Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/122387
O N T H E G R O U N D : B a lT i m O R E a city that's hungry for more retail Baltimore Colts star Gino Marchetti opened a chain of restaurants in the 1970s called Gino's, which grew to about 400 units before failing. Gino's is being revived now as Gino's Burgers & Chicken, the first unit of which opened in Townsend, Md. There are now four of these in the Baltimore metro area, and this, some say, is representative of the strength of the mid-Atlantic corridor. Developers opened about 914,500 square feet of new retail space in Baltimore last year and expect to open some 450,950 more in 2013. Cinema and high-price-point restaurants," said Fidler. "Townsend Town Center has a new high-end wing, with Vera Wang, Crate & Barrel and Burberry. On the east side of Baltimore, Canton Crossing will be anchored by Target and Harris Teeter, while in the Maryland suburbs, three projects are going up: in Bel Air, with the new prototype JCPenney; at Foundry Row, in and at Waugh Chapel South, anchored by including Corner Bakery, LongHorn SteakThis is a dynamic region for casual din- crombie & Fitch, Aeropostale, Landmark Owings Mills, that will boast a Wegmans; Other eateries are expanding there too, house and Panera Bread. "Our biggest growth story is Harbor East, in downtown Baltimore — with Aber- percent, down from 7.3 percent in fourthquarter 2012. This sent the region's rents a Target, Wegmans and Regal Cinema." The supermarket chains have been ing these days, according to Thomas Fidler, a higher, and the year started out with an rushing in to the new centers, says principal of MacKenzie Retail, in Lutherville, average rate of $20.48 per square foot, Bach. "Wegmans is now on their fourth Md., who points to the presence of the likes according to Bach. Maryland rates vary or fifth store," he said, "Wal-Mart has of Chipotle, Joe's Crab Shack and Mission widely: from $35.15 per square foot in Co- been upgrading to Supercenters; Harris BBQ. But good space takes some work to find, lumbia down to $12.52 in Mount Airy. The Teeter, a relative newcomer, now has a because the Baltimore metro retail market 'C' markets remain soft, despite the expan- half-dozen stores, ShopRite is making a has tightened up over the past few years. sions of such discounters as Big Lots, Fam- move, and Weis Markets has done one- "Demand continues to outpace supply," said ily Dollar, Dollar General and Dollar Tree, he off deals." Jeffrey Bach, a first vice president in Retail Ser- says, but in the 'A' and 'B' markets things vices with CBRE in Baltimore. This could ease, have hardened. though, if new centers and expansion projects There is a great deal of retail construction But as long as the Baltimore market remains tight, Fidler is among those who are cold-calling tenants in key locations happening, though, and much more of that is looking to buy out leases. "It's tough likely for the near future. Some 914,500 finding good 'A'-plus locations," Fidler came to about 897,600 square feet last square feet was delivered last year, and this said. "In addition, we are running thin on year, according to CBRE, and at the start year kicked off with 10 projects in the pipeline, raw, commercially zoned, public-service- of this year the vacancy rate stood at 6.6 totaling 450,950 square feet in the aggregate. utility land." continue to get the green light, observers say. Net absorption for the Baltimore area 252 SC T / M A y 2 01 3 — Steve Bergsman