HANOVER, MD-Industrial is on a quiet but steady hot streak in the Baltimore Washington Corridor. The latest sign? TIAA-CREF has selected Cassidy Turley as exclusive leasing agent and property manager for the Candlewood Commerce Center. The Center, located at 7462-7468 Candlewood Rd., consists of three Class A industrial buildings totaling 357,706 square feet that is largely vacant. Jarred Testa and Tilghman Herring, of Cassidy Turley's Baltimore Core Industrial Leasing Team, will act as leasing agents.

TIAA-CREF's ownership is telling—institutional money has been entering the industrial market at a steady pace for the last 24 months. More telling is the largely vacant state of the property—there is demand even for those assets. Underlying all this activity is a fairly empty supply pipeline, which shows little sign of speeding up, Jones Lang LaSalle's Mark Levy tells GlobeSt.com.

"We do not have a supply problem in industrial" he says. "No building has occurred in this market for the last several years." In addition, what new deliveries have come to market came fully leased.

There are a number of issues that have prevented overbuilding from occurring, Levy says. In many instances land has been upzoned for multifamily development, while land values for industrial are less than other product types. "Rents need to be quite strong to warrant new development," Levy says. "Rents are $1.50 to $2 away from where they need to be in the Baltimore Washington Corridor to substantiate new development."