Warehouse Grabs Lease, 100% Occupancy
SAVAGE, MD-Industrial is still performing relatively well, despite the economic and credit environment.
By Erika Morphy | March 05, 2009 at 02:53 PM
SAVAGE, MD-Another proof point that industrial seems to be holding its own in the Washington-Baltimore Corridor: Calico Industries has inked a 23,040 square foot lease at 8700 Larkin Rd., bringing the 190,560-square foot warehouse to full occupancy. Asking rates for the building are $4.65 per square foot, triple net.
Transwestern senior vice presidents, Tom Gentner and Brian Watts, represented the facility's owner, Invesco Real Estate, in the transaction. Michael Roden of CB Richard Ellis represented Calico Industries, which supplies janitorial, safety, and food service products to the hospitality and industrial markets.
To be sure, the industrial submarkets here are experiencing problems, Gentner tells GlobeSt.com, pointing to a vacancy rate of 8.8%, with 11.8% for bulk warehouse and 5.8% for small bay. Last year those numbers were 6.8%, 8.9% and 4.6%, respectively. Last year there was 500,000 square feet of negative absorption, coupled with 200,000 square feet of new space delivered to the market.
Still, though, he says, the demand for the space in the area is healthy enough that deals are still getting gone. The Baltimore area, in particular, is faring relatively well–again, taking into account the stress on overall transactions. In its year-end analysis of industrial space in the Washington-Baltimore Corridor Delta Associates found that for the first time in many years Baltimore has outperformed Washington in net absorption.
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