St. John Properties Initiates Construction on More Than 320,000 Square Feet of Speculative Office Space in MD and VA
BALTIMORE, MD (March 19, 2013) – St. John Properties, Inc. has initiated construction activities on more than 320,000 square feet of commercial office space spanning an area from Aberdeen Proving Ground (APG) in Harford County, Maryland to Ashburn Technology Park, located in Loudoun County in Northern Virginia. Configured as a mix of single-story R&D/flex, single-story office, and multi-story commercial office product, the five new buildings are being built on a speculative basis with no pre-leasing commitments.
“Despite persistent reports of economic uncertainty, general business indecision and a perceived slowdown in leasing activity, we see pockets of tremendous opportunity and sustained growth in select submarkets in the Maryland and Northern Virginia marketplace,” stated Jerry Wit, Senior Vice President, Marketing for St. John Properties. “Our company is taking full advantage of the retrenched posture of many commercial office developers who have adopted a wait-and-see approach to new construction. We intend to remain several steps ahead of the leasing momentum that we believe will continue throughout the region, in an effort to immediately respond to our customers’ space requirements.”
“The residential housing market is showing signs of a rebound in the Baltimore-Washington, D.C.-Northern Virginia area, which typically translates to positive economic growth,” Wit added. “Together with the economic driver of cyber-security initiatives, we are extremely bullish about new leasing activity in 2013.”
About St. John Properties
St. John Properties, Inc., founded in 1971 as MIE Properties, owns and has developed nearly 15 million square feet of R&D/flex, warehouse, office and retail space in Maryland, Colorado, Louisiana, Virginia and Wisconsin. For more information about the company, visit sjp.mu9b0uf9-liquidwebsites.com.
For more information, contact:
Al Cunniff, Director of Marketing, St. John Properties, Inc.