Towson Market 'Lags' But Optimism Remains: Commercial Forecast

TOWSON, MD - The Towson Row project may be at a standstill, but that does not stop commercial real estate experts from predicting it will be a boon for the area.

In its latest quarterly real estate report, MacKenzie Commercial said that the current conditions were less than ideal in Towson. However, its forecast was for a turnaround.

"The Towson market continues to lag behind other submarkets in the I-83 north corridor," stated the report, issued Tuesday. "While the beltway buildings are leasing up at rates favorable to landlords, the Towson core struggles to attract new tenants from other areas."

According to the experts at MacKenzie: "That trend could change in the next year with Greenberg Gibbons announcing a new partnership with Caves Valley Partners to formally develop the Towson Row project. New housing and retail normally pave the way for office users looking to live, work, and play without driving to work."

• New Towson Row Development Partner Announced

The Towson Row project - which will include a central plaza area, office space, student housing, luxury residences and hotel - came to a halt in late 2016 when developers at the site hit rock that was not accounted for in the plans.

The proposal now includes an above-ground parking garage with a reduced number of spaces (rather than an underground garage), as well as fewer apartments, more hotel rooms and more retail/restaurant/grocery space, based on plan revisions submitted June 28 to Baltimore County for review.

Developer Caves Valley Partners announced in May that it would work on the office part of the project, while Greenberg Gibbons would handle the residential and retail components.

"On a good note, 1 W. Pennsylvania Avenue has landed Black & Decker and Rosen, Sapperstein, and Freidlander to the building," MacKenzie said in its market report for the second quarter of 2017. "We remain cautiously optimistic that the future of the Towson Core is bright with the updated development plans for Towson Row."

Photo of the Towson Row site on July 13 by Elizabeth Janney.