The city of Baltimore has been ranked the 7th Best City to “Ride out the Recession” and the 7th Best City for Job Growth by Forbes and Business Week magazines respectively. Once a major industrial town, with an economic base focused on steel processing, shipping, auto manufacturing, and transportation, the city suffered a deindustrialization which cost residents tens of thousands of low-skill, high-wage jobs. While it retains some industry, Baltimore now has a modern service economy providing a growing financial, business, and health service base for the southern Mid-Atlantic region. Baltimore also offers a great place to raise a family with ample activities such as night life, high-end retail, theme parks, and pro sports venues such as M&T Bank Stadium and the beautiful Oriole Park at Camden Yards.
While the region has a diverse industry base, Greater Baltimore also possesses competitive advantages in expanding areas of the national economy. Collections of industries exist in the region, some of which include: life sciences, healthcare, financial services, information technology/defense and education.
With the consistent expansion of government agencies and government contractors in the Woodlawn area, there has been a growing trend to convert older vacant warehouses into one-story flex and office buildings. Due to its central location along the East Coast, Baltimore has become popular for large industrial users with distribution and warehouse space needs. Maryland’s prime mid-Atlantic location provides access to half of the nation’s population within an overnight drive. Located just minutes from Washington, D.C, the state’s air, highway, port and mass transit systems offer convenient transportation connections to all major U.S markets.
Maryland’s economy continues to outperform the country as a whole. Information technology, telecommunications, and aerospace and defense are leading forces behind Maryland’s economic growth. In the biotechnology area, Maryland is a strong leader and is at the center in the mapping of the human genome and commercial applications that result from its research.
Industrial users will continue to look for ideal locations to both Baltimore and Washington, D.C. Baltimore is within a one-day drive to more than 35% of the major retail markets in the United States. Baltimore’s port access along the East Coast also plays a factor in the health of the market. Although construction costs are significantly rising, Baltimore’s industrial market has other factors keeping it strong.
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