At Least One Company Plans to Develop Spec Office Space This Year

Count St. John Properties among the seemingly few that are bullish about office space.

The Baltimore-based firm, fresh off its national portfolio’s highest leasing revenue year in the company’s 51-year history last year announced significant plans to develop office spec space.

For the year, its 26-building overall plan office plans include five office buildings (or 324,636 square feet) and 16 flex/R&D buildings (647,056 SF), which can serve as office space.

Larry Maykrantz, President & CEO of St. John Properties, said in prepared remarks that “we will remain proactive in constructing new space as well as searching for acquisition opportunities, including both land and stabilized value-add properties.

Among its 2023 construction deliveries are Valley Grove III, a five-story, 144,736 square foot, Class A office building in Pleasant Grove, Utah and 8150 Maple Lawn Boulevard, a three-story building containing more than 86,143 square feet of Class A office space at Maple Lawn, a mixed-use community in Howard County, Md.