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|Traction. That's how Delta Associates CEO Greg Leisch characterized the outlook for the Baltimore/DC industrial market Thursday night at Trendlines.|
|Recovery is underway and will strengthen, says Greg, who expects a drop in vacancy and a modest bump in rents in 2011. He projects industrial demand in Baltimore to reach 1.4M SF in 2011, with 18.4M SF of available space, so don't hold your breath for new development. This year?s model for successful investing? Greg recommends repositioning well-located but underperforming assets and buying properties (selectively) at below-replacement cost while prices and interest rates are low.|
|We ran into Panattoni's Reid Townsend (left, with First Potomac Management's Matt Wilson), who tells us the firm recently rolled out a $1.15B equity JV with CalSTRS for value-add industrial assets. Panattoni sold the pension fund an $800M, 80-property portfolio in December, and CalSTRS is kicking in an additional $300M per year for acquisitions. Reid (based on Pratt Street) oversees efforts in Maryland and Pennsylvania, with a focus on the I-95, I-75, and I-81 corridors.|