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By Natalie Sherman, The Baltimore Sun | May 29, 2014
Real estate experts offered a gloomy view of the market for some of the office space in the core of downtown, telling the Baltimore Development Corp. Thursday it is becoming harder for owners of offices along the Baltimore and Charles Street corridors to find tenants. Overall vacancy rates are at about 17.8 percent, down from the 2010 peak of 20.8 percent, according to Jones Lang LaSalle, which presented to the BDC at its monthly meeting. Along the Pratt Street corridor, where many of the premium properties are located, vacancy hit a five-year low of 14.9, according to the presentation.
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BUSINESS
By Natalie Sherman, The Baltimore Sun | May 29, 2014
Real estate experts offered a gloomy view of the market for some of the office space in the core of downtown, telling the Baltimore Development Corp. Thursday it is becoming harder for owners of offices along the Baltimore and Charles Street corridors to find tenants. Overall vacancy rates are at about 17.8 percent, down from the 2010 peak of 20.8 percent, according to Jones Lang LaSalle, which presented to the BDC at its monthly meeting. Along the Pratt Street corridor, where many of the premium properties are located, vacancy hit a five-year low of 14.9, according to the presentation.
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BUSINESS
By Natalie Sherman, The Baltimore Sun | February 17, 2014
Most of the upgrades at the two-building BECO Towers complex in Owings Mills are pretty standard: new windows, functioning elevators, an updated heating and cooling system. Then there are the fish tanks. The roughly 1,000-gallon aquariums, which BECO Management installed last month in the lobbies of both Mill Run Circle buildings, cost about $100,000 each. They required the commercial real estate firm to reinforce the floor and replace its cleaning supplies with fish-friendly materials.
BUSINESS
By Natalie Sherman, The Baltimore Sun | February 17, 2014
Most of the upgrades at the two-building BECO Towers complex in Owings Mills are pretty standard: new windows, functioning elevators, an updated heating and cooling system. Then there are the fish tanks. The roughly 1,000-gallon aquariums, which BECO Management installed last month in the lobbies of both Mill Run Circle buildings, cost about $100,000 each. They required the commercial real estate firm to reinforce the floor and replace its cleaning supplies with fish-friendly materials.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Sun Staff Writer | May 4, 1994
It's spring, and that means it's time to watch the grass grow.Yes, we're talking about commercial real estate.The first quarter of 1994 was a slow time to watch the office market recover -- but it was still recovering, according to Casey & Associates, a Baltimore-based brokerage and management firm.The big deals weren't plentiful, and the key measures of the market's health were more or less where they were at the end of 1993, but the past few years have provided enough drama to tide the players over for a while.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | September 13, 1992
Just two years ago, developers were scrambling to line up banks and other big companies as anchor tenants for beautiful new office buildings. Little did they know that the zenith of the early 1990s market would be established by government bureaucracies such as Medicare.Hurt by the recession, companies aren't spending money on new offices as they did five, or even three, years ago.That has left the federal government as the biggest player in Baltimore's office market this year. And with construction of speculative private office space virtually halted, the government could be the biggest force in building for several years.
BUSINESS
By New York Times News Service | August 24, 1991
NEW YORK -- In a potential real-estate deal sending shivers through New York's already depressed office market, Citicorp, the city's largest lender to developers, said yesterday that it was negotiating the sale of a vacant 42-story office tower that it holds in foreclosure to Bertelsmann AG. The sale would most likely be at a loss.Bertelsmann, the diversified German concern whose U.S. holdings include RCA Records and Bantam Doubleday Dell, the publishing concern, confirmed the negotiations were going on.If a deal is struck, the price would almost certainly be far below the $250 million mortgage that Citicorp holds on the building.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | December 13, 1995
A jump in office vacancies in Baltimore offset improvements in the suburbs this year, according to reports by two leading commercial real estate firms.Overall, the area's office market remained flat."While we're seeing growth in selective sectors, we're still feeling the effects of consolidations, which pushes occupied space back onto the market," said Jeffrey B. Samet, a vice president of Colliers Pinkard.Additionally, few office building sales were recorded in 1995, the notable exception being the RREEF Funds' purchase of the two-building Dulaney Center complex in Towson for $30 million, because many investors appear unwilling to invest in a market with pockets of instability.
BUSINESS
September 10, 1990
A midyear international office market survey conducted by The Office Network shows that the greater Washington area office market continues to grow but at a much slower pace than it has in the recent past.Ranked sixth in the nation in net absorption, the region recorded an increase in occupied office space of 1.5 million square feet for the first half of this year.In the survey, which presents midyear figures from 49 markets -- 36 in the United States, two in Canada and 11 in Western Europe -- the national average for uncommitted space in existing office buildings dropped slightly to 19.3 percent, down from 19.5 percent at the end of last year.
BUSINESS
By Kevin Thomas and Kevin Thomas,Evening Sun Staff | October 9, 1991
The value of commercial real estate property is expected to remain depressed, perhaps for several years, in part due to a surge in the number of lender-controlled properties in the Baltimore area, a recent study suggests.Approximately 49 office buildings -- close to 10 percent of the Baltimore area office market -- is currently controlled by lenders, according to the W.C. Pinkard report. Those properties represent approximately 3.3 million square feet of space.The properties have been taken over by banks and other institutions through foreclosure or receivership.
BUSINESS
By Natalie Sherman, The Baltimore Sun | November 21, 2013
A Pennsylvania real estate investment trust with extensive holdings in Maryland is shedding its office properties in favor of warehouses, a move driven by relatively high occupancy and strong profits in the industrial sector. Liberty Property Trust has entered into an agreement to sell 97 office properties, including 23 in Maryland, to Greenfield Real Estate LLC for $705 million. The two-part deal is expected to close in December and January. Those include office park parcels in Annapolis, Columbia and Hunt Valley.
BUSINESS
By Steve Kilar, The Baltimore Sun | October 8, 2012
The threat of automatic spending cuts by the federal government caused companies to press the pause button on real estate expansion in the Baltimore region during the third quarter, according to analysts. "It reflects the nature of the economic drivers in the region," said Robert Manekin, managing director of Colliers International's Baltimore office. Federal agencies and contractors make up a large percentage of office tenants throughout Central Maryland, and uncertainty about the national budget has caused them to be more cautious about leasing new space, he said.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | January 30, 2012
Thanks to demand from the defense sector, the vacancy rate for office space in Baltimore's suburbs is lower than anywhere else in the United States except for two suburban markets in California, a new commercial real estate report shows. Suburban Baltimore had an office vacancy rate of 14 percent, according to an overview of the mid-Atlantic commercial market released this month by Cushman & Wakefield, a commercial real estate firm that operates nationwide. That's lower than any other suburban market the firm tracks except for two high-tech hotbeds: the San Francisco peninsula, which has an 11.6 percent vacancy rate, and Silicon Valley, with a 12.7 percent rate.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | October 24, 2010
Redwood Tower, two blocks north of Harborplace in downtown Baltimore, boasts spacious corner offices, harbor views, a brick-and-glass exterior and a unique perch atop a historic building. It also offers parking and access to shopping, restaurants and mass transit. What is missing, its managers say, are workers to fill the half-empty, 15-story building, which lost a key tenant when the state Department of Business and Economic Development moved out more than a year ago. The tower is one of many buildings in downtown Baltimore struggling with a high vacancy rate - a problem at the heart of criticism over plans for a $1.5 billion development project on the western edge of the Mount Vernon neighborhood.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | September 1, 2010
Office developer Merritt Properties has purchased land in Aberdeen, where it will start building a business park to meet growing demand from government contractors seeking space near Aberdeen Proving Ground. Merritt said Wednesday it plans to build three office buildings totaling more than 250,000 square feet, some small shops and an on-site fitness center on nearly 36 acres on McHenry Road in Harford County. The site, on the south side of Route 22, sits less than two miles from the army base, which is adding jobs and missions because of federal base realignment.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,Sun Reporter | July 16, 2008
As businesses have delayed or halted expansion plans, office landlords are going to great lengths to get commercial brokers to at least visit their buildings, even without tenants in tow. Brokers who represent potential tenants are being paid cash just for showing up at broker events - the commercial real estate version of an open house - in hope of leasing office space in a slow market. Some landlords are raising commissions, offering gift certificates or treating brokers to lunch. The flurry of broker perks is just one more sign of an office slowdown.
BUSINESS
By Kevin Thomas and Kevin Thomas,Evening Sun Staff | July 3, 1991
Now, from the commercial brokerage firm of W.C. Pinkard Inc. comes confirmation that a lot of commercial real estate buildings out there that are short on tenants.That may not be new news for those who have observed the increasing number of "see-through" buildings in the area or have had to cope with recession-driven high vacancy rates. But the situation is worse than even Pinkard imagined it would be.In a report reviewing the local office market, Pinkard executives conclude that the first half of 1991 saw "a collapse" in the rate of office absorption.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | November 12, 1996
Downtown's largest owner of older office buildings, unable to stave off a crumbling market, has relinquished ownership of 14 buildings to an affiliate of investment firm Goldman, Sachs & Co.Kenilworth Equities Ltd.'s decision to turn over control of the buildings to the New York brokerage house marks the latest evidence of the continued deterioration of the so-called Class B office market downtown, which for years has been struggling against an abundance of...
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,Sun reporter | January 17, 2008
The streak has ended. For the first time in three years, the construction of office buildings in metropolitan Baltimore far outpaced the amount of space tenants signed up to lease. Just 43 percent of 1.8 million square feet of new office space completed in the Baltimore region last year was leased, according to a study by Colliers Pinkard, a commercial brokerage. The study shows an end to an unprecedented run in which the office market had been both building and absorbing more than 2 million square feet of space per year.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,Sun reporter | July 4, 2007
The City Crescent, a pioneering project on Baltimore's west side and the first downtown office complex developed by a minority-led team, has sold for $75 million, the broker for the sale said yesterday. Washington Investment Capital purchased the 270,369-square-foot building at 10 S. Howard St., commercial real estate firm Trans- western said. A group led by minority developers Otis Warren and Theo Rodgers built the sprawling 11-story building in 1993 on a city-acquired parcel for the federal government, which leased the majority of the space for anchor tenant the U.S. Army Corps of Engineers and other federal agencies.
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