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After Record-Setting 2017, Baltimore Looks to Extend Its ‘Industrial Revolution’

John Nelson — Mon, 01 Oct 2018 11:42:41 +0000

The greater Baltimore metropolitan region achieved positive absorption of more than 6 million square feet of warehouse and industrial space in 2017, smashing the previous record by several million square feet and triggering yet another wave of speculative development activity. While on the surface there seems to be no end in sight to this unprecedented level of activity as we cross the midway point of 2018, there does exist several warning signs that are worth monitoring. But, who wants to dwell on anything remotely negative, when experiencing a seemingly end-less supply of 600,000-square-foot requirements? A Major Industrial Market The Baltimore-Washington, D.C. region is considered the fourth largest MSA in the country with more than 10 million people in the Combined Statistical Area. Several major seaports are within close proximity, approximately one-third of all consumers residing in the United States can be accessed within a one-day truck drive and developable land is still avail-able, although an increasing number of projects involve the demolition of unusable product to make way for the modern variety. Local fundamentals mirror conditions found in “white-hot” sections of the country, including the Inland Empire in Southern California, Northern New Jersey and sections in Pennsylvania where Interstates 81…

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Job Growth, Low Unemployment Keep Office Development Churning in Baltimore

John Nelson — Mon, 24 Sep 2018 11:51:36 +0000

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 including ﬁnancial services, medical and healthcare, education, cybersecurity and manufacturing continue to exhibit excellent health, and a location approximately 40 miles from the center of Washington, D.C., remains one of Baltimore’s most valuable assets. Below is a quick scan around the entire metro area: Canton Merritt Properties announced plans earlier this year to construct a 20-story, 200,000-square-foot speculative ofﬁce building along Boston Street. Previously announced, but yet to begin just several streets away, is Corporate Ofﬁce Properties Trust’s $1 billion project containing more than 1 million square feet of commercial ofﬁce and retail space. Since the opening of The Shops at Canton Crossing, a shopping center developed by 28 Walker Associates several years ago, this submarket has experienced a retail renaissance, although the inclusion of new commercial ofﬁce product is…

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

John Nelson — Mon, 17 Sep 2018 11:45:22 +0000

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 (as well as luck), including support from retailers, the capital markets and the local community. Below is a rundown of local retail or mixed-use developments that have recently sprung to life, as well as some that still remain on the starting block. Mill Station in Owings Mills Owings Mills Mall opened to sig-niﬁcant fanfare in 1986 and stood face-to-face with a wrecking ball in 2016. Numerous ownership groups, design iterations and new retail projects emerging within close proximity kept pushing its reincarnation back further. Finally, the renderings of the “de-malled” project were unveiled to the public last fall, along with announcement of several leasing successes. This summer, construction remains in full bore leading up to an expected fall opening of Costco, followed by Lowe’s Home Improvement, Home-sense, Burlington and Five Below,…

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Baltimore’s Multifamily Market is Growing at an Unprecedented Rate

John Nelson — Mon, 10 Sep 2018 11:45:29 +0000

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 an incubator for creativity and entrepreneurship that sprouts from the world-renowned medical and educational institutions such as Johns Hop-kins and the University of Maryland Baltimore. As a result, net absorption for new multifamily units in 2017 surpassed city records and continues to grow at unprecedented rates. There are many factors that contribute to strong levels of demand in a market, such as job growth, affordability and developers creating attractive space targeting all demographics. Baltimore’s evolving job market continues its rapid expansion, driven primarily by “eds and meds.” The sector experienced 19 percent growth over the 10-year average and expand-ed 2.5 percent in 2017. Residents speciﬁcally target areas where they can live, work and play, and with an expanding job market,…

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Sustained Job Creation Translates to Excellent Health of Baltimore Office Market

John Nelson — Mon, 02 Apr 2018 11:30:09 +0000

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 2015, and the state unemployment rate dipping to 3.8 percent, which makes it substantially lower than the national average of 4.4 percent. As an official with the Maryland Department of Commerce so accurately stated at our company’s year-end market update, Baltimore is known for having three famous birds: the Ravens, Orioles and — with all the construction underway — cranes. Momentum has been achieved with the continued distancing of the state’s previous “business unfriendly” reputation, the influx of institutional money targeting the region, its immediate proximity to the Nation’s Capital, a highly educated labor base and a diverse business economy led by the medical, high-technology and educational institution sectors. And, the most telling barometer of all is where…

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Mixed-Use Developments Winning the Retail Battles Across Metro Baltimore

John Nelson — Mon, 11 Sep 2017 11:30:48 +0000

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 advantages that will continue to buoy the retail environment, including a diversified business climate, proximity to Washington, D.C., and presence of defense contractors. While “caution ahead” signs seem to be lurking around every corner, there are numerous developments in Baltimore that are screaming “full steam ahead.” Darwinism is in full effect locally, as shopping centers embedded within planned-unit developments or retail destinations offering e-commerce-resistant experiences are the venues with the brightest futures. The developers and retailers that are willing to accept and adapt to changing trends, such as millennials’ preference for experiences rather than ownership, are the entities that will be left standing after this latest seismic shift. Here is a quick look around the Baltimore area landscape, with a focus on the various starts…

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

John Nelson — Mon, 24 Oct 2016 11:49:17 +0000

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. Baltimore’s labor market has demonstrated year-over-year gains since 2010. As of March 2016, Baltimore metro-area non-farm employment totaled 1.4 million, up 2.6 percent over the past year, as compared to 2 percent growth nationally over the same period, according to data from the U.S. Bureau of Labor Statistics. The professional and business services sector contributed the largest gains since March 2015, adding 13,500 jobs to Baltimore’s work force, representing a growth rate of 6 percent over the prior year. The recent surge in employment has driven sustained demand for rental housing, pushing vacancy rates to historic lows and placing upward pressure on rents. Despite its rapid ascension, Baltimore continues to benefit from its proximity to other East Coast cities, which have experienced economic expansion as well, with Baltimore remaining the most affordable of…

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Baltimore Industrial Revolution Fueled by Consumer Products Sector

John Nelson — Mon, 17 Oct 2016 11:44:31 +0000

Bigger — and strategically located — continues to be better in the Baltimore metropolitan region when it comes to the industrial real estate product sector. Blink your eye these days in Charm City, and you might miss the latest 100,000- to 500,000-square-foot transaction that transpired, fueled by the seemingly insatiable appetite among retailers to warehouse consumer products near large population areas and maintain same-day or next-day delivery models. Companies involved with the production and distribution of food products and home goods are the next most prolific users of warehouse and industrial space. The avalanche of large-scale logistics-related leases first started in 2014 when Amazon.com leased a 1 million-square-foot fulfillment center with Duke Realty in Baltimore City. Recent notable activity includes RPM Warehouse (435,000 square feet at Baltimore Crossroads in White Marsh); Pier 1 Imports (644,000 square feet in Harford County); Ikea (300,000 square feet with Federal Capital Partners in Halethorpe); Canusa Corp. Fiber Group (320,000 square feet in Dundalk); Sephora Americas (320,000 square feet of renewal space in Harford County, plus an additional 620,000 feet of new space); FedEx Ground (300,000 square feet at TradePoint Atlantic); US Lumber (260,000 square feet with MCB Real Estate and One Liberty Properties); Capital…

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Experiential Retail Emerges as Significant Driver in Baltimore Metro Area

John Nelson — Mon, 10 Oct 2016 12:00:49 +0000

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 to this behavioral change by introducing new concepts that emphasize the delivery of this experience, including new restaurants, entertainment-style concepts and health care services. This trend remains in full swing in the Baltimore metropolitan region, coupled with game-changing projects planned or rising throughout the Charm City region. Food, Medical, Entertainment The continued popularity of fast-casual restaurants is driven in large part by time-depraved families with dual-income households that seek eating options offering both quality and quickness. The “burger war” includes recent entries such as Bobby’s Burger Palace, Clark Burger and Shake Shack. Wahlburgers, operated by actor Mark Wahlberg and his brothers, might soon follow. Pizza remains a crowded, yet vibrant, category with new arrivals &pizza, Blake Pizza, MOD Pizza…

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

Nellie Day — Mon, 12 Sep 2016 12:00:40 +0000

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, St. Mary’s, Taylor Park and Willowood in Maryland. The assets have an average age of 29 years. All the properties are situated in high-barrier submarkets close to major development hubs and public transit. Morgan Properties plans to execute a multi-million-dollar, value-add repositioning plan at each property. The renovation strategy will include premium kitchen and bath renovations and amenity upgrades. Morgan Properties acquired Star Portfolio through an affiliated joint venture. David Oakley and Scott Melnick of Berkadia represented Morgan Properties in the transaction. Deutsche Bank represented the unnamed seller. The firm also recently purchased three separate Maryland multifamily assets, including the 325-unit Grand Pointe in Columbia; the 606-unit Avery Park in Silver Spring; and the 450-unit Henson Creek in Temple Hills. Morgan Properties owns and manages 132 apartment…

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

Haisten Willis — Wed, 18 May 2016 12:00:15 +0000

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 120-room SpringHill Suites by Marriott. The development team consists of St. John Properties, Somerset Construction Co. and Elm Street Development. “The integrated design of Greenleigh at Crossroads reflects and responds to the new urbanism trend that is sweeping the country, while also complementing the existing product mix that exists at Baltimore Crossroads,” says Edward St. John, chairman of St. John Properties. St. John Properties has broken ground on one of the office buildings, and should begin construction on the hotel in late 2016. Elm Street Development will soon begin building the single-family homes and townhomes, with models expected to open in spring 2017. Somerset Construction will begin work this fall on The Berkleigh, a luxury apartment community featuring 317 units. Located along Maryland Route 43 near I-95, Baltimore Crossroads is…

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Baltimore Absorbs 3 Million Square Feet of Industrial Space in 2015

John Nelson — Mon, 16 May 2016 11:45:50 +0000

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 demand, sustained levels of new construction activity and falling availability and vacancy markers. Looking at the overall conditions of the market, several factors contribute to the improving fundamentals, the most significant of which is the ongoing, high demand for Class A industrial property, which continues to outpace available supply. The Baltimore market is located in the heart of the I-95 Corridor and can access 34 percent of the U.S. population within a single day’s drive. Additionally, given its location within the Washington/Baltimore metropolis, major retailers have selected Baltimore as a logical location for e-commerce and omni-channel fulfillment centers to distribute to homes. These centers will allow retailers same-day access to the 9 million people in the Baltimore-Washington region. On average, those residing in this…

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Marriott International Agrees to Buy Starwood Hotels & Resorts for $12.2B

Nellie Day — Mon, 16 Nov 2015 17:46:58 +0000

BETHESDA, MD. AND STAMFORD, CONN. — Marriott International (NASDAQ: MAR) has agreed to buy Starwood Hotels & Resorts Worldwide (NYSE: HOT) for $12.2 billion. The acquisition will create the world’s largest hotel company with 30 brands under its belt. The combined company will tout 1.1 million rooms in more than 5,500 hotels throughout more than 100 countries. The fee revenue for the 12 months that ended Sept. 30 totaled more than $2.7 billion across both companies. Efficiency, savings and growth are the three main goals behind the merger, according to Marriott. The company expects to deliver at least $200 million in annual cost savings in the second full year after the transaction has closed. It is attempting to accomplish this by leveraging operating and general and administrative (G&A) efficiencies. Marriott also plans to accelerate Starwood’s growth by leveraging its worldwide development organization, as well as its owner and franchisee relationships. “The driving force behind this transaction is growth,” says Arne Sorenson, Marriott’s president and CEO. “This is an opportunity to create value by combining the distribution and strengths of Marriott and Starwood, enhancing our competitiveness in a quickly evolving marketplace.” Per the agreement, Starwood shareholders will receive 0.92 shares of…

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Baltimore City’s Retail Market Remains Hot, But Watch Out for the Suburbs

John Nelson — Mon, 12 Oct 2015 10:58:49 +0000

An apartment building boom is encouraging a consistent march of new residents to select sections of Baltimore City, and the construction of new retail venues to support this emerging audience has followed in lockstep. The last several years has seen the opening of stylish shopping centers featuring national anchor tenants such as Harris Teeter and Target, including The Shops at Canton Crossing, a 330,000-square-foot retail shopping center situated within the city’s east side, as well as McHenry Row, located in the Locust Point section of the city (next to Under Armour’s headquarters). Other notable retail developments underway in Baltimore City are the capital improvement and re-invention program at Harborplace; The Stadium Square, a $250 million mixed-use project situated near M&T Bank Stadium; the $25 million facelift being given to Lexington Market, a collection of 100 food vendors; the ongoing retail build-out of Harbor East (the recognized “place to be and be seen” spot of the city); and the initiation of construction on Harbor Point, the site of the new Exelon Corp. headquarters (the company merging with Constellation Energy). Baltimore County is Booming Owings Mills, Towson and White Marsh are the sites of four significant projects, several of which have been…

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Shifting Blocks of Space, Apartment Conversions Help Shape Baltimore’s Office Market

John Nelson — Mon, 05 Oct 2015 10:54:40 +0000

Three major storylines are playing out in Baltimore, the northern part of the one-two city punch that combines for more than 9 million people and forms the fourth-largest metropolitan region of the country. These three sub-plots each contribute to the larger vernacular of the Charm City story. The activity in the office sector is occurring against the backdrop of a robust warehouse/industrial market, as national companies are recognizing the attractiveness of the Port of Baltimore and access to the Eastern Seaboard. Baltimore is also enjoying the healthiest retail environments seen in years, highlighted by the construction of new large-scale shopping centers to service Millennials and empty-nesters moving downtown. 1. Shifting Blocks of Space Two separate 200,000-square-foot blocks of prime office space are moving to the now-under-construction Harbor Point overlooking Baltimore’s Inner Harbor, the development centerpiece of the Constellation Energy Group merger with Exelon Corp. Upon completion, the former industrial brownfield site will feature more than 1.6 million square feet of commercial office space. Add in a separate 200,000-square-foot move by the Baltimore headquarters of M&T Bank from 25 S. Charles St. (with sources indicating the company may back-fill the space themselves) and you have pretty large shoes to fill in…

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Baltimore’s Resurgence as a City Supports Burgeoning Apartment Market

John Nelson — Mon, 28 Sep 2015 11:48:37 +0000

The transformation of downtown Baltimore into a contemporary world-class city began nearly two decades ago, but over the past few years it has irrefutably evolved into a true 24/7 city and a top-tier housing market that is nationally recognized by the investment community. An influx of commercial investment drove job growth, which inevitably boosted downtown Baltimore’s daytime population. But what is remarkable is how many of these individuals also decided to become city residents. The number of degree-holding young people living in downtown Baltimore increased by 92 percent between 2000 and 2010, exceeding the pace of 20-something magnet cities like New York and Boston. Whether it was the chicken or the egg, this new group of residents favored a rental urban lifestyle, and downtown Baltimore delivered nearly 4,700 new apartments between 2000 and 2010. Ambitious developers John Paterakis and Michael S. Beatty paved the way in the late 1990s with the development of Harbor East, which congregates upscale retailers, Class A office space and luxury rental apartments. Its immediate success filled a niche in the market and spurred growth in other communities around the Inner Harbor, including the Ritz-Carlton. As this wave of development continued throughout the 2000s, slowly but…

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Summit Hotel Properties Buys Two Residence Inn by Marriott Hotels for $56.8M

Nellie Day — Mon, 27 Jul 2015 17:42:42 +0000

BALTIMORE, M.D. AND BRANCHBURG, N.J. — Summit Hotel Properties (NYSE: INN) has acquired two Residence Inn by Marriott hotels for a total of $56.8 million. The acquisition includes the 141-guestroom Residence Inn in Hunt Valley, just outside Baltimore, and the 141-guestroom Residence Inn in Branchburg, N.J. “We are very happy to announce the addition of these Residence Inn hotels to our portfolio,” says Daniel Hansen, president and CEO of Austin, Texas-based Summit Hotel Properties, a publicly traded REIT. “We remain very positive on the current state of the lodging cycle and see these two acquisitions as solid contributors to our long-term growth plan. Both of these acquisitions are located in strong markets that fit well with our growth strategy and portfolio of premium select-service assets.” Summit plans to spend about $1.5 million on capital improvements at the Hunt Valley property, which is situated just 18 miles outside of downtown Baltimore. Notable employers in the area include PayPal, eBay, McCormick Spice Co., Men’s Warehouse and Johns Hopkins University. The company will spend an additional $1.1 million on capital improvements at the Branchburg property, which is located about an hour outside of New York City. Notable employers in the area include Johnson…

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Baltimore Leading a ‘Charmed' Life With Spate of New Retail Developments

admin — Mon, 04 Aug 2014 00:00:00 +0000

The center cores of Baltimore and Washington, D.C., are located approximately 40 miles apart, and talk has renewed about the possibility of connecting the two metropolises by a Maglev rail system. The Baltimore/Washington region is generally considered the fourth largest in the country, boasting nearly 9 million people in the common area. But, when it comes time to rate the demographics, quality of life and overall attributes between the two, Baltimore assumes its secondary status in most comparisons, especially among some professionals in the retail real estate industry. Yet, given the recent successes of retail ventures that have opened in Baltimore City within the past year, prospects for future developments that promise to reinvigorate oft-neglected sections of the city and planned expansions of other mixed-use projects, Baltimore is currently enjoying a “charmed” life. The iconic advertising campaign for National Bohemian beer, which referred to Maryland as “The Land of Pleasant Living,” seems like an appropriate descriptor these days. The project that still has Baltimoreans buzzing is The Shops at Canton Crossing, the 330,000-square-foot retail shopping center situated within the city’s east side that opened last fall, and could easily serve as a national model for successful brownsfield development. Abandoned warehouse…

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Baltimore's Industrial Fundamentals Improve Slowly, Steadily

admin — Mon, 21 Jul 2014 00:00:00 +0000

Comprising approximately 155 million square feet of industrial space, the Baltimore industrial market continues to recover, albeit gradually, from the recession. Key drivers for the Baltimore metropolitan area include the Port of Baltimore, proximity to Washington, D.C., and direct accessibility to Interstate 95 and the major population centers along the Eastern seaboard. As of the end of the first quarter, the vacancy rate for the Baltimore industrial market was 9 percent, which is down from 13.3 percent at the depth of the recession. Vacant inventory has been gradually absorbed since the recession and market fundamentals continue to improve. Industrial product continues to be a favored asset class, and Baltimore is deemed to be a “core” market among private and public institutional investors. Rental Rates Warehouse rental rates throughout the Baltimore metropolitan market have increased from 2010 to 2014 as the local and national economy continues its slow recovery. Overall asking rates on a triple-net basis have increased approximately $1 per square foot since 2010 as the average asking rate for bulk industrial product was at $5.22 per square foot as of the first quarter of this year. As the vacancy rate has dropped in recent years, landlords have held firmer…

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Millenials Drive Strong Apartment Growth

admin — Mon, 21 Apr 2014 00:00:00 +0000

Baltimore, long known as a city that wore its grit as a badge of honor, is now shining with high-end multifamily developments and new in-town retail destinations. This city of neighborhoods has hit Forbes’ “hipster” list thanks to a vibrant arts scene, established and trendy restaurants, vital retail destinations and world-class attractions and events. These quality amenities make it possible for residents to work, shop, play and stay in the city, appealing to a growing young professional population. Baltimore’s strong economic base of higher education and health, coupled with the unwavering trend for convenient, quality city living, is driving a strong multifamily market. Delta Associates reports that the Baltimore area economy is experiencing above average growth. Despite losses in the state and local government sector, the unemployment rate remained steady at 6.9 percent in October 2013 compared to the national rate at 7.3 percent in the same period. The region is poised to experience long-term growth as a result of growth in sectors based in the Baltimore area, namely cyber-security, education and health. From December 2012 to December 2013, Delta notes that Baltimore’s Class A rents increased an average of 6 percent and stabilized occupancy is at 95 percent. Baltimore…

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