BALTMORE-In a new report on the industrial market in greater Baltimore, Cushman & Wakefield of Maryland Inc. says that large tenants seeking space of more than 100,000 have very few properties to choose from.
Despite 12.4 million square feet of vacant industrial space in greater Baltimore, the brokerage firm notes the market for large blocks of space is very tight, according to the Baltimore Business Journal.
"In 2013, the average tenant size requirement increased due to e-commerce initiatives and other recent trends," Cushman & Wakefield wrote in its report. "In 2013, there were more buildings under construction than in recent history."
If a tenant is looking for Class A space of more than 100,000 square feet, the brokerage firm says the options amount to approximately 1 million square feet of available space in the region.
New construction for large warehouses has been strong in the Baltimore area with 1-million-square-foot build-to-suit facilities under construction for Amazon.com Inc. and Clorox. In addition, cosmetics retailer Sephora is pre-leasing a 656,000-square-foot warehouse in Harford County that is under construction. See story in the Baltimore Business Journal.
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