The Powerhouse Building will join Canton Crossing's existing office facility, Canton Crossing Tower, a 17-story tower featuring 476,000 sf. The structure, which is scheduled to deliver in May 2006, is already 75% preleased.
Powerhouse is an afterthought for the developer. "The reason why the building is being built is because the demand for space has been so strong in that submarket," T. Courtenay Jenkins of real estate services firm Trammell Crow tells GlobeSt.com; Trammell Crow is charged with overseeing leasing at Canton Crossing.
The vacancy rate in East Baltimore, according to Mackenzie Commercial Real Estate Services' Second Quarter 2005 Market Report, is 12.84%. No preleasing activity has taken place as of yet for Powerhouse and Trammell Crow is not yet publishing the asking rates for space in the building. The asking rate for space in the area is $18.16 per sf. Powerhouse is scheduled for completion in 2007.
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