Peering into the Future: Currwood Logistics Park and the 2024 Industrial Real Estate Landscape
On October 18, MCB had the privilege of hosting over 30 of the region’s leading brokers during the Cushman & Wakefield I-81 South, Appalachian Trail Property Tour. Energy was high as these industry experts explored the newest offerings in the I-81 South industrial market. We extended a warm welcome to our latest ground-up industrial development, Currwood Logistics Park in Hagerstown, MD. Notably, this visit not only highlighted Currwood’s impressive 1.5 million square feet of space and meticulous design but also provided an exclusive glimpse into the user expectations poised to define the industrial real estate landscape in 2024.
After hitting record levels, new construction deliveries are slowing nationally, net absorption across the market continues to be positive, and vacancy levels continue to normalize, according to Cushman & Wakefield. Brokers view this as an opportune time for tenants to secure their current and future space needs. During the visit, experts unanimously confirmed a notable trend in the market. Companies continue to upgrade from smaller, outdated industrial real estate facilities to newer, larger, more efficient warehouses.
MCB’s Vice President of Development Chuck McMahon, who has been spearheading the development of Currwood, says what came up most was that the Currwood Logistics Park location, access, design and quality is superior to other market options. “This is the brightest, most modern space we’ve seen” remarked one broker. Overall, this site visit provided invaluable insights into the state-of-the-art warehouse project. Beyond its sheer scale, Currwood Logistics Park embodies key trends that are shaping the industry’s future.
Strategic Location: The market is demanding strategic locations that serve as hubs for efficient distribution networks.
Currwood Logistics Park’s position at the crossroads of the I-81 and I-70 interstate highway system, complemented by a newly built signalized approach road, fulfills this need. Its proximity to FedEx and UPS Ground hubs further underlines its exceptional location.
Operating Efficiency: Tenants are seeking spaces that are optimized for operational efficiency.
Currwood integrates high-efficiency lighting, advanced heating systems, and state-of-the-art building envelope construction to promise lower overall operating costs. The infrastructure is designed to accommodate high-volume product handling with generous truck court dimensions, abundant dock positions, and dedicated trailer parking.
Labor Market Advantage: Businesses are increasingly prioritizing access to a skilled and readily available labor force.
Currwood offers a strategic edge in labor accessibility, positioned along a local bus transit line and minutes away from a prime labor force population. Nearby amenities and proximity to Hagerstown Community College further enhance its appeal for both employees and employers.
Innovative Design: The market is calling for spaces that are not only efficient but also adaptable to evolving needs.
Currwood Logistics Park’s design prioritizes efficiency and adaptability. From the expandable building layouts to modern ESFR sprinkler systems, heavy power infrastructure, and high-strength floor slabs, every aspect has been meticulously planned to meet the evolving demands of modern industry. The buildings’ are equipped to support rooftop solar electric arrays, vehicle charging stations and other sustainability features.
Business-Friendly Environment: Enterprises are seeking locations that offer favorable economic conditions.
Currwood is located within a Maryland Enterprise Zone, offering compelling incentives such as a ten-year property tax abatement and job creation tax credits. This solidifies its status as a prime destination for forward-looking enterprises.
Currwood Logistics Park stands as a beacon, showcasing not only the present state of industrial real estate but also a glimpse into its future. This visit provided a firsthand look at the trends and user expectations that are set to define the industrial real estate landscape in 2024. With a blend of strategic location, operational efficiency, labor market accessibility, innovative design, and a business-friendly environment, it exemplifies the trends that are shaping the industry’s trajectory. As businesses seek to thrive in this ever-evolving landscape, Currwood offers not just a location, but a strategic advantage. With Currwood Logistics Park, MCB introduces the latest addition to its thriving 2 million square-foot industrial portfolio.