Manassas, VA – June 9, 2020 – The City of Manassas released its 2019 Annual Report, which shows the city continuing to thrive as a top-tier business location, powerful tourism magnet, and great place to live, work and play. According to the report, Manassas has the 16th-highest per capita income, the 10th highest weekly wages, and the 4th highest wages in professional and technical services in Virginia.
Other highlights of the report include success stories of Manassas businesses expanding their operations, and other companies relocating to Manassas, many fostered by expansive outreach and support initiatives developed by the City’s Department of Economic Development. High Purity Systems, Chantilly Air, Micron, and the new Mason Small Business Development Center (MSBDC) at CenterFuse in Historic Downtown Manassas are among the premier corporate names profiled.
On the tourism front, the City of Manassas continued its trend of annual gains for the ninth consecutive year with visitor spending reaching $72.7 million, a 2.3% increase from the previous year.
The City’s office real estate market ended 2019 with a historically low vacancy rate of 3.6% and rental rates remained affordable relative to the regional average. Both light industrial and retail space also performed exceptionally well. The Annual Report also features The Landing at Cannon Branch, the largest mixed-use development in Manassas history. The Landing is a vibrant, place-making experience for specialty retail, Class-A offices, waterfront dining, hotels, and over 270 new, luxury residences.
In addition to commercial property values climbing, residential real estate prices continued their positive growth in 2019 with the average home value reported at $307,000. In addition to The Landing, featured residential developments of note include Manassas Station, Messenger Place and Hastings Marketplace.
While 2019 was a highly successful year, the City’s Department of Economic Development is keenly aware of the negative effects that the COVID-19 virus is now having on the local economy. As a community, and as a local government, Manassas is doing everything it can to provide businesses and residents with information, as well as financial, management and the marketing tools to help everyone get through this crisis. Fortunately, we live and work in a vibrant, resilient community and we are optimistic the economic pain and losses will be short-lived. The City believes its Historic Heart and Modern Beat will pulse more strongly than ever to close out 2020… #ManassasStrongerTogether.