2012 End of Year Office and Industrial Market Report

Commercial Real Estate Services, Worldwide.
A division of KLNB, founded in 1968.

2012 IndustrIal/OffIce Market revIew & fOrecast
Baltimore City, Baltimore County and Harford County, maryland
BALTIMORE
HARFORD
BALTIMORE
CITY
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2012 YEAR END REVIEW
IN THIS ISSUE
2012 YEAR END REVIEW 2
AREA MAP 3
MARKET OVERVIEW 4
OFFICE
Baltimore City - CBD & Waterfront 5
Baltimore County I-83 North & South 6
Baltimore County - Towson 7
Baltimore County - West 8
Baltimore County - East 9
Harford County 10
INDUSTRIAL
Baltimore City 11
Baltimore County - I-83 North & South 12
Baltimore County - West 13
Baltimore County - East 14
Baltimore County - Southwest 15
Harford County 16
LAND OVERVIEW 17
INVESTMENT OVERVIEW 18
SERVICES & AFFILIATIONS 19
THE NAI KLNB TEAM 20
EcoNomIc uNcERtAINtY RElAtED to sEquEstRAtIoN,
job gRoWth AND NAtIoNAl fINANcIAl DEbAtE cAusINg
compANIEs to DEfER REAl EstAtE DEcIsIoNs

Businesses find it extremely difficult to make decisions affecting the short or long-term future of their
companies when they have uncertainty about economic conditions. This impacts hiring, the purchase of
new equipment and inventory and, of course, real estate decisions such as signing a lease or purchasing a
building. Both nationally and throughout the Baltimore-Washington, D.C. Corridor marketplace, the heavy
feeling of uncertainty is apparent, fueled by the anticipated sequestration, pending outcome of the Fiscal
Cliff, direction of the job market and solution to the national debt.
This overwhelming air of uncertainty is causing companies and organizations to freeze up, access the
situation and defer real estate decisions until more clarity is defined. Other factors related to commercial
real estate are contributing to the collective decision to hit the pause button such as the renewed
popularity of tele-commuting, job sharing, cloud commuting and collaborated office space environments as
well as the renewed emphasis on New Urbanism and reliance on modes of public transportation.
Pessimistic conditions are mirrored in the investment sales sector as potential buyers predict depressed or
flat rental rates and prolonged leasing periods, which improvement is not expected to occur until 2015 or
2016. There remains investor interest among bulk warehouse, institutional-quality office buildings in core
markets, grocery-anchored retail and multi-family housing. Apartments are the shining star among all real
estate product types.
There are also many reasons to be optimistic about 2013, especially within this marketplace which time
and again has proven to be extremely resilient, with an extended track record of success. Our proximity to
the Federal Government, the just-concluded BRAC expansion, overall industry diversity and the emerging
cyber-security initiatives remain powerful economic drivers. These reasons include:
Minimization of sequestration: An anticipated 10% spending cut in the federal budget including the
Department of Defense would inflict a painful dent in the Maryland economy, including all real estate
sectors. There exists behind-the-scenes lobbying efforts to reduce these cuts and its relative impact on
our region.
Rapid resolution of Fiscal Cliff: Negotiations were also in play to minimize the effect of the so-called Fiscal
Cliff related to payroll tax cuts and Bush tax cuts that are projected to remove approximately $700 billion
from our countrys economy. A quick resolution would start 2013 off on the right note.
Continued growth of cyber-security initiatives: Commercial real estate activities - particularly surrounding
Fort Meade in Anne Arundel County - are centered around emerging cyber-security initiatives, with this
sector viewed as the knight in shining armor and replacement to BRAC expansion. Numerous local
universities have initiated cyber-security curriculum, adding additional optimism about long-term prospects.
Intelligence Community contracts: More than $500 million worth of contracts for Intelligence Community
work, much of this emanating from the Annapolis Junction Revenue Support Field Office, is expected to
flow into the States economy. The commercial real estate industry is expected to be a major beneficiary.
The commercial real estate sector is still keeping its eye on other trends and situations with potential
significant impact on our business. This includes the formation or reduction of jobs in the State of Maryland
(which is always the number one indicator in the direction of our industry); office space downsizing and
the conversion of space to a collaborated environment causing smaller footprints; and the shift to cloud
commuting which creates less demand for on-site computer server rooms.
The only thing certain about the state of commercial real estate and the investment sales marketplace in
the State of Maryland is its uncertainty. And, because businesses abhor uncertain conditions, a state of
paralysis has set in. Like everything else in life this too will pass and we can expect the overall economic
might of the Baltimore-Washington Corridor to keep this region on the relative top-end of the national real
estate barometer.

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2
9
5

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H
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Chesapeake Bay
Annapolis Ind (1)
Arbutus Ind (2)
Baltimore County East Ind (3)
Baltimore Midtown Ind (4)
Baltimore NE Ind (5)
Baltimore NW Ind (6)
Baltimore SE Ind (7)
Baltimore SW Ind (8)
BWI North/Linthicum Ind (9)
BWI/Anne Arundel Ind (10)
Carroll County Ind (11)
CBD Baltimore Ind (12)
Cecil County Ind (13)
Columbia North Ind (14)
Columbia South Ind (15)
Harford County Ind (16)
I-97/Crain Hwy Corrid Ind (17)
Outlying Howard Cnty Ind (18)
Reisterstown Rd Ind (19)
Route 1 Corridor Ind (20)
Route 2 Corridor Ind (21)
Rt 1/BWI Howard Ind (22)
Rt 83 Corridor North Ind (23)
Rt 83 Corridor South Ind (24)
Southern Anne Arundel Ind (25)
Towson Ind (26)
Woodlawn/Catonsville Ind (27)
Baltimore Industrial Submarkets
BALTIMORE
COUNTY EAST
I-95 NORTH
CORRIDOR
HARFORD COUNTY
BALTIMORE COUNTY
BALTIMORE
CITY
I-83 NORTH
I-83 SOUTH
TOWSON
REISTERSTOWN
ROAD
WOODLAWN
BALTIMORE
CITY
CBD &
WATERFRONT
1
95
95
95
83
83
395
795
40
40
70
40
AREA mAp
BALTIMORE
HARFORD
BALTIMORE
CITY
N
3
4
mARKEt # of
buIlDINgs
RbA totAl
VAcANt (sf)
VAcANcY
RAtE
DIREct%
NEt
AbsoRptIoN
RENtAl RAtE
psf
(AVERAgE)
coNstRuctIoN
complEtIoNs (sf)
offIcE mARKEt
baltimore city
Class A 54 13,487,853 1,972,416 13.2% 107,804 $23.68 33,942
Class B 309 12,186,219 1,465,955 11.9% 70,173 $17.81 0
baltimore county -I-83 North/south
Class A 49 4,686,585 480,677 10% 2,477 $21.85/FS 126,400
Class B 56 2,492,128 329,256 13.2% (15,763) $20.90/FS 0
baltimore county - towson
Class A 22 305,298 305,298 13.7% (12,144) $23.11 0
Class B 136 518,815 518,815 11.5% (4,476) $18.55 0
baltimore county - West
Class A 36 3,950,841 565,898 13% (5,126) $21.67 0
Class B 225 6,952,721 747,958 10% 55,200 $18.21 0
baltimore county - East
Class A 11 564,772 150,682 26.3% 0 $23.49/FS 0
Class B 241 2,751,524 304,745 10.9% (2,115) $19.49/FS 0
baltimore county - totAls
Class A 118 9,507,496 1,502,555 15.8% (14,973) $22.53 126,400
Class B 658 12,715,188 1,900,774 14.9%13. 48,609 $19.29 0
harford county
Class A 17 1,425,184 629,904 42.3% (5,204) $30.78/FS 210,000
Class B 266 2,703,258 289,839 10% 4,511 $20.74/FS 0
INDustRIAl mARKEt
baltimore city
Bulk 106 11,094,000 759,000 6.8% (119,000) $3.65 0
Offce/Warehouse 139 6,789,000 782,000 11.5% 41,000 $4.40 0
Flex 278 8,530,000 625,000 7.2% 106,000 $4.55 0
I-83 North/south
Bulk 19 2,056,815 276,159 13.4% (51,508) $6.35 0
Offce/Warehouse 33 2,959,866 193,494 6.5% (5,773) $5.80 0
Flex 75 3,744,846 173,596 4.6% 53,905 $9.81 0
baltimore county - East
Bulk 95 14,430,210 2,492,602 16.9% (253,972) $3.81 0
Offce/Warehouse 112 9,941,155 1,546,256 15.2% (345,741) $4.97 0
Flex 152 10,120,438 1,664,368 16.3% (388,188) $6.29 0
baltimore county - West
Bulk 36 3,383,824 116,390 3.4% 2,247 $4.54 0
Offce/Warehouse 42 1,798,901 203,529 11.3% 45,387 $5.11 0
Flex 114 3,951,157 393,777 9.8% 49,440 $8.73 0
baltimore county - southwest
Bulk 26 3,239,000 222,000 6.9% 150,000 $4.25 0
Offce/Warehouse 45 3,188,000 664,000 20.8% (4,000) $3.85 0
Flex 39 1,668,000 347,000 21% (31,000) $6.95 0
baltimore county - totAls
Bulk 176 23,109,849 3,107,151 13.4% (153,233) $4.74 0
Offce/Warehouse 232 17,887,922 3,389,279 18.9% (310,127) $4.93 0
Flex 380 19,484,441 3,203,741 16.4% (315,843) $7.95 0
harford county
Bulk 73 13,850,680 1,744,936 11.3% 622,931 $5.18 1,000,000
Offce/Warehouse 44 2,903,575 328,484 11.1% (27,432) $7.69 0
Flex 78 3,333,315 388,005 11.4% (79,352) $10.34 0

mARKEt oVERVIEW
FORECAST
Net Absorption
MARKET OVERVIEW
The Baltimore CBD/Waterfront office market absorbed nearly 178,000 square feet of space in 2012. This helped drive down
vacancy rates in both the Class A and Class B space in the submarket. The Class A vacancy rate space finished the year
at 13.2% (a 1.2% drop from 2011), while Class B was 11.9% (down half a percentage point). Although vacancy dropped, it is
still relatively high historically and rents have remained stagnant in most locations. Asking rents for Class A space still hover in
the area of $23 per square foot and for Class B space, remain in the $17-18 per square foot range or less.
Prospective tenant activity remained in the small tenant category with no blockbuster sized leases signed in the entire year,
though renewal activity remained pretty consistent in a positive sign.
The markets most noteworthy sales transactions during the year were the $7.45 million purchase of the 60,432-square-foot 209
W. Fayette Street building and the late year sale of 10 Light Street, the 360,000-square-foot former Maryland National Bank
building. 10 Light Street has been a CBD landmark office building since 1929, but as the $6 million price reflects, it has seen
better days. Its buyer plans to renovate it from office space to multi-family which has become a trend in the CBD for Class B
and lesser office buildings.
There is no new office space under construction currently, though there are several potential prominent sites near the Inner
Harbor and at Harbor East that are sure to be developed at some date in the future. Potential proposed office projects include
Harbours Edge project of Corporate Office Properties Trust in the Canton area, an 11-story building of 470,000 square feet of
space. The Mechanic Theater project at Baltimore and Charles Street is planned to be 30 stories and 156,000 square feet,
offering a combination of residential units and retail space. Finally, at 400 South Central at Harbor East there is a three-story,
126,000 square foot building proposed
The building at 1111 Light Street, a 33,942 square foot, eight-story building in the Federal Hill area delivered in February 2012
and is now fully leased to street level retailers and upper floor office users.
The largest vacancy in the market is the PNC building which has 336,997 square feet available, slightly less than year-end
2011. The other large vacancies remain at 225 N Calvert with 323,990 and 1 South Street with 154,105 square feet containing
the next largest blocks of space.
MARKET OUTLOOK
With most of the same economic factors in place in 2013 as in 2012, the coming year is likely to be much like the last.
Uncertainty with national government and economics filters down to all local markets, so we see nothing on the horizon to provide
a major jumpstart to office momentum for the foreseeable future. The threat of potentially large cuts to the federal budget has
a profound impact on Maryland reaching to Baltimore City. 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. Therefore, we believe vacancy and rental rates will move little in the coming year, unless negatively if
those cuts should occur. No new construction is a positive in that it will likely allow continued slow moves in positive absorption
of available office space. Also, the trend we noted of offices being increasingly purchased to be renovated into multi-family space
will also remove a fair amount of older office inventory from the market which will also be a positive.
Financial services, law firms, and health care are still the predominant positive growth forces for the overall CBD/Waterfront
office market. The continuing major influences of Johns Hopkins Hospital on the east side and University of Maryland Medical
Center on the west side bring their own space uses along with those of subsidiary and contract spin-offs which have a dramatic
impact on space. Both institutions seem to continue to experience growth year over year and help keep the market much more
stabilized than it would be without them.
The possibility of a new State of Maryland office complex north of the CBD is still on the drawing board. Should that development
actually happen, it could still be one of the single biggest impacts on the CBD office market in many years.
Vacancy Rate (%)
STATISTICS
Building Type Class A Class B
Number of Buildings 54 309
New/Relet Vacant (SF) 1,773,714 1,444,473
Sublease Vacant (SF) 198,702 21,482
Total Vacant (SF) 1,972,416 1,465,955
Total Existing RBA (SF) 13,487,853 12,186,219
Vacancy Rate Direct % 13.2% 11.9%
Vacancy Rate Sublease % 1.5% 0.2%
Net Absorption (SF) 107,804 70,173
Average Rental Rate (Full Service) $23.68 $17.81
2012 Completed Construction SF 33,942 0
2013 Planned Construction 0 0
NOTABLE ACTIVITY
LEASINg TrANSACTIONS
Tenant Address SF Class
Jacobs Egineering 100 S. Charles Street 20,050 A
University of Maryland Medical 200 W. Pratt Street 18,165 A
Algeco Scotsman 901 S. Bond Street 30,784 A
Round 2 Communications 400 E. Pratt Street 15,467 A
BUILDINg SALES - INVESTMENT
Address Size Price Price PSF Class Buyer Seller
10 LIght Street 360,000 $6,000,000 $16.66 B Metropolitan Partnership Nellis
20 S. Charles Street 121,438 $3,100,000 $25.50 B Sky Management LNR Property
209 W. Fayette Street 60,432 $7,450,000 $123.00 B Blue Ocean 209 CVLY LLC
724 S. Ann Street 15,000 $1,400,000 $93.00 B Schoolhouse Properties D&K Assets
LAND SALES - INVESTMENT
Address Size Price Price Per Acre Buyer Seller
6541 Eastern Avenue 6.14 Acres $1,225,000 $200,000 SB Baltimore BTR Capital
920 E. Fort Avenue 2.46 Acres $3,500,000 $1,400,000 900 E. Fort General Electric
BUILDINgS DELIVErED - 2012
Address RBA SF Delivery Date Asking Rent PSF Owner/Developer
1111 Light Street 33,942 2/2012 $22.50 Caves Valley
Class A 52.5
Class B 47.5
Market Inventory (%)
class A
52.5%
class b
47.5%
Class A
2010 2011 2012
Direct 16% 14% 13%
Sublet 2% 1% 2%
Class B
2010 2011 2012
Direct 13% 12% 12%
Sublet 0% 0% 0%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
2010 2011 2012
0%
2%
4%
6%
8%
10%
12%
14%
2010 2011 2012
Class A Vacancy Rate
Relet Sublet
Class A
2010 2011 2012
Direct 16% 14% 13%
Sublet 2% 1% 2%
Class B
2010 2011 2012
Direct 13% 12% 12%
Sublet 0% 0% 0%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
2010 2011 2012
0%
2%
4%
6%
8%
10%
12%
14%
2010 2011 2012
Class B Vacancy Rate
Relet Sublet
2010 2011 2012
Class A 256,010 345,918 107,804
Class B -71,681 23,744 70,173
-100
-50
0
50
100
150
200
250
300
350
400
2010 2011 2012
T
h
o
u
s
a
n
d
s
Net Absorption (SF)
Class A Class B
Vacancy Rate
Asking Rents
5
OffICE MArKET
Baltimore City - CBd & Waterfront
Construction
OffICE MArKET
Baltimore County - i-83 nortH and SoutH
FORECAST
Net Absorption
Construction
MARKET OVERVIEW
The Interstate 83 North and South Markets consist of both Class A and Class B office
buildings located north of the I-695 Beltway through Timonium, Hunt Valley and Sparks in the
Northern Baltimore County suburbs. The focal point in this market of seven million square feet
of office buildings is Hunt Valley, home to many Fortune 500 corporate regional offices.
Some of the biggest news in the Hunt Valley market was not necessarily related to leasing as it
was to the investment sales of major office buildings. Corporate Office Properties Trust (COPT)
continued its disposition process in July by selling five office buildings of 700,000 square feet for
$96 million ($137.84 per square foot) to Greenfield Partners. One of those properties included
10150 York Road that garnered a 54,000 square foot lease by Diamond Comics at the end of
the year.
As predicted a year ago, the sale of the vacant office building at 11011 McCormick Road for
$60.00 per square foot to a user had profound effects in 2013. This well below market sale
attracted numerous prospective buyers to the market, unfortunately too many owners elected
to ignore the sale comp information and held on to their assets in an effort to achieve higher
future gains.
MARKET OUTLOOK
There is a new major property owner in town with Greenfield Partners acquisition of the COPT
portfolio. However, Greenfield also has other major office buildings under contract which are
scheduled to close in January 2013. It will be interesting to see how Greenfield makes its
presence known.
Entering 2013 with a 10% vacancy rate for Class A properties could slant the pendulum toward
the landlord side. There are only three Class A buildings offering 30,000 square feet of space
available as of January 1, 2013.
STATISTICS
New/Relet Vacant (SF) 468,585 329,256
Sublease Vacant (SF) 12,092 0
Total Vacant (SF) 480,677 329,256
Vacancy Rate Direct % 10% 13.2%
Vacancy Rate Sublease % 0.3% 0%
Net Absorption (SF) 2,477 (15,763)
Average Rental Rate (Full Service) $21.85/FS $20.90/FS
NOTABLE ACTIVITY
First Data (Renewal) 11311 McCormick 24,049 A
Willis Insurance 225 Schilling Circle 22,664 A
RBC 225 Schilling Circle 16,316 A
Armada 230 Schilling Circle 11,080 A
Data Networks 309 International Circle 10,679 B
MobilexUSA 930 Ridgebrook Road 10,600 A
Portfolio 700,000 $96,000,000 $137.64 A&B Greenfield Partners COPT
222/224 Schilling Circle 84,972 $4,400,000 $51.78 B Titan Industrial Services COPT
108 W. Timonium Road 22,700 $3,200,000 $140.97 B Deronda 108 West Timonium WGTJ, PA
2012 BUILDINgS DELIVErED
225 Schilling Circle 126,400 8/2012 $26.50 +Electric/Snow Merritt Properties
Class A 65
Class B 35
class A
65%
class b
35%
Class A
2010 2011 2012
Direct 11% 10% 10%
Sublet 1% 0% 0%
Class B
2010 2011 2012
Direct 11% 10% 13%
Sublet 1% 1% 0%
0%
2%
4%
6%
8%
10%
12%
2010 2011 2012
0%
2%
4%
6%
8%
10%
12%
14%
2010 2011 2012
Relet Sublet
Class A
2010 2011 2012
Direct 11% 10% 10%
Sublet 1% 0% 0%
Class B
2010 2011 2012
Direct 11% 10% 13%
Sublet 1% 1% 0%
0%
2%
4%
6%
8%
10%
12%
2010 2011 2012
0%
2%
4%
6%
8%
10%
12%
14%
2010 2011 2012
Relet Sublet
2010 2011 2012
Class A 710 32,126 2,477
Class B 7,889 49,485 -15,763
-20
-10
0
10
20
30
40
50
60
2010 2011 2012
T
h
o
u
s
a
n
d
s
Net Absorption (SF)
Class A Class B
Vacancy Rate
6
Asking Rents
OffICE MArKET
Baltimore County - toWSon
FORECAST
MARKET OVERVIEW
The Towson Office Market appears healthy due to the success of One Olympic Place in Towson City
Center (shown on the cover of this report), which was formerly known as the Investment Building. This
redeveloped project now boasts 100% occupancy, with some of the recent tenant signings including
WMS Partners, Remedi SeniorCare, and the further expansion of Towson University.
Most landlords are working with their existing tenants to avoid future vacancies. Towson Commons
continues to sit with a large amount of vacant space, although rumors suggest they are holding the
tenth floor and some of the other vacant areas for one of their existing tenants. There does not appear
to be any immediate solution to what will happen with the former Towson Commons theaters and
ground floor retail space along Pennsylvania and York Roads unless the existing tenant or rumored
fitness center expands into that as well. 501 Fairmont recently announced the leasing of approximately
10,000 square feet of space to Cole Taylor Equipment.
MARKET OUTLOOK
Towson Circle III, now called Towson Square, will commence construction in January 2013 which
could create positive momentum for the entire Towson Core by helping to attract future office users.
The project will be the entertainment center for the county. Cinemark Theatres is anchoring the $85M
development along with a projected eight restaurants.
The landmark Hampton Plaza (pictured above) is completing a major renovation of its first floor lobby.
With two full floors of vacancy coming on line, the renovations are proving effective considering several
major tenants are negotiating deals in the building.
STATISTICS
Total Vacant (SF) 305,298 518,815
Total Existing RBA (SF) 305,298 518,815
Net Absorption (SF) (12,144) (4,476)
2012 Completed Construction SF 0 0
NOTABLE ACTIVITY
Social Security Administration 849 Fairmount Avenue 21,344 A
Public Defenders 200 W. Towsontowne 14,569 B
WMS 1 Olympic Place 12,192 A
Washington & Wade LLC 1 Olympic Place 12,192 A
Remedi Senior Care 1 Olympic Place 12,192 A
Department of Juvenile Services 308 Washington Avenue 8,593 B
Class A 35
Class B 65
class A
35%
class b
65%
Class A
2010 2011 2012
Direct 16% 12% 13%
Sublet 0% 0% 0%
Class B
2010 2011 2011
Direct 8% 10% 0%
Sublet 0% 0% 0%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
2010 2011 2012
0%
2%
4%
6%
8%
10%
12%
2010 2011 2011
Relet Sublet
Class A
2010 2011 2012
Direct 16% 12% 13%
Sublet 0% 0% 0%
Class B
2010 2011 2011
Direct 8% 10% 0%
Sublet 0% 0% 0%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
2010 2011 2012
0%
2%
4%
6%
8%
10%
12%
2010 2011 2011
Relet Sublet
2010 2011 2012
Class A -37,311 99,410 -38,856
Class B 57,726 -53,324 -102,303
-150
-100
-50
0
50
100
150
2010 2011 2012
T
h
o
u
s
a
n
d
s
Net Absorption (SF)
Class A Class B
Vacancy Rate
Net Absorption
Asking Rents
7
Construction
OffICE MArKET
Baltimore County - WeSt
FORECAST
Net Absorption
MARKET OVERVIEW
The Baltimore County West office market, consisting of the Woodlawn and Reisterstown Road submarkets, had
a negative absorption of approximately 5,000 square feet for Class A office product and a positive absorption
of approximately 55,000 square feet for Class B office product. This resulted in an increase of the Class A
vacancy rate to 13% and a slight decrease of the Class B vacancy rate to 10%. These rates contributed to a
lack of new construction for the submarkets in 2011. Asking rents for Class A and Class B space remained flat
in the $21-22 per square foot and $18 ranges, respectfully.
One significant investment sale transaction for 2012 was the sale of 7210 Ambassador Road in Windsor Mille, MD,
a 78,131 square foot Class B office building. This building was purchased by Government Properties Income
Trust from CSG Partners and Blue Vista Capital for $14.450 million ($184.95 per square foot). Another noteworthy
sale was 757 Frederick Road LLCs purchase of 757 Frederick Road in Catonsville from SRBR MEP Consulting
Engineers for $2.539 million ($89.09 per square foot). In addition, Hillendale Properties purchase of 11431 and
11435 Cronhill Drive in Owings Mills for $3.75 million ($96.70 per square foot) from First Potomac Realty Trust was
also a significant 2012 transaction in the Baltimore County West office market.
One major development, the Metro Centre in Owings Mills (a Transit-Oriented Development) is under construction
with a mid-2013 delivery date for its first phase. Developed by Owings Mills Transit, LLC, this major development
is planned to ultimately included office (1.2 million square feet), residential (1,700 Class A units), Retail &
Restaurants (300,000 square feet), Public Library (40,000 square feet), Community College (80,000 square feet),
Hotel (up to 250 rooms), and parking (over 11,000 spaces in 5 garages).
MARKET OUTLOOK
The tenants of the Woodlawn submarket continue to include the distribution and operations of numerous
companies, government contractors such as Lockheed Martin, the federal government headquarters of the
Center for Medicare and Medicaid Services and the Social Security Administration, and the U.S. General Services
Administration (GSA). The Reisterstown Road submarket continues to include insurance, financial and medical
and healthcare related companies because of its live-work setting that consists of commercial office and flex/
industrial development near a metro subway station and residential homes located around a Regional Mall. It is
expected that the 2013 Baltimore County West market conditions will continue to reflect the depressed national
economy as has been seen by the market in the past few years. Although there was a lack of new building
deliveries in 2012, the mid-2013 delivery of the first phase of the Metro Centre in Owings Mills is a positive note
for the market.
STATISTICS
Sublease Vacant (SF) 0 52,431
Total Vacant (SF) 565,898 747,958
Vacancy Rate Direct % 13% 10%
Vacancy Rate Sublease % 0% 1%
Net Absorption (SF) (5,126) 55,200
NOTABLE ACTIVITY
STV Incorporated 2125 Ambassador Road 27,000 (Renewal) B
Lockheed Martin 3114 Lord Baltimore Drive 23,733 B
7210 Ambassador Road 78,131 $14,450,000 $184.95 B Govt Properties Income Trust CSG Parnters & Blue Vista Capital
757 Frederick Road 28,500 $ 2,539,000 $ 89.09 B 757 Frederick Road LLC SRBR MEP Consulting Engineers
2013 pLANNED CONSTrUCTION
Address RBA SF Delivery Date Price PSF Owner/Developer
Metro Centre at Owings Mills 200,000 mid-year $25.00/FS Owings Mills Transit, LLC
Class A 36
Class B 64
class A
36%
class b
64%
Class A
2010 2011 2012
Direct 10% 10% 13%
Sublet 0% 0% 0%
Class B
2010 2011 2012
Direct 10% 11% 10%
Sublet 2% 0% 1%
0%
2%
4%
6%
8%
10%
12%
14%
2010 2011 2012
0%
2%
4%
6%
8%
10%
12%
2010 2011 2012
Relet Sublet
Class A
2010 2011 2012
Direct 10% 10% 13%
Sublet 0% 0% 0%
Class B
2010 2011 2012
Direct 10% 11% 10%
Sublet 2% 0% 1%
0%
2%
4%
6%
8%
10%
12%
14%
2010 2011 2012
0%
2%
4%
6%
8%
10%
12%
2010 2011 2012
Relet Sublet
2010 2011 2012
Class A -10,055 2,734 -5,126
Class B -5,735 -98,693 55,200
-120
-100
-80
-60
-40
-20
0
20
40
60
80
2010 2011 2012
T
h
o
u
s
a
n
d
s
Net Absorption (SF)
Class A Class B
Asking Rents
Vacancy Rate
Construction
8
OffICE MArKET
Baltimore County - eaSt
FORECAST
MARKET OVERVIEW
In many ways, the Baltimore County East market overview mirrors the description of the Hunt Valley
sub-market. The major news in 2012 did not occur on the leasing front as much as it occurred on the
sales front. As in Hunt Valley, Corporate Office Properties Trust (COPT) continued its disposition of
non-core assets by selling numerous White Marsh office buildings to Greenfield Partners. The July
2012 transaction included eight office and flex buildings consisting of approximately 312,000 for $27.3
million or $87.73 per square foot. Greenfield was fortunate to lease the 58,000 square foot vacant
building at 7941 Corporate Drive to Prometrics at the end of the year.
The Baltimore Crossroads @95 project experienced minimal leasing activity as a result of the continued
recession.
MARKET OUTLOOK
The 2013 forecast for Baltimore County East could show vacancies dropping as a result of no new
construction planned and increased aggressive marketing efforts by developers to make deals. COPT
should also continue to sell non-core assets in their efforts to concentrate on government and defense
contractor transactions.
STATISTICS
Total Vacant (SF) 150,682 304,745
Total Existing RBA (SF) 564,772 2,751,524
Net Absorption (SF) 0 (2,115)
Average Rental Rate $23.49/FS $19.49/FS
Class A 17
Class B 83
class A
17%
class b
83%
Class A
2010 2011 2012
Direct 15% 11% 26%
Sublet 0% 6% 0%
Class B
2010 2011 2012
Direct 11% 11% 11%
Sublet 0% 0% 0%
0%
5%
10%
15%
20%
25%
30%
2010 2011 2012
0%
2%
4%
6%
8%
10%
12%
2010 2011 2012
Relet Sublet
Class A
2010 2011 2012
Direct 15% 11% 26%
Sublet 0% 6% 0%
Class B
2010 2011 2012
Direct 11% 11% 11%
Sublet 0% 0% 0%
0%
5%
10%
15%
20%
25%
30%
2010 2011 2012
0%
2%
4%
6%
8%
10%
12%
2010 2011 2012
Relet Sublet
2010 2011 2012
Class A -4,753 6,063 0
Class B 92,431 -13,193 -2,115
-20
0
20
40
60
80
100
2010 2011 2012
T
h
o
u
s
a
n
d
s
Net Absorption (SF)
Class A Class B
9
Construction
Asking Rents
Net Absorption
Vacancy Rate
NOTABLE ACTIVITY
Reed Street Productions 9940 Franklin Square Drive 16,318 B
EZ Shield, LLC 415 Williams Court 12,485 B
STV 8019 Corporate Drive 7,724 B
MedStar 8094 Sandpiper Circle 5,581 B
Bollinger Energy 405 Williams Court 5,516 B
Portfolio (8 Buildings) 311,655 $27,300,000 $87.73 B Greenfield Partners COPT
FORECAST
Net Absorption
MARKET OVERVIEW
The Harford County office market consists primarily of the area closest to the county seat of Bel Air
and the area near Aberdeen Proving Ground (APG), with the APG office market being the focus of the
narrative of this report.
In a market that experiences a 42% vacancy factor, there is considerable concern by property owners.
St. John Properties may be the most fortunate developer at APG due to the fact that The Government
and Technology Enterprise (The GATE) business community is located inside the gates of APG,
where defense contractors prefer to operate. St. John Properties completed more than 100,000 square
feet of leasing in 2012 including 26,000 square feet to CSC and 10,000 square feet with Lockheed
Martin, even in the face of federal sequestration. St. John Properties delivered a 75,000 square foot
multi-story class A office building and a 29,400 square foot story office building.
MARKET OUTLOOK
Several office properties outside the grounds of APG will continue to struggle during 2013. According
to a prominent APG developer, economic times and threatened federal sequestration are concerning,
but APG is the future of our national defense. The things that are being designed, tested, purchased
and managed at APG are the future tools of the U.S. warfighter. It is not an installation with a single
at-risk program like a plane or a ship; it is not an installation with a high troop count (at risk for
staff reductions). It is a gathering for engineering and technology for intelligence, surveillance, and
recognizance. The world is not becoming more stable or secure. This perspective illustrates the
reasons BRAC invested in Aberdeen in the first place. There may be short-term concerns with the
office market, but the long term future appears bright.
STATISTICS
Total Vacant (SF) 629,904 289,839
Vacancy Rate Direct % 42.3% 10%
Net Absorption (SF) (5,204) 4,511
Average Rental Rate (Full Service) $30.78/FS $20.74/FS
NOTABLE ACTIVITY
CSC 6200 Guardian Gateway 26,475 A
Lockheed Martin 6180 Guardian Gateway 10,997 B
Progressive MRI 100 Fulford Avenue 8,000 B
BUILDINg SALES - USEr
Address SF Price Price PSF Class Buyer Seller
4694 Millennium Dirve 17,885 $4,332,811 $242.46 A MTWE Lot5 Service Engineering Co.
2012 Rock Spring 13,300 $672,520 $50.57 B K Dental Realty Rock Spring West
219 Bel Air Avenue 10,502 $825,000 $78.56 B C&G Commercial Two Hundred Nineteen West
415 Pennington 7,000 $400,000 $57.14 C 415 Pennington LLC Eleanor McIlhenney
2012 BUILDINgS DELIVErED
Fireside Commons 120,000 March 2012 $32.50 Sherwood Partners
Aberdeen Corporate Park 90,000 February 2012 TBD Merritt Properties
6190 Guardian Gateway 75,000 June 2012 TBD St. John Properties
Class A 35
Class B 65
class A
35%
class b
65%
Class A
2010 2011 2012
Direct 11% 33% 42%
Sublet 0% 0% 2%
Class B
2010 2011 2012
Direct 9% 11% 10%
Sublet 0% 0% 1%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2010 2011 2012
0%
2%
4%
6%
8%
10%
12%
2010 2011 2012
Relet Sublet
Class A
2010 2011 2012
Direct 11% 33% 42%
Sublet 0% 0% 2%
Class B
2010 2011 2012
Direct 9% 11% 10%
Sublet 0% 0% 1%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2010 2011 2012
0%
2%
4%
6%
8%
10%
12%
2010 2011 2012
Relet Sublet
2010 2011 2012
Class A 201,578 17,044 -5,204
Class B -718 2,880 4,511
-50
0
50
100
150
200
250
2010 2011 2012
T
h
o
u
s
a
n
d
s
Net Absorption (SF)
Class A Class B
Construction
Asking Rents
Harford County
OffICE MArKET
10
Vacancy Rate
STATISTICS
Building Product Bulk Offce/Warehouse Flex
Number of Buildings 106 139 278
New/Relet Vacant (SF) 759,000 728,000 617,000
Sublease Vacant (SF) 0 0 8,000
Total Vacant (SF) 759,000 782,000 625,000
Total Existing RBA (SF) 11,094,000 6,789,000 8,530,000
Vacancy Rate Direct % 6.8% 11.5% 7.2%
Vacancy Rate Sublease % 0% 0% 0.1%
Net Absorption (SF) (119,000) 41,000 106,000
Average Rental Rate (NNN) $3.65 $4.40 $4.55
2012 Completed Construction SF 0 0 0
2013 Planned Construction SF 0 30,000 0
FORECAST
Net Absorption
MARKET OVERVIEW
Perhaps the best way to describe the overall industrial real estate market in Baltimore City is
consistent. There was no new construction in 2012, so the market size remains unchanged from a
year ago (and the year before that, as well). Current vacancy stands at 8.1% as compared to 8.2% at
the end of 2011. The only real change is that absorption moved into positive territory at 28,000 square
feet, versus last years negative 55,000 square feet. Modern bulk product, with its higher ceilings
enjoys the lowest vacancy rate of the three types of product reviewed in this report, however it did
experience negative absorption as compared with Flex and Office/Warehouse. Deal velocity still was
restrained, as many tenants and buyers were cautious in this election year. Although rates moved up
somewhat as compared to a year ago, there were still opportunities for tenants/buyers to upgrade or
re-locate their businesses at very attractive rates. The City, along with the expansion of the medical and
educational community continues to revitalize both the East and West sides of Baltimore.
MARKET OUTLOOK
There are some promising trends that will likely help the industrial marketplace in Baltimore city for
2013. To the east, the Port of Baltimore continues to grow especially with the addition of four super-
sized cranes which, when combined with the construction of a new deep berth, will accommodate
the extra large container ships traveling through the newly-expanded Panama Canal. To the west,
gambling has been approved for a long vacant site formerly known as Maryland Chemical, spurring
development along Russell Street near the football and baseball stadium complex. Additionally, the city
is going through a comprehensive zoning review that will hopefully tie a more thoughtful and relevant
growth plan together with the businesses and residences in the area.
The City has a solid infrastructure, with its proximity to major highways, port and rail access, accessibility
to Washington, D.C. and its ever-expanding medical and educational community. Vacancy rates have
dipped below 8% in certain segments of the market and we believe this could push rental rates upward
for modern, in-demand property. Combined with low interest rates, there is anticipation of increased
activity for both sales and leasing in 2013.
NOTABLE ACTIVITY
Tenant Address SF Product
Kreg Therapeutics 825 North Point Road 6,000 Flex
Salvation Army 3030 Nieman Ave 15,150 Flex
Professional Restorations 6600 Frankford Ave 38,700 Office/Warehouse
Address Size Price Price PSF Product Buyer Seller
4241 Brookhill Rd 165,000 $4,100,000 $24.86 O/W BrookHill GBC Continental
3200 James Street 28,250 $1,250,000 $44.25 O/W Paristole Mgmt Marshall Brandt
1401 W. Patapsco Avenue 100,000 $4,250,000 $42.50 Bulk Jetro H & J Weinberg Foundation
501 N. Kresson St. 145,000 $3,450,000 $23.79 O/W Charm City Warehouse Merchants Baltimore
800 Gusryan St. 44,400 $3,027,000 $68.00 Bulk CDS Property Management Gusryan LP
LAND SALES - INVESTOr
Address Size Price Price Per Acre Product Buyer Seller
3800 Fort Armistead Rd 6.2 acres $325,000 $52,419 Industrial Art Homes LLC/Omid Land Group 3800 Recycling LLC
LAND SALES - USEr
Address Size Price Price Per Acre Product Buyer Seller
4201 E. Monument Street 5.77 acres $1,390,000 $241,000 Industrial Donatus Agupusi AM Keefe Transport
2010 2011 2012
Bulk 565,000 90,000 -119000
Office/Whs -106,000 -313,000 41000
Flex -50,000 76,000 106000
-400
-300
-200
-100
0
100
200
300
400
500
600
700
2010 2011 2012
T
h
o
u
s
a
n
d
s
Net Absorption (SF)
Vacancy Rate
Bulk 42
Office/Whs 26
Flex 32
42%
26%
32%
Bulk
Ofce/Warehouse
Flex
Asking Rents
11
Vacancy Rate
2010 2011 2012
Bulk 8% 7% 6.80%
Off/Whs 12% 12% 11.50%
Flex 10% 8% 7.20%
0%
2%
4%
6%
8%
10%
12%
14%
2010 2011 2012
INDUSTrIAL MArKET
Baltimore City
Construction
STATISTICS
Sublease Vacant (SF) 0 0 0
Total Vacant (SF) 276,159 193,494 173,596
Vacancy Rate Sublease % 0 0 0
Net Absorption (SF) (51,508) (5,773) 53,905
2013 Planned Construction SF 0 0 0
FORECAST
MARKET OVERVIEW
The Baltimore County I-83 North and South market represents a micro-market with limited potential for
growth in the traditional sense. Essentially it consists of an island with no land available for expansion
or future development and only offers redevelopment and infill opportunities. Once a mecca for regional
manufacturing companies, most have been driven out by a combination of factors including the lack of
a blue collar type labor force and high real estate costs. Many of these single-user facilities have been
converted to multi-tenant speculative properties catering to flex-type service companies. In some cases,
due to general functional obsolescence, the aging buildings have been replaced with multi-story office
structures.
The major industrial hold-out has been McCormick & Company (of spice fame) who remains the largest
employer in the market. In addition to their corporate headquarters, McCormick operates several sizeable
manufacturing plants in the area. However, even they recently relocated their main distribution facility to
another county. Indirectly, there are many companies in the I-83 market that remain in the area to support
and service the McCormick account.
In 2012, there was an overall decline in vacancy rates within bulk, office/warehouse, and flex type
properties. The majority of the activity fell into the flex category which saw the vacancy rates steadily
fall from a high of 17.8% in 2009 to the current level of 4.6%. The correlating rental rates have risen by
almost 20% as the market continues to tighten. As the housing market begins to gain some traction, many
companies such as the building market supply houses including paint, carpet, electric and plumbing should
begin to rebound as well.
MARKET OUTLOOK
Through new leases and expansions, overall activity should continue to increase in all sectors. As positive
absorption occurs, this works to drive vacancy rates down. Low vacancy generally means higher prices
- the basic economic platform of supply vs. demand. As rates trend upward, the adverse effect can be to
push some companies to seek refuge in more affordable neighboring markets. While not immune to global
economic conditions, this micro-market is somewhat insulated due to the island effect it enjoys, which
can sometimes viewed as both a blessing and a curse.

NOTABLE ACTIVITY
McCormick 16-20 Stenerson Lane 69,292 Bulk
WittenGach Business Systems 10945 McCormick Road 29,400 Bulk
Mid Atlantic Air 21-23 W. Aylesbury Lane 23,559 Office/Warehouse
S-L Distribution Co. 11100 Gilroy Road 22,986 Bulk
Experimental Machine 10915 McCormick Road 12,000 Bulk
Constantine Commercial 9494 Deereco Road 5,550 Flex
Belle Cose 9472 Deereco Road 4,750 Flex
Maurice Electrical Supply 9603 Deereco Road 8,563 Flex
Walton Associates 101 Lakefront Drive 3,130 Flex
Address Size (SF) Price Price PSF Buyer Seller
1 Beaver Court 105,904 $6,200,000 $117.19 Extra Space Storage Rhodes Development
1933 Greenspring Drive 4,900 $655,000 $133.67 Quartner Properties Libertini Edward A Trust
INDUSTrIAL MArKET
Baltimore County - i-83 nortH and SoutH
Vacancy Rate
Asking Rents
Net Absorption
2010 2011 2012
Bulk 42,000 42,725 -51,508
Office/Whs 60,000 60,377 -5,773
Flex 135,000 134,260 53,905
-100
-50
0
50
100
150
2010 2011 2012
T
h
o
u
s
a
n
d
s
Net Absorption (SF)
Bulk 23.5
Office/Whs 33.8
Flex 42.7
34%
43%
23%
Bulk
Ofce/Warehouse
Flex
12
Vacancy Rate
2010 2011 2012
Bulk 17% 16% 13%
Off/Whs 16% 16% 7%
Flex 14% 14% 5%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
2010 2011 2012
Construction
INDUSTrIAL MArKET
Baltimore County - WeSt
STATISTICS
Bulk Offce/Warehouse Flex
Sublease Vacant (SF) 0 0 6,250
Total Vacant (SF) 116,390 203,529 393,777
Vacancy Rate Sublease % 0.0% 0.0% 0.2%
Net Absorption (SF) 2,247 45,387 49,440
FORECAST
MARKET OVERVIEW
The Baltimore County West industrial market encompasses the areas of Owings Mills, Woodlawn and
Catonsville, which are all easily accessible from the Baltimore Beltway (I-695) and the Light Rail which runs
parallel along I-795. The majority of Bulk and Office/Warehouse product is concentrated in Woodlawn while
Owings Mills is heavily comprised of flex/office product. The total submarket is comprised of 192 industrial
buildings of which 114 are flex buildings. For those companies in need of true industrial product in Owings
Mills, a higher rental rate can be expected due to the lack of this product class.
For 2012, Baltimore County Wests commercial real estate market demonstrated signs of a rebound. A
decrease in overall vacancy, rising absorption, and the stability and slight rise of rental rates all represent
leading indicators to this submarket heading in the right direction. Property owners hope to carry this
momentum into 2013.
The Solo Cup manufacturing building (approximately 1.7 million square feet) situated on 52 acres sold in 2011.
The buyer (a joint venture partnership between Greenberg Gibbons Corporation and Vanguard Equities) plans
to raze the building and redevelop it into a small scale Hunt Valley Towne Centre open air retail property called
Foundry Row. Wegmans Food Market has signed a lease as the anchor tenant; however ownership continues
to work through issues to achieve final rezoning of the property.
In an effort to sell off non-core product, First Potomac Realty has disposed two flex buildings in Owings Mills
to Hillendale Properties. The buildings total 38,779 square ffet and sold for $3.75 million or $96.70 per square
foot. Hillendale Properties plans to occupy approximately 20,000 square feet of space in the buildings which
was helpful to obtain favorable financing by lenders.
MARKET OUTLOOK
Similar to last year, there were no new building deliveries in 2012 and speculative construction remains
guarded for 2013. Occupancy levels remain stable with positive absorption across all product types. This is
noteworthy and encouraging since positive absorption for all product types has not occurred in several years in
this submarket. It is expected that tenants will continue to see aggressive offers and incentives from landlords
competing for their business with an abundance of options available. This is an ideal climate for tenants to
secure long term leases at below market rates. The reality is that for many tenants the uncertainty of the
market results in short term leases and renewals taking place while they wait for a more confident economy
to arrive.
NOTABLE ACTIVITY
Tenant Address SF Product Submarket
Christ Throne Ministires 1730 Whitehead Road 31,500 Flex Woodlawn
Elias Wilf 7243 Ambassador Road 27,726 Flex Woodlawn
Mitre Corporation 2275 Rolling Run Drive 21,818 Bulk Woodlawn
TBS Media 11201 Dolfield Boulevard 20,483 Office/Warehouse Owings Mills
Surf Body Shop 6709 Whitestone Road 15,245 Flex Woodlawn
Noblis 2275 Rolling Run Drive 11,471 Bulk Woodlawn
11431-11435 Cronhill Drive (2 Buildings) 38,779 $3,750,000 $96.70 Flex Hillendale Properties First Potomac Realty
10330 S. Dolfield Road 43,200 $2,600,000 $60.19 Office/Warehouse ASI Holdings, LLC Ambec, Inc.
2010 2011 2012
Bulk 4% 5% 3%
Off/Whs 11% 12% 11%
Flex 11.00% 11.10% 10.00%
0%
2%
4%
6%
8%
10%
12%
14%
2010 2011 2012
Vacancy Rate
2010 2011 2012
Bulk -37,996 -7,439 22,471
Off/Whs -20,088 -27,971 45,387
Flex 27376 3284 49440
-50
-40
-30
-20
-10
0
10
20
30
40
50
60
2010 2011 2012
T
h
o
u
s
a
n
d
s
Net Absorption (SF)
Bulk 37
Off/Whs 20
Flex 43
20%
43%
37%
Bulk
Ofce/Warehouse
Flex
Asking Rents
Vacancy Rate
Net Absorption
13
Construction
INDUSTrIAL MArKET
Baltimore County - eaSt
STATISTICS
New/Relet Vacant (SF) 2,438,302 1,514,373 1,664,368
Sublease Vacant (SF) 54,300 31,883 0
Total Vacant (SF) 2,492,602 1,546,256 1,664,368
Vacancy Rate Sublease % 0.4% 0.3% 0%
Net Absorption (SF) (253,972) (345,741) (388,188)
2013 Planned Construction SF 42,000 0 0
FORECAST
MARKET OVERVIEW
The Industrial submarket is represented by more than 34.4 million square feet of space. Bulk product accounts for
almost forty-two percent, and office/warehouse and flex product equally share the remaining twenty million square feet.
The submarket saw significant negative absorption this year in all three sectors of an aggregate 988,000 square feet.
The Baltimore County East submarket was responsible for a very significant transaction that could serve as a catalyst
for intense industrial development. The Sparrows Point Steel Mill and all associated neighboring properties were sold
at bankruptcy auction by RG Steel the latest in a series of owners of the mill since the original operator, Bethlehem
Steel Corporation, sought bankruptcy liquidation in 2001.
Sparrows Point accounts for more than 3,000 acres of land on a peninsula of the Chesapeake Bay. Untold hundreds
of thousands of square feet of mills, office buildings, plants and warehouses configure the site now, but it has been
discussed as a possible expansion area for the current Port of Baltimore. No doubt years and perhaps decades of
environmental cleanup would be undertaken before any serious development could occur at Sparrows Point.
New ownership intends to liquidate the assets in whole or part if a new operator for the steel mills is not secured.
Another auction in planned for early 2013.
Greenfield Partners bought a portfolio of assets from Corporate Office Properties Trust this year, mostly consisting
of office product. However, one of the properties is 7941 Corporate Drive, a 58,000 square foot office/warehouse
building with almost 50% office build-out that traded as part of the $162 million transaction. This property sits vacant
and awaiting a user.
MARKET OUTLOOK
In early 2013, Chesapeake Real Estate Group, in association with Prudential, plans to deliver a 42,000 square foot
build-to-suit office/warehouse building that includes an option to purchase by the tenant. This building is the first in
several years to be delivered at the Baltimore Crossroads@95 business community which also features product from
St. John Properties, FRP Development Corporation, and First Industrial Realty Trust.
There were no building deliveries in 2012. Though continued economic stagnancy is expected to be the story line
once again in this submarket, slow and steady recovery is possible in 2013. Moreover, both leasing and user/buyer
activity seems to have increased in the fourth quarter of 2012 and we may likely see more buildings trade and leases
get recorded in the sub 50,000 square foot range in 2013. Baltimore County East does enjoy the benefit of significant
existing infrastructure and product availability for BRAC-related activity and contractors, as the closest pocket of flex,
office/warehouse, and bulk product to Harford County and, more specifically, Aberdeen. Additionally, with upgrades to
the Port of Baltimore and a 50-foot berth, the largest ships in the world will be able to dock at Baltimore.
There is the potential for new construction of bulk space, but none is currently expected to deliver in 2013. Large
chunks of space in all product classes exist throughout the submarket including more than 575,000 square feet in
Marshfield Business Park at I-695 and MD Route 40 East. A bright spot here will be for healthy companies working with
the federal government and looking to expand. For those looking to lease, the product is plentiful and, in large part,
modern and functional. 2013 will continue to be a great time to maintain costs while upgrading product.
NOTABLE ACTIVITY
Ball Corp (Renewal) 7001 Quad Avenue 115,000 Bulk
DuClaw Brewing Company 8901 Yellow Brick Road 91,000 Bulk
Standard Coffee (Renewal) 9331 Philadelphia Road 23,400 Office/Warehouse
MPW 3 Harko Court 10,000 Flex
Various 3,150 Acres $72.5M n/a Bulk ILT/Hilco RG Steel
8801 Citation Road 157,000 $10,250,000 $65.37 Bulk IIT TA Associates
10829 Philadelphia Road 18,169 $1,200,000 $66.05 Flex 10829 Philadelphia Rd LLC Allstate Sheet Metal
10015 Pulaski Highway 14,280 $630,000 $44.12 Office/Warehouse Crest Lock Co Bunting Door & Hardware Co., Inc.
2013 pLANNED CONSTrUCTION
Address Size Product Asking Rent PSF Delivery Date Owner/Developer
11505 Pocomoke Court 42,275 Bulk $6.95/NNN October 2013 Chesapeake
2010 2011 2012
Bulk 468,511 12,610 -253,972
Office/Whs 112,293 -163,276 -345,741
Flex 104,826 -33,405 -92,984
-400
-200
0
200
400
600
2010 2011 2012
T
h
o
u
s
a
n
d
s
Net Absorption (SF)
Bulk 41.8
Office/Whs 28.8
Flex 29.3
42%
29%
29%
Bulk
Ofce/Warehouse
Flex
Asking Rents
Vacancy Rate
14
Construction
Net Absorption
Vacancy Rate
2010 2011 2012
Bulk 17% 16% 17%
Off/Whs 16% 14% 15%
Flex 15% 14% 16%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
2010 2011 2012
INDUSTrIAL MArKET
Baltimore County - SoutHWeSt
FORECAST
MARKET OVERVIEW
Industrial market results for 2012 were a virtual repeat performance from 2011. Once again, bulk
product was mostly in demand with positive absorption and downward trending vacancy, while both
office/warehouse and flex properties continued to experience stagnant rental rates and more than 20%
vacancy in this product line. This represents among the most densely-developed areas for industrial
product along the Baltimore Beltway. One of the reasons is that many occupants of facilities in the
SBC distribute to both the Baltimore and Washington areas, but tend to do the preponderance of their
business in the Baltimore metropolitan region. The SBC contains a diverse mix of industrial buildings
ranging from older non-functional buildings inside the Beltway to modern industrial buildings built near
I-95 and I-695. For the last two years in a row, overall product availability in the under 22 clear ceiling
range has outstripped demand.
MARKET OUTLOOK
This submarket should make some modest gains in occupancy next year, as rental rates become more
aggressive and tenants and buyers see opportunities for upgrading their present space. We believe
bulk product will maintain its solid performance in this submarket, however both office/warehouse and
flex product have occupancy issues to deal with and it will likely see double digit vacancy rates for the
foreseeable future. Landlords in this submarket will need to stay aggressive in order to attract the most
credit worthy businesses to their properties. This market is still experiencing a fair amount of free rent
in order to attract tenants. On the sale side, product versus demand is in balance and financially strong
user-buyers should benefit from continued low interest rates over the next twelve months.
NOTABLE ACTIVITY
Main Freight 3901 Benson Avenue 36,000 Bulk
Curtis Engine 3915 Benson Avenue 28,500 Bulk
Grace International 3920 Vero Road 3,000 Flex
4734 Trident Court 519,000 $30,000,000 $58.35 Bulk IIT Preston Del Fuego LLC
4665 Hollins Ferry Rd 101,750 $3,800,000 $37.35 Bulk Alberee R.E. Landsdowne Assoc LLC
4111 Washington Blvd 33,600 $1,350,000 $40.18 Flex Vehicles for Change DMH Comml Properties
3510 Marmenco Ct 21,000 $1,250,000 $59.52 Office/Warehouse JCS Enterprises TArt Litho
2010 2011 2012
Bulk 8% 7% 6.80%
Off/Whs 12% 12% 11.50%
Flex 10% 8% 7.20%
0%
2%
4%
6%
8%
10%
12%
14%
2010 2011 2012
Vacancy Rate
2010 2011 2012
Bulk 565,000 90,000 -119000
Office/Whs -106,000 -313,000 41000
Flex -50,000 76,000 106000
-400
-300
-200
-100
0
100
200
300
400
500
600
700
2010 2011 2012
T
h
o
u
s
a
n
d
s
Net Absorption (SF)
Bulk 42
Office/Whs 26
Flex 32
39%
40%
21%
Bulk
Ofce/Warehouse
Flex
Construction
Asking Rents
Net Absorption
15
STATISTICS
Sublease Vacant (SF) 0 0 0
Total Vacant (SF) 222,000 664,000 347,000
Vacancy Rate Direct % 6.9% 20.8% 21%
Vacancy Rate Sublease % 0% 0% 0%
Net Absorption (SF) 150,000 (4,000) (31,000)
Vacancy Rate
STATISTICS
New/Relet Vacant (SF) 1,563,936 322,984 378,505
Sublease Vacant (SF) 181,000 5,500 9,500
Total Vacant (SF) 1,744,936 328,484 388,005
Vacancy Rate Sublease % 1.3% 0.2% 0.3%
Net Absorption (SF) 622,931 (27,432) (79,352)
2012 Completed Construction SF 1,000,000 0 0
FORECAST
MARKET OVERVIEW
Harford County as an industrial market was born out of necessity. The original growth spurt can be traced back
to the lack of available land to the south bordering Baltimore County and, to some degree, including Baltimore
City. Large tracts of available sites (some with rail) along the busy I-95 corridor spurred both user and
speculative development of big box distribution facilities. These were typically high bay cross dock buildings
in excess of 300,000 square feet, each sporting familiar monikers such as McCormick & Company, General
Electric, Merry-Go-Round, Pier 1 Imports, Saks Fifth Avenue, The GAP and Rite-Aid. This, in turn, sparked
growth in the supportive mid-bay and flex-style industrial market to house service and support-type companies.
Then along came the promise of BRAC and the growth of Aberdeen Proving Ground (APG) which has helped
further spike demand for flex and some mid-bay industrial product.
The strongest of the three disciplines in 2012 was the bulk distribution market where we experienced a
significant decline in vacancy from a high of 20.6% in 2010 to the current level of 12.6%. The bulk sector is
in its second consecutive year of positive absorption. The flex and mid-bay office/warehouse markets have
not been quite as fortunate with continued trends in negative net absorption. There is plenty of blame to go
around, but many point to a combination of the recent election and fiscal cliff woes.
MARKET OUTLOOK
The future looks bright for those developers in the bulk industrial sector. The continued upward trend
in demand and correlating uptick in rental rates could urge folks to think about new construction starts.
Construction cranes on the horizon will certainly be a welcome sight. The coming year may not be so rosy for
those closer to the government and military side of the business as looming budget cuts continue to cast a pall
over the market, which has further impact on area housing and retail markets.
2010 2011 2012
Bulk 21% 18% 13%
Off/Whs 6% 7% 11%
Flex 5.60% 6.30% 11.70%
0%
5%
10%
15%
20%
25%
2010 2011 2012
Vacancy Rate
2010 2011 2012
Bulk -347,000 553,000 622,931
Off/Whs -158,000 -39,000 -27,432
Flex -162000 -11000 -79352
-400
-200
0
200
400
600
800
2010 2011 2012
T
h
o
u
s
a
n
d
s
Net Absorption (SF)
Bulk 69
Off/Whs 15
Flex 16
69%
15%
16%
Bulk
Ofce/Warehouse
Flex
Asking Rents
Vacancy Rate
Net Absorption
16
INDUSTrIAL MArKET
Harford County
Construction
NOTABLE ACTIVITY
Proctor & Gamble 4608 Appliance Drive 262,767 Bulk
Smith Detection 2203 Lakeside Blvd. 99,100 Bulk
TruAire 151 Bata Blvd. 79,385 Bulk
Alcore 2201 Lakeside Blvd. 40,200 Bulk
House of Cards 1305 Continental Drive 36,640 Bulk
Lifoam 121 Bata Blvd. 16,394 Bulk
The Roof Center 1042 Hardees Drive. 16,000 Bulk
Address Size Price Price PSF Buyer Seller
121-151 Bata Boulevard 599,109 $31,000,000 $51.91 Exeter Property Group TA Associates Realty
2109 Columbia Park Drive 107,070 $5,800,000 $54.17 Industrial Income Trust TA Associates Realty
Address Size Price Price PSF Buyer Seller
1 Mercedes Drive 187,990 $6,900,000 $36.70 TIC Gums, Inc. URDANG
301 S. Juniata Street 16,707 $655,000 $39.21 Thymly Products Humphrey Management
1202 Pauls Lane 10,000 $700,000 $70.00 Auston LLC K&B Realty Inc
REsIDENtIAl lAND
17
The report from the trenches is that the home building market in Maryland
is in recovery mode. The extent of that recovery depends entirely on the
county in question. Sales in Montgomery, Howard, and parts of Anne Arundel
are doing well enough to whet the appetites of builders and developers alike
for new land opportunities. The same cannot be said for those few builders
working in tertiary markets such as Cecil, Washington, or Dorchester Counties,
where sales for single-family homes in the very low $200s are still diffcult to
come by. In the mid-level markets of Baltimore, Prince Georges, Charles, and
Frederick Counties, builders are selling moderately priced single-family homes
typically priced below $450K with all the bells and whistles; but sales are
hard pressed to maintain a consistent pace of two or three homes per month.
As one builder explained to me, Ill sell two houses a month in a given
community. Then sales will drop off the cliff, only to begin again three months
later at two sales a month for another couple of months before they stop again.
In the mid-level markets, builders are forced to coax buyers into making the
commitment to buy by sweetening the deal with free upgrades, incentives, and
help with closing costs.
The real news in residential land this year was not which builders sold the
most homes in Maryland (for the umpteenth time, Ryan Homes), or which
builders went out of business (none that comes to mind, after the extreme
herd-culling of 2007 and 2008). No, the real news this year is how the state of
Maryland has continued to make the already diffcult and expensive process
of land development into something akin to winning an Olympic gold medal:
very challenging, very expensive, and given the odds, not very likely without
a lot of help.
It used to be that if a small investor wanted to make a lot of money for
retirement, she simply went twenty miles out of town and bought a large parcel
of ground off the main road and waited for development to reach her property.
Unfortunately, that method of retirement planning no longer works. Constantly-
changing regulations and restrictions on development and the ever-present
threat of community opposition all combine to result in down-zoning for the
subject property. In todays climate, holding land with an eye toward future
development has become a highly-risky investment.
Historically, the regulations governing land development have come under the
jurisdiction of local government either on a county or incorporated town level
with only limited input from the state. Under the OMalley administration,
copious regulations and state bureaucracy have been heaped on anyone
attempting to develop or build nearly anything in Maryland. OMalley claims
that the regulations are his attempt to help save the Chesapeake Bay; however
I have to wonder if regulating the land development and construction industry
to near death is the best way to save our bay. . .or if it is just a way to court
liberal donors for a 2016 presidential run.
Long known as a diffcult and expensive state in which to do business,
Maryland has raised the bar to the point that it will soon be impossible to
construct a moderately-priced home, inexpensive offce building, or value-
oriented shopping center and still comply with the myriad of new land use
regulations. In fact, between the fees and regulations governing storm water
management, various development impact fees imposed by counties to cover
police and fre protection, new schools and expensive offsite improvement
fees, we are seeing, for the frst time, developers turning down otherwise good
developable land because they simply cannot make their numbers work.
Rural tier mapping
In April of 2012, the Maryland House of Representatives approved a land
preservation bill, which will preserve rural land but limit how farmers/land
owner may handle disposition of their land. The bill passed with a vote of 93
to 45.
The bill requires county governments to establish a four-tier system for
septic use, aimed at protecting agricultural lands and forests. Under the new
regulations, local jurisdictions were instructed to draw their own tier maps, along
to the following guidelines:
Tier-one areas are served by local water and sewer systems and where
growth is essentially maxed out.
Tier-two areas are planned growth areas where water and sewer will be
extended from existing municipal water systems.
Tier-three is a mix of areas that allow septic use and also prohibit major
subdivisions on septic in designated areas.
Tier-four is designated as protected forest lands under the bill.
The bill limits the size of major developments requiring septic systems, and
it discourages rural development needing septic systems in favor of urban
development, which can take advantage of public sewer systems.
Farmers are rightfully concerned with the development restrictions of the new
regulations, since the regulations reduce the value of land and therefore reduce
the equity they can borrow against to buy supplies and equipment.
The new bill remains unpopular with farmers, rural landowners, and developers
alike.
Allocations for growth
Just when developers thought that Maryland could not possibly implement
additional rules and regulations for development, the Maryland Department of
the Environment is set to launch Allocations for Growth (AfG), an offset/trading
policy designed to ensure the quantifcation and mitigation of nutrient pollution.
The program, expected to begin on January 1, 2014, requires developers,
builders, and others to offset 100% of the post-development load from every
land development project. The policy not only requires complete and full offset
of all nutrient pollutant loads from new projects, but existing developments
where a building is altered (encompassing both the construction of an addition
as well as the development of additional units or square footage of otherwise
undeveloped land). The Maryland Department of the Environment (MDE) will
be creating regulations that defne how these pollutant loads will be calculated,
as well as setting regulations governing how many offset credits developers
will be required to purchase in order to fully offset the loads generated for each
project.
Though the MDE will be setting the regulations as to how many offset credits
will be required, they will not be selling offset credits, rather they will allow
developers to fnd willing landowners within the same county or watershed
to sell offset credits for nitrogen and phosphorus. The program as proposed
will require the buyer to fnd a willing seller who is agreeable to offset land
under the regulations to be imposed by the MDE. The word from the trenches
is that beginning in 2014 this requirement could add as much as $40,000
to the cost of a single family home. The regulations, which are currently still a
work-in-progress will allow for one credit to equal to one pound of nitrogen or
phosphorus.
We still view land ownership in Maryland as a good investment. It is
imperative that landowners seeking to sell their landholdings engage a
knowledgeable land consultant to represent them in the complex transaction
that is land development in Maryland. As many of you know, my team and I
represent only land sellers (never home builders or land developers) in the
sale of land. Because our real estate practice is dedicated to representing
the seller, we are able to maximize the sellers return with no confict of
interest or divided loyalty. Obtaining the highest price and best terms for your
landholdings is our only objective.
INVEstmENt oVERVIEW
The investment sales market in 2012 carried forward the themes
of 2011. The volume of institutional investment sales this year
continues to increase and has exceeded the level seen in the
last market peak of 2007. Capitalization rates have continued to
fall and are approaching 2007 level again.
As an example, Institutional buyers of industrial product have
driven the price high quality bulk warehouse buildings to record
high levels, with a few instances of buildings trading north of
$100 per square foot to investors having occurred.
Low interest rates remain the main driver of values. Institutional
investors in particular are willing to tolerate very low returns
on the highest quality real estate, and even tolerate the risk of
falling rental rates and rising vacancy rates, because often the
worst case scenario is for them better than the alternative (i.e.
leaving their cash in the bank). Private investors depend on
leverage and are more reticent about taking those risks.
Along with those institutional buyers, owner-occupants are
proving to be excellent purchasers, being drawn into the market
by very attractive bank financing with rates often down into
the sub-5% range. Unfortunately the inventory of high quality
buildings suitable for owner-occupancy is limitied in our market.
In contrast with the institutional l and owner occupant markets,
smaller investment opportunities that are stable and well leased
are not trading as frequently as in 2006-2007 and early. The
bulk of these private market investment sales (defined here
ast sub-$10 million sales) have been to users or have involved
some sort of distress.
Conduit financing fueled a high volume of private market
sales before the market turndown in late 2008. The lack of
that attractive non-recourse financing today is dampening the
volume of sales of stable mid-market assets that normally sell
to private buyers, though we are projecting an incremental
increase in the volume of sales of these types of assets in 2012.
That said, mid-market assets with an element to distress to
them (e.g. bank owned property, note sales, short sales) are
generating tremendous and sometimes irrational interest from
buyers. For better or for worse (depending on where you stand)
there are few troubled assets transacting in our market. There
is a bottleneck of sorts from lenders. Banks are slow to write
assets down to market to accept losses. The third party special
services that manage and dispose of troubled securitized
(CMBS) loans are overwhelmed and are in some cases taking
years to take back and eventually sell distressed assets.
Across the board, investor buyers have become more pessimistic
about leasing prospects in 2013. Buyers are projecting rental
rates to remain flat or decline for several years, and are
expecting vacant space to take longer to lease. Generally
investors are projecting rental rate growth and an increase in
leasing velocity only they are expecting that trend to begin two
to three years from now.
The most sought after product types include bulk warehouse,
institutional quality office in core markets such as the District of
Columbia and affluent inside-the-Beltway suburbs, along with
grocery anchored retail and multifamily.
Most out of favor today is suburban office and flex product.
Investors see more downside risk in terms of rental rates
and vacancy here with a likely contraction in the government
coming. We see an interesting contrarian play here in buying
these assets in locations that have at least some constraints
to new development, are near executive housing, and where
they can be bought at a dramatic discount to replacement cost.
Markets to avoidare those that have seen very little historic
rental rate growth over the past several decades.
The volume of new properties coming to market has dropped in
the second half of the year. We speculate this has something
to do with the ongoing negotiations over the so-called fiscal
cliff. Unfortunately a package of tax increases and government
spending cuts will not serve the economy in the Washington
Baltimore area well. Sellers recognize this risk and are waiting
to see at least a short term resolution to the matter before taking
assets to the market.
18
Investment Overview 12/10/12
0
20
40
60
80
100
120
140
160
180
200
2007 2008 2009 2010 2011 2012
YTD
N
u
m
b
e
r

o
f

C
o
m
m
e
r
c
i
a
l

R
.
E
.

S
a
l
e
s
Under $10 Million
(Private Market)
Over $10 Million
(Institutional)
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2007 2008 2009 2010 2011 2012 YTD
P
e
r
c
e
n
t
a
g
e
Average Capitalization Rate
Investment Overview 1/4/13
0
20
40
60
80
100
120
140
160
180
200
2007 2008 2009 2010 2011 2012
YTD
N
u
m
b
e
r

o
f

C
o
m
m
e
r
c
i
a
l

R
.
E
.

S
a
l
e
s
Commercial Real Estate Sales - Baltimore Metropolitan Area
Under $10 Million
(Private Market)
Over $10 Million
(Institutional)

Build on the power of
our network.
TM
Paragon Commercial Property
Management, a subsidiary of KLNB,
LLC, is a full-service provider of
commercial real estate property and
asset management services.
Paragon takes a strong hands on philosophy to managing its
properties. Engineers inspect each building regularly and meet
constantly with its tenants and vendors. Paragon is building an
organization based on a reputation for superior service and invites
you to contact any of the tenants or building owners that it serves.
Paragon employs six roving maintenance engineers who perform
a multitude of services including all basic mechanical, electrical,
plumbing and janitorial work. As a result, in many circumstances
we are able to provide owners faster and less-expensive service
than if a contractor had been called.
Paragon can deliver the following variety of services:
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Provide on-site management and technical personnel.
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For additional information please go to: www.paragoncpm.com
The CCIM movement began more than 40 years ago with commercial real estate practitioners who wanted to elevate their
business practices through focused education and networking opportunities. Still today, education and networking remain
the cornerstones of the CCIM designation and the reason for its success. The CCIM Institute confers the CCIM designation
and is an affliate of the National Association of REALTORS (NAR). With more than 19,000 members in 33 countries and
61 chapters worldwide, the CCIM Institute has emerged as a truly global organization.
Brokerage Services
Tenant/Landlord Representation
Buyer/Seller Representation
Sales/Leasing/Subleasing
Portfolio Marketing
Market Reports & Opinions of Value
Site Selection Analysis
Market Research/Mapping/Demos
Financial & Investment Services
Investment Acquisitions & Sales
Mortgage Brokerage
Structured Lease Finance
1031 Exchange Services
On-Line Services
REALTrac Online
Transaction Management
NAIDirect.com
Surplus Property Hosting/Marketing
Market Research & News
Demographic/Mapping Services
LoopNet
CoStar Property
Builder Info Tools
OUr SErVICES
Lease Consulting Services
Lease Auditing/Compliance
Lease Abstracting
Lease Databases & Administration
Lease Consulting
Management Services
Property & Asset Management
The SOCIETY OF INDUSTRIAL AND OFFICE REALTORS is one of the leading professional commercial and industrial
real estate associations. With more than 3,000 members in more than 580 cities in 26 countries, SIOR represents todays
most knowledgeable, experienced, and successful commercial real estate brokerage specialists. SIOR is dedicated to the
practice and maintenance of the highest professional and ethical standards. SIOR maintains a commitment to business
and industry by providing outstanding professional services, publications, and educational programs.
19
NVESTMENT OFFERNG
MEADOWS BUSINESS PARK
A RETAIL, OFFICE AND INDUSTRIAL PORTFOLIO
BALTIMORE, MARYLAND
Although NAI KLNB makes every effort to ensure the accuracy and
reliability of the data contained herein, NAI KLNB makes no guarantee,
representation or warranty regarding the quality, accuracy, timeliness or
completeness of the data in this market report.
THe
NAI KLNB
Team
* Denotes principal of frm
Established in 1968, KLNB, Inc. is a full-service commercial
real estate frm offering sales, leasing, development and real
estate investment services. The company employs more than
80 real estate professionals, including 35 principals.
In 2012, NAI KLNB reported volume of over $1.27 billion on 989 separate real estate transactions in the
leasing and selling of industrial, offce, land and retail product. The full-service brokerage frm operates
Maryland offces in Towson and Columbia, as well as Vienna and Brambleton, Virginia, and Washington,
D.C. KLNB is the mid-Atlantic representative of NAI, a network of real estate service providers serving
more than 200 markets worldwide. KLNB represents NAI with a full range of brokerage, fnancial and
investment services. In the Baltimore offce and industrial market, the NAI KLNB team includes:
b/W coRRIDoR
6011 University Boulevard
Suite 350
Ellicott City, Maryland 21043
(410) 290.1110
fax: (410) 290.0723
tYsoNs coRNER
8027 Leesburg pike
Suite 300
Vienna, Virginia 22182
(703) 288.4000
fax: (703) 288.2999
bAltImoRE/toWsoN
100 West road
Suite 505
Towson, Maryland 21204
(410) 321.0100
fax: (410) 321.0129
bRAmblEtoN
42395 ryan road
Suite 200
Ashburn, Virginia 20148
(703) 722.2700
fax: (703) 722.2730
WAshINgtoN Dc
5225 Wisconsin Ave., N.W.
Suite 600
Washington, DC 20015
(202) 375.7500
fax: (202) 237.9850
www.naiklnb.com
Michael T. Mull
Ofce/Industrial
443.632.2063
mmull@klnb.com
Todd R. Evans
Ofce/Industrial
443.632.2066
tevans@klnb.com
Stephen J. Ferrandi*
Land Sales
443.574.1430
sferrandi@klnb.com
pARAgoN commERcIAl
pRopERtY mANAgEmENt
60 West Street 1916 Wilson Boulevard
Suite 204 Suite 306
Annapolis, MD 21401 Arlington, VA 22201
(410) 280.1450 (703) 812.0334
fax: (410) 280.1451 fax: (703) 812.9002
James V. Caronna, SIOR*
Ofce/Industrial
443.632.2070
jcaronna@klnb.com
Peter I. Dudley*
Ofce/Industrial
443.632.2064
pdudley@klnb.com
Christopher B. Kubler, CCIM
Investment Sales
443.574.1415
ckubler@klnb.com
Walter L. Patton, SIOR*
Ofce/Industrial
443.632.2062
wpatton@klnb.com
Joseph P. Nolan, SIOR*
Ofce/Industrial
443.632.2065
jnolan@klnb.com
J. William Miller, SIOR*
Ofce/Industrial
443.632.2061
bmiller@klnb.com
Timothy G. Gardner
Ofce/Industrial
443.632.2082
tgardner@klnb.com

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