How Online Shopping's Changing Baltimore-Washington Real Estate
As the Millennial population grows, so does the number of online retailers moving distribution centers closer to where their buyers live, like the Baltimore-Washington region. That's one reason we're excited to host Bisnow's Annapolis & The B-W Corridor: 2015 Forecast next Thursday, March 19, at the Loews Annapolis Hotel, starting at 8am.
A prime example is Amazon, which snatched up a 1M SF warehouse space on Broening Highway in Baltimore’s Dundalk neighborhood, notes Manekin Advisors managing director John Graham, a panelist at our event. Annapolis Mayor Mike Pantelides will deliver opening remarks, followed by a keynote address from Maryland secretary of business and economic development Michael Gill. With 9.3 million people, the Baltimore-Washington region is among the largest and most affluent metropolitan areas. And that makes it an attractive location for e-commerce firms searching for industrial property, says John (pictured with his 86-year-old mother, Pat, at a wedding in DC).
Meanwhile, on the office side, it’s becoming more of a landlord’s market, according to St. John Properties VP of acquisitions Sean Doordan, also a panelist (pictured here with his wife, Tressa, Weimaraner Mick and son little Sean on his first day of preschool). Landlords aren’t offering as many concessions, such as rent abatement, to lure office tenants.
St. John Properties just constructed 124k SF of spec office at Annapolis Corporate Park. It just constructed spec office buildings at Route 100 Tech Park and BWI Technology Park, and plans to construct additional spec buildings at Arundel Overlook in the near future. Sean says spec buildings allow the clients to see and feel the office before signing on the dotted line.
On the residential side, Elm Street Development is seeing more demand for townhomes than single-family houses, according to regional partner and VP Karen McJunkin, also a panelist. Not having a lawn to mow or driveway to plow after one of our massive snowstorms is a big time saver, Karen says. And we know folks around here need that extra time if they’re commuting on the Beltway in Baltimore and Washington.
Here’s a photo of Elm Street’s Tanyard Cove townhomes in Glen Burnie. To hear more, please join us for Bisnow's Annapolis & The B-W Corridor: 2015 Forecast next Thursday, March 19, at the Loews Annapolis Hotel, starting at 8am. Sign up here.