Despite the pandemic, the Baltimore industrial market continued to dominate, with more than 3.4 million sq. ft. of leasing activity in Q3 2020. This is a 36% increase over the previous quarter and a 6% increase from Q3 2019.
Amazon executed its second 1 million sq. ft. lease in Hagerstown, increasing its presence in Washington County by more than 2 million sq. ft. in the past three months. Additionally, Penguin Random House expanded its footprint in Carroll County, leasing more than 1 million sq. ft. at 630 Hanover Pike.
Construction activity remains robust as developers continue to have immense confidence in the local market. Year-to-date, more than 3.2 million sq. ft. of industrial product delivered to the Baltimore market.