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Glen Burnie

Demand Analysis
Johns Hopkins University
Real Estate Market Analysis

Glen Burnie Overview


Located directly south of Baltimore City in
Anne Arundel County
Adjacent or close to several major
employers, such as:
BWI Airport
Fort Meade & the NSA
State Government in Annapolis
Anne Arundel Medical Center

Often aligned with Baltimore City market


trends, as opposed to Anne Arundel
County

2012 NAICS Value of Revenue

2012 NAICS # of Employees

Retail Concentration

As shown in the 2012 NAICS data, retail is the leading industry in Glen Burnie in terms of
revenue, followed only distantly by health care. It is also a leading employer.

Glen Burnie Retail Market


Glen Burnie is part of the Route 2 Corridor
retail market according to Mackenzie
commercial. (Includes: Pasadena,
Arnold and Severna Park)
Much of the existing retail is concentrated
along Route 2 (Ritchie Highway)

Source: CoStar

Glen Burnie Retail Market


(contd)
In close proximity to other markets with
very high end retail, though there is
little high-end retail in Glen Burnie:
Arundel Mills Mall (Hanover)
Waugh Chapel Towne Center (Waugh
Chapel/Gambrills)
Annapolis
Marley Station (Glen Burnie)
Traditional mall, anchored by Macys, JCPenney &
a data center

Waugh Chapel Towne Center (Waugh Chapel)


Open air avenue, anchored by Wegmans,
Target & Regal Cinemas

Retail Market Segment Grocery Stores


Glen Burnie remains a lower tier/lower income per
household market.
The middle to upper-tier grocery stores appear to be
concentrated at the southern end of the corridor,
near the higher income households of Anne
Arundel County.
Weis recently bought 5 Mars and 38 Food Lion
locations, but chose not to purchase either of the
Glen Burnie area locations (they already have a
location in Pasadena).

Retail Market Segment Grocery Stores (cont)


The Glen Burnie/Route 2 Corridor (North) is
physically constrained and there is limited
opportunity for new development without
razing existing structures/properties

Harris Teeter signed a lease to


anchor the Magothy Gateway Center

Most of the new development appears to be


taking place to the south in the less
congested, more affluent areas.
Existing tenants will likely need to renovate to
keep up with the evolving market;
therefore, value-add plays and
recycling/redevelopment during the
recovery period may afford higher rents
for existing tenants/landlords going
forward.

Giant recently closed to undergo renovations as


part of a center wide facelift (June 16)

Retail Revitalization
Route 2 (Ritchie Highway) is relatively built
out
Anne Arundel County has designated this
corridor as a Community Revitalization
District. The revitalization districts offer
flexibility of use and tax incentives to
encourage redevelopment of older and
vacant commercial areas.

Revitalization Districts CDEFK

Retail Supply
According to CoStar, the Route 2 Corridor
ranks 4th amongst the Baltimore retail
markets in terms of total retail space
(12,421,110SF)

For a total population of 152,897 and total


retail area of 12,421,110 sq, the retail
space per capita is equal to 81.23 sq.
compared to 50 sq/capita for the
national average.

Market

Total GLA (Q2 2016)

Baltimore County
East

17,457,169 SF

Southern Anne
Arundel County

13,301,162 SF

Baltimore City
East

13,211,959 SF

Route 2 Corridor

12,421,110 SF

Harford County

12,184,202 SF

Source: CoStar

Declining Vacancy & Little


Construction

90,000 SF Under Construction


Magothy Gateway

14,000 SF Delivered in past two quarters


Source: CoStar

Rite Aid

Retail Statistics Mid Year 2016 Baltimore

Route 2 Corridor Statistics - Mid


Year 2016

Rents increase the further south you go


(closer to Annapolis)
Low vacancy rates

Route 2 Corridor Retail Asking


Rents
Rents steeply increased in 2013
and promptly decreased 2014

For the past two years, rents have


hovered around $17/SF

Source: CoStar

Absorption & Vacancy Rates


Q1 - 2016

Q2- 2016

Notable Transactions
LEASE
574 Ritchie Hwy - Firehouse Subs

SALES
6711 Ritchie Hwy sold for $15M in March
2016. This transaction was a bank sale
and the centre is now being renovated

Market Fundamentals - Anne


Arundel
The Anne Arundel County
Economic Development Corporation paints a rosy picture
of market fundamentals in the county.

Market Fundamentals - Glen


Burnie
Glen Burnie is less affluent than the county and state on average.

Market Fundamentals - Glen


Burnie
The AAEDCs data was in line with the 2014 American Community
Survey

Population 2010-2014

Household 2010-2014

Source: American Community Survey, Glen Burnie CDP

Median Income 2010-2014

Population & Household Growth


The Total population according to the U.S Census of 2010 is 67,639 with
26,611 households. A 74% percent increase from 2000.
Median Household income as of 2014 is estimated at $62,447.
19% of the population hold a Bachelors degree or higher compared to
27.7% for Baltimore.

Breakdown of spending
Using data from the bureau of labor and statistics for the Baltimore
Metropolitan area, housing with 34.9% account for the largest portion of
spending, followed by transportation , personal insurance and pensions
and then food spending accounting for 11.4%.

Where is Glen Burnie in the


Market Cycle?