BALTIMORE, MD—Baltimore'sindustrial leases may have dropped 38% in the firstquarter, according to JLL, butleasing in its supply pipeline is unusually robust. JLL alsoestimates that the market's industrial pipeline is 92% leased,another reason to support JLL's belief that the second quarter willbe a strong one for this asset class.
There is more than 3.5 million square feet of industrial productcurrently under construction, the most since 1999. "There are a lotof deals also at the letter of intent phase, MarkLevy, Baltimore Market Leader for JLL, tells GlobeSt.com."That too will lead to additional leases being signed."
Additional construction activity is expected to increase as theyear progresses. There are also previously announced build-to-suitprojects set to break ground.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
