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Tom Gentner
Baltimore metro bulk warehouse absorption, which broke into positive territory last year, kept climbing in Q3 and could near 1M SF for the year—if a couple big deals are there make it to the finish line by year's end. Transwestern's Tom Gentner tells us the first half of '12 absorbed 425k SF, and he's confident the market will reach 850k SF on the year (2011 totaled 340k). He also says three large investment sales (two already under contract) are on their way to 2012 closings. And his team is working on a big land sale (first in three or four years) for which transaction terms were agreed to this week; it's scheduled to close in 30 days.
Cushman & Wakefield's Paula Munger tells us all that positive absorption led to a 1.1% dip in industrial vacancy in Q3, aided by Recall Total Information Management's 221k SF lease at 8000 Telegraph Rd in Odenton (the company also did a big lease in Prince George's County). Procter & Gamble did its part with an 800k SF lease, including a 263k expansion. Enough of the leasing activity is non-BRAC-related that she feels good about continued positive absorption no matter government spending, especially with only 700k SF under construction that's not already spoken for.
Related Topics: Paula Munger, Tom Gentner