Job Growth, Low Unemployment Keep Office Development Churning in Baltimore

Continued job growth, coupled with a 4.3 percent unemployment rate (down from nearly 9 percent in 2010) in the greater Baltimore metropolitan region are the primary reasons giving real estate development companies the confidence to construct speculative commercial office buildings in select submarkets throughout central Maryland. After delivering more than 1 million square feet of space in Baltimore City, another 1.6 million is presently rising in the downtown skyline. Industries …

Long-Awaited Retail Projects are Springing to Life All Around Baltimore

A number of high-profile retail and mixed-use developments throughout the greater Baltimore metropolitan area have been stuck in neutral over the past few years, with issues rang-ing from changes to the local real estate environment, construction issues, leasing challenges related to store closings and consolidations, corporate reevaluations and the constantly shifting tastes and shopping habits of the Baltimore consumer. Successful retail projects must en-joy a string of positive outcomes …

Baltimore’s Multifamily Market is Growing at an Unprecedented Rate

For years, others have considered Baltimore a second-tier market on the Interstate 95 Corridor, lacking the excitement that cities like Philadelphia and Washington, D.C., offer. Not so any more. Baltimore has evolved into a top-tier housing market that is nationally recognized by the investment community. No longer a collection of relics from the “rust belt” banking town that it was decades ago, Baltimore is now a mosaic of adaptive reuses and a hot-bed for tech jobs. The Charm City is …

Sustained Job Creation Translates to Excellent Health of Baltimore Office Market

It is a simple formula: No metropolitan region can achieve extended economic growth without a healthy job market that is sustainable over the long-term. The greater Baltimore region has been able to accomplish just that — especially over the past two years, starting when a new governor was installed in Maryland. The State of Maryland’s rallying cry “We’re open for business” is putting its money where its mouth is with the generation of more than 135,000 new jobs since the start of …

Mixed-Use Developments Winning the Retail Battles Across Metro Baltimore

Anxiety and hand-wringing about the future of retail were evident at this year’s ICSC RECon event, as developers, retailers and restaurant operators continue trying to make sense of the persistent march of online buying, while also looking to inject new enthusiasm into the bricks-and-mortar shopping experience. In the greater Baltimore metropolitan region, we are experiencing many of same issues as the balance of the country. But, like always, we believe this region has several built-in …

Job Growth, Proximity to D.C. Help Boost Baltimore Multifamily Rents, Supply

Historically overlooked along the East Coast, Millennial migration has symbolized the dawn of a new day in Charm City. The recent influx of a budding dynamic workforce to Baltimore’s urban core neighborhoods has driven the fourth largest increase in college-educated young professionals amongst metro areas nationwide. These young professionals followed substantial job migration resulting in a paradigm shift from Washington, D.C., and other major Mid-Atlantic employment centers. …

Experiential Retail Emerges as Significant Driver in Baltimore Metro Area

Not so many years ago, the typical consumer thought of visiting the nearby regional mall or neighborhood center to go shopping — possibly for a new pair of jeans or some shoes. Like everything else in this world, the internet has significantly altered this exercise and, today, people tend to think of retail centers as places to “experience” something that cannot be easily acquired or replicated by simply tapping on a keyboard to request it. Developers and retailers alike have adapted …

Morgan Properties Buys Four-State, 11-Property Multifamily Portfolio for $316M

KING OF PRUSSIA, PA. — Morgan Properties has purchased an 11-property multifamily portfolio that spans four states for $316 million. The assets, collectively known as Star Portfolio, contain a total of 2,826 units across Maryland, Pennsylvania, North Carolina and South Carolina. The transaction includes the Greens at Westgate in Pennsylvania; the Waterway and Forest Oaks in South Carolina; Falls Creek and Heather Park in North Carolina; and Silver Spring Station, Westerlee, the Willows, …

Construction Begins on $750M Mixed-Use Development in Metro Baltimore

WHITE MARSH, MD. — Construction has begun on Greenleigh at Crossroads, a $750 million component of Baltimore Crossroads, a 1,000-acre mixed-use development in White Marsh in the eastern section of Baltimore County. The completed Greenleigh at Crossroads will contain 1,000 single-family homes and townhomes, 500 multifamily units, three mid-rise Class A office buildings spanning 300,000 square feet, 128,000 square feet of single-story office space, 116,000 square feet of retail and a …

Baltimore Absorbs 3 Million Square Feet of Industrial Space in 2015

For the fifth straight year, the Baltimore industrial market ended the year with a positive net absorption, with improvements continuing in both rental rate growth and overall fundamentals. While not overly robust compared to other areas of the country, such as Ontario, Calif., Atlanta, New Jersey and Central Pennsylvania, the Baltimore market absorbed almost 3 million square feet of industrial space in 2015. This sustained growth trend is attributed to a steady, albeit choppy, stream of …

Content Partners
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‣ Lee & Associates
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