURCE OF The Maryland-National Capital Park and Planning Commission COPIES: 14741 Governor Oden Bowie Drive Upper Marlboro, Maryland 20772 SERIES NUMBER: 960102405 NUMBER OF PAGES: 464 ABSTRACT: The 2008 Prince George’s County Shopping Center Directory contains an inventory of shopping centers in the county with descriptive information and an analysis of county retail sales. The analysis examines past and recent trends, vacancy characteristics, new shopping center construction, and various shopping center types in the county. The directory includes basic data such as shopping center name, location, owner/developer, year opened, gross leasable area, leasing contacts, and tenant information. Table of contents Overview . 1 Individual Shopping Center Data Sheets . 19 Appendices . 431 oVerVIeW he 2008 Prince George’s County Shopping Center Directory provides a comprehensive survey of shopping centers in the county and provides valuable information of interest to planners, policy officials, and the business community regarding retail trade in the county. This directory includes basic shopping center data such as Tshopping center name, location, owner/ developer, year opened, size (gross leasable area), key tenants, number of tenants, and a leasing contact person. In this directory, over 155 shopping centers are identified, containing more than 21 million square feet of leasable space, more than 3,600 stores, and occupying over 2,000 acres of land. (While there were actually 160 shopping centers in the county at the time this survey was taken, the analysis only incorporates 155 of the shopping center.) At the time of the survey, almost 1.8 million square feet (nine percent) of the space was vacant; lower than the ten percent industry norm for the country. Past and Recent tRends Aside from showing leasing information on shopping centers in Prince George’s County, this directory provides an opportunity to illustrate trends in the local retail market. A quarter of the current shopping center space in the county, as indicated in Charts 1 and chaRt 1: numbeR of new shoPPing centeRs 45 40 35 30 25 20 15 10 5 0 Before 1960 1960s 1970s 1980s 1990s 2000 to 2006 overview chaRt 2: new shoPPing centeR constRuction (squaRe feet) 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 Before 1960s 1970s 1980s 1990s 2000 to 1960 2006 ,2 was built during the 1960s to accommodate significant population increases occurring within the county. During that decade more than five million square feet contained mostly in small neighborhood-oriented shopping centers (typically anchored by a drugstore and serving a three-mile radius) were developed. Following this period, the county has averaged approximately three million square feet of new retail space in shopping centers per decade, much of which continues to be in neighborhood- oriented shopping centers averaging 72,000 square feet in net leasable area. Since 2000, new Bowie Town Center shopping center space has continued to increase with the construction of larger projects such as Bowie Town Center (709,000 square feet), The Boulevard at the Capital Centre (479,000 square feet), and Vista Garden Market Place (376,500 square feet). One project currently underway in the county that will provide over 300,000 square feet of upscale retail options is National Harbor. The location of centers constructed since 2000 are illustrated in Map 1. Recently, there has been a rise in the development of lifestyle centers in the county. A lifestyle center is a shopping center or mixed- The Boulevard at the Capital Centre 2 2008 Prince George’s County Shopping Center Directory overview maP 1: shoPPing centeRs built afteR 2000 2008 Prince George’s County Shopping Center Directory 3 overview used commercial development that combines the traditional retail functions of a shopping mall but with leisure amenities. Completed lifestyle center projects in the county include Bowie Town Center in 2001 and The Boulevard at the Capital Centre in 2005. Lifestyle center projects moving toward completion include University Town Center, Metropolitan Shops, and Laurel Commons. Such lifestyle centers are advantageous in their design in that they help improve the success of medium-sized malls, which have been losing customers to the mega malls over the years. shoPPing centeR classifications The Urban Land Institute (ULI) classifies shopping centers based on major tenants, total leasable area, and primary trade area. The different classifications are convenience, neighborhood, community, power (a type of community center), regional, and super regional centers. As mentioned earlier, neighborhood centers overwhelmingly make up the majority of shopping centers in the county. Table 1 summarizes table 1 PRince geoRge’s county shoPPing centeRs by tyPe* type of center UlI Prince George’s county typical Anchor(s) standard square number Percent Median total footage of of square square centers centers footag e footage Convenience Convenience store Less than 30,000 10 6 26,367 272,531 Neighborhood Supermarket, drug 30,000–100,000 96 62 61,713 7,080,821 store Community Junior or discount 100,000–500,000 39 25 194,460 9,267,496 department store, supermarket, home improvement Power center Category-specific off- 250,000–1 million 6 4 379,600 2,291,663 price stores Regional Full-line department 250,000–900,000 4 3 687,684 2,818,300 store Super regional Three or more full- 500,000–1.5 million 0 0 line department stores *Analysis limited to shopping centers over 20,000 square feet inventoried during summer 2008. data for county shopping centers by type. A more detailed definition of classification can be found in Appendix 5. Currently, there are no super regional centers in the county. The lines that distinguish one type of shopping center from another often overlap. For example, community shopping centers may contain up to 500,000 square feet, whereas regional centers (Map 2) may be as small as 250,000 square feet. Moreover, the same store type may anchor different center types, and some centers may have several major tenants that can act as anchors. For example, Woodyard 4 2008 Prince George’s County Shopping Center Directory overview Regional shopping center Neighborhood shopping center Convenience center Community shopping center 2008 Prince George’s County Shopping Center Directory 5 overview maP 2: Regional shoPPing centeRs ten-mile tRade aRea 6 2008 Prince George’s County Shopping Center Directory overview Crossing contains Wal-Mart, Lowe’s, and Safeway. Laurel Shopping Center contains Giant and Marshall’s. Each of these stores alone could act as an anchor for either a neighborhood or a community shopping center. Thus the lines that distinguish one type of shopping center from another are often unclear. occuPancy chaRacteRistics A vacancy rate of ten percent is considered standard for shopping centers among commercial real estate marketing professionals. Table 2 summarizes data for county shopping centers by type and vacancy rate. At the time of the survey, nine percent of the space in the county’s 155 shopping centers was vacant. Seventy-four percent of the shopping centers had a vacancy rate fewer than 10 percent, and 36 percent experienced zero vacancy. Vacancy rates ranged from zero to 84 percent. Shopping center vacancy rates in the county vary significantly by the type of center. They average from 12 percent for community shopping centers to 3 percent for power centers. Convenience centers in the county have the highest percentage of zero vacancy at 50 percent and regional centers have the lowest percentage of zero vacancy at 28 percent. The remaining center types average a third of their shopping centers with zero vacancy. Map 3 shows the location of shopping centers in the county by vacancy rate. Power and regional centers in the county tend to have lower median vacancy rates since they attract more chain retailers who sign longer leases and have greater capital assets, hence more staying power. Typically the average vacancy rate of regional centers in the county would be comparable to power centers and lower than convenience centers; however, the current redevelopment of the regional center Laurel Commons (formerly known as Laurel Mall) impacts the overall average vacancy rate. Laurel Commons is currently not renewing any leases in order to accommodate redevelopment and as a result has a vacancy rate of 28 percent. table 2: Vacancy chaRacteRistics by tyPe of shoPPing centeR in PRince geoRge’s county* type of center convenience neighborhood community Power regional All centers Number of centers 10 96 39 6 4 155 Vacancy rate <10% 9 73 26 5 3 116 Zero vacancy 5 37 11 2 1 56 Average vacancy rate** 6% 8% 12% 3% 8% 9% Median vacancy rate 3% 4% 5% 1% 2% 3% Range of vacancy rates 0–71% 0–84% 0–24% 0–11% 0–28% 0–84% *Includes only centers over 20,000 square feet. **Based on vacant square footage divided by total square footage. 2008 Prince George’s County Shopping Center Directory 7 overview maP 3: shoPPing centeRs by Vacancy Rate (countywide aVeRage Vacancy Rate = 9%) 8 2008 Prince George’s County Shopping Center Directory overview