MIE expects to spend $40 million over the next five years to build out the site, which has room for 612,000 sf of commercial space. It will contain a combination of 10 flex and R&D buildings and four one-story office buildings. The park will be MIE's sixth development near BWI Airport and the 33rd in the Baltimore area.
The market timing is good to start another new project, says Gerald Wit, MIE's vice president of marketing. "We've had very solid success at other parks."
The area's prospects have improved over the years as well. "The area used to be populated by airport-related companies, but the balance has shifted in the last 10 years and now has emerged as a market in its own right," he says.
Technology and office users have moved into the area, and now airport-related businesses only account for about 30% of the district's commercial real estate market, he says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
