DEMAND IS THERE; LAND IS NOT
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|Liberty Property Trust's Lisa Sullivan tells us she's also looking for acquisition and development opps but, echoing Mark, adds that land is just hard to come by. (We'll make sure to seat Lisa and Mark across the stage from each other at our industrial summit on May 30. Sign up here!) She says the demand from Baltimore/DC consumers and businesses for quick access to goods drives the need for multi-tenant industrial. Federal government and related contractors boost the need further.|
|Thus Liberty Property's 1.3M SF B-W Corridor portfolio, including Odenton's 174k SF 1879 Lamonte Ave (above, one of Liberty Property's two Arundel Crossing buildings) is 100% leased, and investor competition for Class-A is high. Lisa says her firm did two renewals at 1879 Lamonte in the past six months. Elsewhere in the company's Baltimore portfolio, Liberty announced today, 6 N Park Dr in Hunt Valley has gained Energy Star certification.|
|In Harford's bulk warehouse market, more space is available, including 200k SF in Liberty's holdings, Lisa tells us. But leasing is picking up with several large blocks absorbed over the past few years. Her firm signed a new, 105k SF tenant at the 586k SF 1501 Perryman Rd (above) in Aberdeen last month. Liberty also owns 50 acres in Harford with room for a 1M SF building, but development now is still premature.|