Up and down the East Coast, the number of warehouses that have cropped up in a number of regions in recent years has been significant. Now, it seems as though Maryland may join those ranks with a renewed focus on this type of business development, in particular.
One such project may soon get underway in Elkton, Maryland, where a commercial real estate developer recently received approval and financial assistance to take over a warehouse with almost 1.15 million square feet of space, according to a report from the Cecil Whig. The company will receive a loan totaling some $1.2 million from the Maryland Economic Development Assistance and Authority Fund and invest $90 million to improve the site.
What will these efforts mean?
Specifically, the developer hopes that with these renovations it will be effective in attracting e-commerce warehouse projects in the next few years, the report said. It's expected that the project could create as many as 700 full-time, permanent jobs by the end of 2020. It could feature as many as 181 loading docks, and the site itself has more acres of land that could eventually be used to house another warehouse measuring up to 300,000 square feet.
"At more than a million square feet, this is a large facility no matter where you are," Christopher Moyer, Cecil County's director of economic development. "A building that size isn't built to be divided to ten 100,000 square-foot spaces."
Meanwhile, in the Baltimore suburb of Edgewood, a development firm recently purchased 101 acres and plans to build a warehouse measuring some 400,000 square feet, according to a report from the Baltimore Business Journal. The developer - Chesapeake Real Estate Group LLC - has long been involved with industrial development including warehouses, in both Maryland and Pennsylvania. In addition to this future site, the company is also already working on building another 550,000 square feet of warehouse and logistics space in nearby Southeast Baltimore.
"[Chesapeake Real Estate has been] extremely successful in the development and leasing of speculative warehouse and industrial product in Maryland and Pennsylvania by anticipating demand," partner Matt Laraway told the publication.
The potential for increased competition for the best logistics workers among companies in the area, it may be vital that warehouse jobs come with significant offerings including higher salaries and better benefits to attract the best possible employees.