Commercial Real Estate and Mortgage In Maryland
Article Summary: This article will help anyone looking for information pertaining to a commercial real estate and commercial lending in the State of Maryland.
Formerly known as a crime-ridden, decaying urban area, Baltimore has worked
hard to clean up its image and is now thought of as one of the best places to
live on the East Coast. With a diverse population, proximity to DC and plenty
of amusements and attractions for both residents and visitors alike, Baltimore
is the only stop in Maryland for many people.
Part of Baltimore's renaissance is the redevelopment of its blighted
industrial waterfront. City development agents are working on acquiring the
23-acre parcel of land and auctioning it off in smaller parcels to private industrial
companies and investors. City officials expect a good return once the area is
cleaned up and investors are more easily able to appreciate the industrial area's
perks such as proximity to the water and transportation. Private developers
are planning to construct about 300,000 square feet of warehouse space and some
other heavy industrial space. Development is proceeding even though demand is
slightly down because industrial space in Baltimore is scarce due to the limited
availability of land.
The Baltimore retail market is benefiting from the same mixed
use development trend that is sweeping the nation. Increasingly, residents of
Baltimore are demanding housing options that feature services like dry cleaning,
small scale retail and dining, transportation and concierge services. Baltimore
developers are just beginning to create housing that meets this demand. Other
parts of Baltimore are seeing a hurting retail market. It's not that there isn't
demand, and it's not that there isn't supply. The problem is that the current
supply of retail property, particularly in some of Baltimore's more depressed
areas, is inadequate to meet the needs of the retailers who want to move into
the area. There are many mid-sized and larger retailers who want to move into
some of Baltimore's overlooked depressed neighborhoods, but who can't because
they can't find the appropriate real estate. As of yet, developers have not
jumped on this opportunity and Baltimore's poorer areas are ripe for retail
development.
While mixed use developments and condos may be hot in Baltimore,
they are less so in Annapolis, Maryland's other major city. Indeed, the condo
market has tanked in Maryland, as it has in many places across the country.
Developers are trying to save themselves in a crisis by converting condo units
to apartments and affordable housing developments. Across the state, there is
about three and half years of condo inventory currently on the market or about
to come onto the market.
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