7/31/2019 South Q2 2012 IND Report

1/3

Current Market Trends

Rental

Rates

Rental Rates have

leveled out. Despite

consistent market

absorption, uture

leasing activity

remains a concern

or landlords.

Leasing

Activity

Overall leasing

activity is down rom

Q1 2012. Despite

the act that the

market experienced

positive absorption,

new activity began to

lag as summer

approached.

Tenant

Concessions

Although down rom

the peaks o

2009/2010, ree rent

and tenantimprovement dollars

remain steady as

landlords look to

maintain ace rents.

cassidyturley.com | 1

Baltimore I-95 SouthIndustrial Market Review Second Quarter 2012

Baltimore Metropolitan Overview

The Greater Baltimore Metropolitan area

has emerged as one o the strongest

second-tier markets in the United States.

While Baltimore is a stand-alone

metropolitan statistical area (MSA) with

over 2.7 million residents, it is also part

o the Washington-Baltimore

consolidated statistical area (CSA) with a

total population over 8 million. The

Greater Baltimore region comprises

Anne Arundel, Baltimore, Carroll, Cecil,Harord, and Howard Counties as well as

Baltimore City. As o May 2012, the

Baltimore metropolitan areas

unemployment rate was 7.1% compared

to the national unemployment rate o

8.2% in the same month.

Baltimore I-95 South Industrial Market

The I-95 South Industrial market

experienced 527,869 square eet o

positive absorption in the second quarter

o 2012. The vacancy rate ell rom

14.21% to 13.75%. The Corridor

experienced the highest level o demand

within the I-95 South market with more

than 320,000 square eet o absorption.

The average asking rent within the

market remained at in the second

quarter at $5.14 per square oot. The

Southeast submarket was the exception

as the average rent increased rom

$5.02 to $5.28 per square oot. Both

the Corridor and Southwest submarkets

saw a slight decrease in average rent.

Q2 2012 Vacancy Rates &Average Quoted Rental Rates

Vacancy Rate

Product Type # O Buildings SF SF Vacant Vacancy Rate

Flex 298 12,335,790 1,813,587 14.70%

Oice Warehouse 450 30,740,919 4,851,327 15.78%

Bulk 182 30,572,398 3,464,744 11.33%

I-95 South Totals 930 73,649,107 10,129,658 13.75%

By Submarket # O Buildings SF SF Vacant Vacancy Rate

Corridor 518 48,934,894 6,151,414 12.57%

Southeast 173 7,351,408 1,136,426 15.46%

Southwest 239 17,362,805 2,841,818 16.37%

I-95 South Totals 930 73,649,107 10,129,658 13.75%

Average Quoted Rental Rate

By Submarket Flex O/W Bulk Average

Corridor $7.41 $5.11 $5.09 $5.40

Southeast $5.76 $10.12 $3.49 $5.28

Southwest $8.95 $4.45 $3.94 $4.22

I-95 South Averages $6.77 $5.08 $4.61 $5.14

7/31/2019 South Q2 2012 IND Report

2/3

BALTIMORE I-95 SOUTH INDUSTRIAL SECOND QUARTER 2012

About Cassidy TurleyCassidy Turley is a leading commercial real estate services provider with more than 3,600 proessionals in more than 60 ofces nationwide. Thecompany represents a wide range o clientsrom small businesses to Fortune 500 companies, rom local non-profts to major institutions. Thefrm completed transactions valued at $22 billion in 2011, manages 455 million square eet on behal o institutional, corporate and private clientsand supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a ull spectrumo integrated commercial real estate servicesincluding capital markets, tenant representation, corporate services, project leasing, propertymanagement, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside NorthAmerica through a partnership with GVA, giving clients access to commercial real estate proessionals in 65 international markets. Please visitwww.cassidyturley.com or more inormation about Cassidy Turley.

cassidyturley.com | 2

Notable Q2 2012 Lease Transactions

Property 1781 Crossroads DriveOdenton, MD

1349 Charwood RoadHanover, MD

8268 Preston Court

Jessup, MD

Size 237,000 SF 129,233 SF 20,070 SF

Term 10 Years 11 Years 7 Years

Yr. 1 Rent/Esc. $4.85/2% $4.25/$0.25 annually $5.40/3%

TI PSF $3.00 $4.00 $2.00

Tenant Sleepys Zust Bachmeier MacGrey

Landlord Ohio State Teachers Assoc. RREEF Kenwood Management

Type New New Renewal & Expansion

12.58% Vacancy Rate o20-30 clear rear-loadedbuildings in the BW Corridor

submarket at the end of Q2 2012, down from 18.77% in Q1.

11.99% Vacancy Rate o20-30 clear front-loadedbuildings in the BW Corridor

submarket at the end of Q2 2012, down from 12.04% in Q1.

For more inormation, contact one o

our Industrial Brokers:

Cassidy Turley

100 Light Street

Suite 1400

Baltimore, MD 21202

Tel: 410.752.4285

Fax: 410.576.9031

www.cassidyturley.com

Notable Q2 2012 Sales Transactions

Property 7476 New Ridge RoadHanover, MD

7495 Race RoadHanover, MD

Hollins End EastBaltimore, MD

Size 198,369 SF 125,000 SF 519,014 SF

Seller Bavar Properties Group Prudential Real Estate Investors Preston Capital Management, Inc.

Buyer Industrial Income Trust Exeter Property Group Industrial Income Trust

Price $11,650,000 $8,250,000 $30,282,000

Behind the Numbers

7/31/2019 South Q2 2012 IND Report

3/3

Submarket Cassidy Turley Classifcation Number o Buildings Total Size (SF) Total Available (SF) Vacancy Rate QTR Absorption (SF)

Corridor

Airport 100 3 737,600 0 0.00% 0

Arundel Crossing 11 1,706,054 76,445 4.48% 237,156

Baltimore Commons 30 3,391,213 300,273 8.85% -9,262

Baymeadow 17 2,073,594 76,100 3.67% 0

Brandon Woods 17 1,963,126 185,618 9.46% 217,060BWI Commerce Park 14 511,658 126,400 24.70% -6,300

BWIP 67 5,813,102 1,052,314 18.10% -96,471

Columbia Gateway 4 2,168,713 858,995 39.61% -106,865

Corridor Industrial 18 2,050,248 134,289 6.55% 47,777

Cromwell Business Park 14 707,632 66,657 9.42% 8,392

Guilford Industrial 34 2,681,772 645,933 24.09% 25,314

Harwood Industrial Park 9 159,645 21,800 13.66% -7,800

Hillside/Preston Gateway 8 1,566,168 26,208 1.67% 0

Industrial Trade Center 14 669,887 70,240 10.49% -14,370

Junction Business Park 18 1,205,248 165,527 13.73% 25,218

Marley Neck 8 1,755,835 28,886 1.65% -886

MD Wholesale Food Center 17 2,946,843 0 0.00% 78,000

Meadowridge 13 1,707,670 234,400 13.73% -42,400

Montevideo/Dorsey Run 18 1,829,848 466,234 25.48% 0

Oakland Ridge 17 961,632 65,965 6.86% -15,000

Park 100 5 484,450 0 0.00% 0

Parkway Industrial 24 1,398,347 365,751 26.16% 0

Patapsco Valley 7 1,195,772 216,299 18.09% 0

Race Road 4 277,855 125,000 44.99% 0

Route 1 Corridor 33 1,633,889 95,335 5.83% 11,726

Route 1 Laurel 21 1,346,020 82,100 6.10% 28,240

Rt 100 30 2,726,585 366,141 13.43% -105,992

Sieling Industrial 27 1,265,308 184,113 14.55% 50,444Troy Hill 16 1,999,180 114,391 5.72% 0

Total 518 48,934,894 6,151,414 12.57% 323,981

Southeast

Annapolis Industrial 23 777,901 96,188 12.37% -57,087

Brooklyn 19 1,677,159 341,225 20.35% 130,000

I-97 Industrial 56 1,756,607 118,841 6.77% 47,517

Route 2 Industrial 34 1,078,403 68,555 6.36% -4,095

Route 3 Industrial 21 594,486 51,570 8.67% 8,735

Rt 170 17 1,341,769 460,047 34.29% 4,400

Telegraph Rd Business Pk 3 125,083 0 0.00% 0

Total 173 7,351,408 1,136,426 15.46% 129,470

Southwest

Arbutus Industrial 69 6,385,507 996,433 15.60% 85,834

Baltimore City Southwest 35 2,117,863 264,968 12.51% -52,916

Camden Industrial Park 24 2,907,277 691,970 23.80% 95,142

Caton Research Center 41 1,709,154 233,634 13.67% 53,600

DeSoto 25 1,448,506 252,234 17.41% -113,782

Hammonds Ferry 43 2,560,612 271,579 10.61% 6,540

West Port, Camden 2 233,886 131,000 56.01% 0

Total 239 17,362,805 2,841,818 16.37% 74,418

Grand Total 930 73,649,107 10,129,658 13.75% 527,869

Cassidy Turley Industrial Market Statistical Overview

April 1, 2012 - June 30, 2012BALTIMORE I-95 SOUTH INDUSTRIAL SECOND QUARTER 2012

cassidyturley.com | 3