Greater Baltimore

A quick look at Baltimore’s skyline tells the story. No matter which direction you look, cranes and the skeletal framework of buildings under construction dot the landscape.

The view in the surrounding jurisdictions is much the same, with new office construction in Howard and Anne Arundel counties and industrial developments along the I-95 corridor stretching into Harford and Cecil counties.

According to recent development reports, we are seeing growth across a number of strategic industries in Greater Baltimore.

Office Development

In all, more than 2 million square feet of new office space is currently under construction in Greater Baltimore. And while less than a third of that space is pre-leased, more than two-thirds is in the very active Baltimore-Washington Corridor, including the largest single new product, Johns Hopkins Applied Physics Laboratory’s 243,000-square-foot build-to-suit.

Industrial Development

On the industrial side, condominium development, which has prospered elsewhere in the U.S., is now making its way into Greater Baltimore. Also, bulk distribution has had a tremendous impact on absorption as well, with large blocks of space being leased by the region’s top employers.

Development experts expect demand to level off somewhat in 2007, but with the life sciences continuing to flourish and BRAC kicking into gear, the market should remain vibrant.