Although the velocity of deals in the Baltimore industrial market has increased over the past 3 months, the actual number of lease transactions has been relatively slow; therefore, the amount of speculative industrial development has been minimal. The lack of land in the Baltimore-Washington Corridor has forced development to be targeted in the Interstate 95 North Corridor, according to Timothy Zulick, vice president, and John Childs, senior vice president, of Trammell Crow Company in Baltimore.

Currently, there is an oversupply of industrial space that will take significant time to lease. In 2001, 2.8 million square feet of industrial space was delivered; 1.9 million square feet was delivered in 2000.

Industrial development is heavy in Anne Arundel, Howard and Harford counties. In turn, available land is becoming scarce in Anne Arundel and Howard counties because of the area's good transportation infrastructure and proximity to support businesses.

One new industrial development in Howard County is the third phase of Troy Hill Commerce Center, a new, Class A, speculative warehouse and distribution development. Phase III consists of two facilities totaling 314,000 square feet. Although this building is currently vacant, interest has generally been good, according to William McCullough, vice president of Manekin LLC, owner of Troy Hill Commerce Center. Phases I and II, which total 844,000 square feet, have such tenants as Northrop Grumman, The Home Depot, Hitachi Data Systems and United Stationers.

In Harford County, the lower price of available land and good transportation infrastructure has made the area attractive for industrial development. Zulick and Childs note that large tracts of land are available for build-to-suits, making this county a desirable location for developers.

Timothy Zulick is vice president and John Childs is senior vice president of Trammell Crow Company in Baltimore.


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