we're back

In case you haven't noticed, we took some time away from the blog. What can we say, we've been very busy.

Since our last post, Mayor Dixon has announced the Pratt Street Initiative, and progress is already being made (more on that in a later post).

What else...?

The Downtown circulator service we worked to create will begin late in the summer. There was a contest to name the shuttle system and the winner will be announced in a few weeks.

We've also resolved dozens of issues, some big, some small, that are important to our members and Downtown property owners, we celebrated Kids Month and Downtown for the Holidays, advocated for improvements to the Historic Tax Credit, ate our way through the second annual Winter Restaurant Week, and hosted several networking events.

And there's more on tap. Stay tuned to this space for upcoming news about our new website design, the launch of a new media service, springtime events, and the release of the State of Downtown Report.

-Mike Evitts

downtown rental market

the zenith - one of downtown's newest appartment buildings (photo by mitro hood)

The national housing slowdown hasn't hurt residential growth here in Downtown. We gained roughly 1,000 new residents last year, and we predict that number will grow this year.

Demand for apartments, in particular, is very strong. Many buildings are currently 100% leased, and new properties just hitting the market are leasing fast.

According to an article by Aaron Cahall in today's Baltimore Examiner, last month 148 rentals listed through a multiple listing service were leased - up 180% over June of 2007.

This makes sense. Typically, rentals increase when it's tough going in the "for sale" market. Like squeezing a balloon, if things tighten on one end, they'll expand on the other.

We anticipate demand to continue to be strong and are keeping our eye on the supply of apartments. With existing buildings close to full occupancy there should to be new properties hitting the market. But, as we document in our 2007 / 2008 State of Downtown Report, there isn't a lot of new housing construction in the pipeline right now.

-Mike Evitts