News Article

Ace Logistics takes 141,000 s.f. in Middle River


(5/3/2010) Baltimore County distributor Ace Logistics has leased more than 141,000 square feet at a business park near Martin State Airport in Middle River.

The company plans to move down the street from 103 to 670 Chesapeake Park Plaza, according to the Baltimore office of Cushman & Wakefield, the real estate brokerage that announced the lease deal Monday. It is not clear whether Ace, which offers warehousing, packaging and distribution services to its clients, plans to hire additional workers to fill the larger space.

Representatives of Ace and Cushman & Wakefield could not be reached for comment.

Ace’s lease deal is another step forward for an industrial market creeping out of the recession that gripped much of 2008 and all of 2009. About 12.3 percent of the region’s industrial space is on the market, according to a first-quarter 2010 report released by Cushman & Wakefield on April 30. That is the second straight quarter in which the market’s vacancy rate improved.

The difference between the amount of industrial space leased and the amount vacated during the first quarter was more than 410,000 square feet — also the second straight current in which that figure improved. Meanwhile, the report also found that the going rate for flexible and warehouse space fell during the first quarter to $10.75 per square foot and $5.00 per square foot, respectively.

While lease deals for existing space are expected to continue, construction of new industrial space in the Baltimore area is not until the economy’s recovery is sustained.

By Scott Graham, Staff

© 2010 American City Business Journals, Inc. and its licensors.

Link to the article: Ace Logistics takes 141,000 s.f. in Middle River

Source: Baltimore Business Journal