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Home / Policy/Legislation / 2 Large Speculative Projects Rising in the Baltimore MSA

2 Large Speculative Projects Rising in the Baltimore MSA

December 17, 2019 by Mike Hargrave Topics: Policy/Legislation

If you have seen Revista’s metro trends you may have noticed the Baltimore MOB market is one of the tightest in the country.  The MOB occupancy rate has averaged between 93.9% and 94.8% since the 2nd quarter of 2018.  Given the “tight” conditions, it would naturally make sense for MOB developers to take notice.  Overall, construction levels in the market are not high at just 1.8% of current inventory but 2 developers have recently targeted the market with large medical focused projects. 

Source: Revistamed.com

Whalen Properties has started grading for a proposed 90,000 SF MOB at 350 Kenwood Avenue in Catonsville, MD.  The $25 million Southwest Physicians Pavilion is fully approved after years of legal battles.  Whalen properties is actively marketing the space but has yet to secure an anchor tenant as of last check.  Proposed rents are $34.95 full service which compares to current average of $25.80 NNN for MOBs in the primary market area. 

Down the road in Annapolis, MD (well, about a 30-minute drive) another large MOB is under construction.  St. John Properties is building a 100,000 SF MOB at 810 Bestgate Road which is located less than one half mile from Anne Arundel Medical Center.  St John Properties has secured a large veterinary practice for the building but still had over 90,000 SF available at last check.  The building is scheduled to complete by mid-2020 so Revista will monitor its progress. 

Mike Hargrave
Mike Hargrave

Other Articles by Mike Hargrave:

    • Lenders to the Medical Office Sector Signaling Caution, Lower Volumes
    • Inflationary Pressures Impacting the Revista MOB Industry Fundamentals Report
    • MOB Transaction Volume Sets Quarterly and Annual Volume Records in 1Q22

Previous Post:Key Health Care Trends That Will Impact Health Care Real Estate Decisions
Next Post:Single Property MOB Cap Rates Creeping Up

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