Willowbrook Valuation has extensive experience working with commercial real estate clients throughout the mid-Atlantic region, and one of our principals lives right in Baltimore.
Back in February, we posted a blog focusing on the hottest activity in the eastern Baltimore County area. This time, let’s head to the west end of the Baltimore Beltway and explore the latest developments in Owings Mills, MD.
Life in Western Baltimore County
Western Baltimore County, and Owings Mills more specifically, is known as a business hub for professionals and commuters alike. The easy access to the town through I-795 has made it the perfect location for companies such as T. Rowe Price and Maryland Public Television. A median income of $41,062 illustrates that the population of around 35,000 individuals is suited for a solid mixture of homeownership and multi-family leasing.
A Resurgence of Commercial Real Estate Opportunities in Owings Mills, MD
While there isn’t a “Main Street” in Owings Mills, residents view Reisterstown Road is the primary road use to navigate throughout the town. As such, the entire road (and its side streets) is lined with all types of businesses, including restaurants, department stores, gyms, and more. If a specific type of retail store exists, you are bound to find it along Reisterstown Road. Even still, investor sentiment has only recently swung in favor of the town. Throughout the 2010s the slow degradation and ultimate closure of the Owings Mills Mall, located just off Reisterstown Rd, signaled that perhaps other locations throughout the Baltimore County area have more potential for commercial real estate opportunities. However, the 2016 opening and subsequent success of Foundry Row, a former factory revitalized for retail usage, forecasted major potential for the area.
From there, the complete renovation and rebranding of the Owings Mills Mall as Mill Station has breathed new life into the retail aspect of the area. After reopening in 2019, Mill Station and surrounding retail spaces like Metro Centre have become fixtures in the Western Baltimore County shopping space. We forecast that the early success of these projects will continue to redefine the area and trigger more interest in the revitalization of commercial spaces in Owings Mills as the population of the town continues to grow.
Partner with Willowbrook Valuation & Advisory Services for Expert Investment Assistance
At Willowbrook Valuation & Advisory Services, we are a leader in trusted insight, cutting-edge innovation and customer service. We offer exceptional litigation support to assist clients with insurance valuation, arbitration and consulting, property tax services, and expert testimony. To learn more about our valuation, counseling, or litigation services, please contact us at (202) 919-3888.