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8/8/2019 2010YE Industrial Report North
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cassidyturley.com | 1
Current Market Trends
Rental
Rates t Although discounted
rental rates are very
much still part o
today’s market,
stabilization is
occuring and rental
rates will continue tolevel out at the
beginning o 2011.
Leasing
Activitys Leasing activity
continued to pick up
through Q4 2010.
This momentum
should have a
positive impact on
market conditions.
Tenant
Concessionss Concessions are still
prominent in the
market and probably
will be or some time.
Free rent and
increased tenant
improvements are
still being used to
attract new and
renew existing
tenants.
Baltimore I-95 NorthIndustrial Market Review Fourth Quarter 2010
Baltimore Metropolitan Overview
The Greater Baltimore Metropolitan area
is emerging as one o the strongest
second-tier markets in the United States.
While Baltimore is a stand-alone
metropolitan statistical area (MSA) with
over 2.6 million residents, it is also part o
the Washington-Baltimore consolidated
statistical area (CSA) with a total
population over 8 million. The Greater
Baltimore region comprises Anne Arundel,
Baltimore, Carroll, Cecil, Harord andHoward Counties as well as Baltimore
City. As o October 2010, the Baltimore
metropolitan area’s unemployment rate
was 7.4% and the national
unemployment rate was 9.6% or the
same month.
Baltimore I-95 North Industrial Market
Baltimore’s I-95 North Industrial Market
is located between the Harbor Tunnel
through Baltimore City East, Baltimore
County East continuing along I-95 North
through Harord and Cecil Counties. These
our submarkets support over 64 million
square eet o industrial space. A strong
labor pool, close proximity to major
interstates including I-95, and proximity
to the Ports o Baltimore and Wilmington
Delaware make the I-95 North industrialmarket a vibrant marketplace or
investors, users and tenants alike. This
bulk industrial submarket has both
institutional (First Industrial Realty Trust,
Liberty Property Trust, ProLogis, RREEF,
TA Associates) as well as build-to-suits
or many Fortune 500 companies.
Q4 2010 Vacancy Rates &Average Quoted Rental Rates
Vacancy Rate
Product Type # O Buildings SF SF Vacant Vacancy Rate
Flex 88 2,130,064 272,502 12.79%
Oice Warehouse 375 15,821,696 1,953,801 12.35%
Bulk 220 44,516,407 5,926,289 13.31%
I-95 North Totals 683 62,468,167 8,152,592 13.05%
By Submarket # O Buildings SF SF Vacant Vacancy Rate
City East 247 16,166,580 1,005,854 6.22%
County East 203 20,417,814 3,059,175 14.98%
Cecil County 42 7,447,281 1,308,232 17.57%
Harord County 191 18,436,492 2,735,331 14.84%I-95 North Totals 683 62,468,167 8,152,592 13.05%
Average Quoted Rental Rate
By Submarket Flex O/W Bulk Average
City East N/A $5.14 $3.94 $4.72
County East $9.94 $4.78 $3.74 $4.00
Cecil County $4.00 $3.69 $2.92 $3.42
Harord County $7.63 $6.55 $4.48 $4.82
I-95 North Totals $8.15 $5.02 $4.02 $4.31
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Notable Q4 2010 Lease Transactions
Property 8965 Yellow Brick Road 10001 Franklin Square Drive 9103 Yellow Brick Road
Size 25,600 SF 40,806 SF 25,095 SF
Term 5 Years 11 Years 5 Years
Yr 1 Rent/Esc. $4.75 / 3% $5.50 / 2.5% $4.95 / 3%
TI PSF Min. $5.51 Min.
Tenant Agrium Inc. C & J Graphics Goodman Distribution
Landlord RREEF COPT Knott
Type New New New
Property 9611 Pulaski Park Drive 504 Advantage Way
Size 35,000 SF 172,000 SF
Term 5 Years 11 Years
Yr 1 Rent/Esc. $3.20 / 3% $3.52 (net eective)
TI PSF $2.00 $2.91
Tenant PODS Northeastern Supply Co.
Landlord Merritt Zais Group LLC
Type New New
BALTIMORE I-95 NORTH • INDUSTRIAL • FOURTH QUARTER 2010
About Cassidy TurleyCassidy Turley is a leading commercial real estate services provider with over 2,800 proessionals in 60 ofces nationwide. The frm completed transactions
valued over $13 billion in 2009, manages over 420 million square eet on behal o private, institut ional and corporate clients and supports over 25,000 domestic
corporate services locations. Cassidy Turley serves owners, investors and occupiers with a ull spectrum o integrated commercial real estate services—including
capital markets, corporate services, project leasing, property management, project and development services, and tenant representation.
Behind the NumbersFor more inormation, contact one o
our industrial brokers:
Cassidy Turley
6811 Benjamin Franklin Drive
Suite 100
Columbia, MD 21046
Tel: 410.964.1100
Fax: 410.964.5712
www.cassidyturley.com
6.22% Vacancy Rate o City East submarket at Q4 2010
13.05% Vacancy Rate or I-95 North market at Q4 2010
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Submarket Cassidy Turley Classifcation Number o Buildings Total Size (SF) Total Available (SF) Vacancy Rate
Baltimore City East
City East 127 6,561,607 415,757 6.34%
Highland 9 1,003,090 0 0.00%
Holabird-Point Breeze 46 5,772,505 69,036 1.20%
Mid-town 34 1,530,523 205,450 13.42%
Moravia-Shannon Industrial 31 1,298,855 315,611 24.30%
Total 247 16,166,580 1,005,854 6.22%
Baltimore County East
Baltimore Crossroads 13 4,327,010 1,447,912 33.46%
Canton-Quad Industrial 49 3,763,170 123,666 3.29%
Golden Ring Industrial 11 539,312 99,475 18.44%
Marshfelds Business Park 4 1,341,995 272,500 20.31%
North Point Rd Ind Corridor 18 2,985,207 80,741 2.70%
Rosedale Industrial 20 1,103,632 111,414 10.10%
Rossville-Pulaski Industrial 58 3,494,218 577,858 16.54%
White Marsh Industrial 30 2,863,270 389,609 13.61%
Total 203 20,417,814 3,103,175 15.20%
Cecil County
Cecil Industrial 42 7,447,281 1,308,232 17.57%
Total 42 7,447,281 1,308,232 17.57%
Harord County
Aberdeen Industrial 17 3,651,022 497,100 13.62%
Forest Hill 79 1,408,074 65,856 4.68%
Harord Route 24 Industrial 34 3,791,776 932,113 24.58%
Havre de Grace 9 1,897,866 190,070 10.01%
Joppa 17 376,956 34,000 9.02%
Perryman Penninsula Industrial 6 3,276,226 490,068 14.96%
Riverside 29 4,034,572 526,124 13.04%Total 191 18,436,492 2,735,331 14.84%
Grand Total 683 62,468,167 8,152,592 13.05%
Cassidy Turley Industrial Market Statistical Overview
October 1, 2010 - December 31, 2010
cassidyturley.com | 3
BALTIMORE I-95 NORTH • INDUSTRIAL • FOURTH QUARTER