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LAST CALL AT THE CONCESSION STAND

Baltimore

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LAST CALL AT THE CONCESSION STAND
Bill Singer and Kasey Hughes at 8260 Preston Court on Oct. 9, 2012
Class-B industrial, Greater Baltimore's bread and butter, is tightening. While there is vacancy out there, once that space leases, landlords will be in a much better spot, says Kenwood Management's Bill Singer (with Transwestern's Kasey Hughes). Bill says his firm's 8260, 8264, and 8268 Preston Court (180k SF) in the Baltimore-Washington Industrial Park are 75% occupied with the help of a first-year rental rate special of $1.99/SF. But with no tenant rollover coming soon, Preston Court likely won't need to dish out concessions next time space is available, he says. Bill also tells us a seven-and-a-half-year lease with a national credit tenant for 12,500 SF in 8268 will likely close this week. "If I were a tenant, I would try to lock in current rates for as long as possible," he says, adding that lot of tenants are missing opportunities by playing the short-term lease game.

Michael Elardo at 8260 Preston Court on Oct. 9, 2012
Cushman & Wakefield's Michael Elardo (above), Jared Ross, and Mike Kimmel are leasing up Preston Court's available space. Michael says Class-B industrial is indeed tightening, but at 12% vacancy, it's softer than Class-A (8%), owing to a lack of new development.

8620 Preston Court on Oct. 9, 2012
OK, so what's with the race track? Kenwood and C&W put up a mini remote-control car Grand Prix track, complete with jumps (that red car got air!), on Tuesday for a broker event in 24k SF available at 8260 Preston Court. Kasey (in the first pic in this story) won the final heat. Bill says previous broker events there have involved a dunk tank ("the brokers took one for the team") and skee ball (this one led to a 35k SF lease).