Go for a build-to-suit. That's the only option left for large corporations seeking industrial space, since Kenco just swept up the last available Class-A warehouse: Ryan Commercial's just-delivered, 692k SF spec property in the I-95 corridor.

JLL's Todd Hughes says the deal, at 521 Chelsea Rd in Aberdeen, reinforces Baltimore as a preferred distribution location, especially as Kenco is a 3PL. He says the I-95 North corridor has become more competitive with Eastern Pennsylvania and New Jersey, where rents are climbing toward Baltimore levels and existing users have absorbed much of the labor pool, though PA is still popular among corporations that want to distribute westward (and people who like pretzels and/or cheesesteaks).

Kenco is moving into its new East Coast distribution hub now. For Mid-Atlantic warehouse users, there's also the B/W Corridor, of course, but it just can't fit any more large, Class-A requirements, Todd says. Other JLL deals that back up his claims to I-95 North's fame: Last year's expansions by Procter & Gamble and Smiths Detection.

The largest developable spots are Duke Realty's former GM plant near the port and Liberty Property Trust's 50 acres (room for 1M SF) in Aberdeen's Enterprise Business Park. Liberty's Lisa Sullivan told us yesterday her firm is chasing build-to-suit requirements, more of which have been hitting the market in the past nine months.