Emerging from the Bisnow’s Annapolis and the B-W Corridor event on March 19, 2015, came 6 Real Estate Trends. Here’s a look at six key real estate trends driving the real estate market.
- Expanding Companies – Michael Gill, Maryland’s secretary of business and economic development, announced a company will announce soon a expansion that will add 400 high-paying jobs, proving that Maryland is a good place to grow a business. “Michael says, adding the state also has a “fighting chance” to lure the FBI headquarters to Prince George’s County.”
- Under Armour Expanding – In the next eight to 10 years, we’ll see Port Covington in South Baltimore house the eighth wonder of the world, aka the future home of Under Armour and other real estate ventures from the sport brand’s founder and CEO, including a whiskey distillery, residential space and an incubator, Michael says.
- Healthcare Consolidation – Solo internists aren’t signing office deals anymore. Instead, they’re joining the larger groups like Medstar and Anne Arundel Medical Center, says St. John Properties acquisitions VP Sean Doordan. A lot of hospitals are opening satellite offices.
- Amenities are King – Renters like amenities such as health clubs, restaurants and shops, says Bozzuto president Mike Schlegel. Mike adds that he’s seeing more tenants in their 60s, making the B-W corridor a place where people want to spend their golden years.
- Industrial Prices Skyrocketing – The number of educated Millennials in the Baltimore-Washington corridor could exceed that of the Windy City by 2018, driving demand for large industrial spaces from e-commerce firms like Amazon, according to Manekin Advisors managing director John Graham. The industrial space in the Baltimore-Washington corridor totals just 60M SF, compared with Chicago’s 1B SF. “There are very few sites available and the demand is big,” John says. The price for industrial real estate has reached 2007 levels and is approaching prices in LA or New York.
- Demand for Townhomes – Townhome sales are outpacing single-family homes by two to one, says Elm Street Development VP Karen McJunkin. The company is developing 26 residential projects, most of which are in the B-W corridor. “On the residential side of things we’re very bullish on the corridor,” she says.
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