Baltimore Area’s Biggest Supermarket Chain Gets Even Bigger
- Jul 15, 2015
Giant Food is expanding its presence in the Greater Baltimore area. The Landover-based supermarket chain plans to open a new location in the region later this year and has selected Odenton as the home of its newest store.
The Baltimore Sun reported that Giant Food has signed a lease for more than 60,000 square feet of space at the Odenton Shopping Center. Work on the new supermarket is already underway. When it opens, later this year, Giant Food’s new facility will join existing tenants such as Dollar Tree, Five Guys, Advanced Auto Parts and the US Post Office.
Pete Federowicz, COO of Rockville-based Nellis Corp., the owner of the shopping center, said in an announcement released on Monday that the addition of Giant Food will provide “a much-needed, high-quality grocery store to the Odenton market.” The new supermarket will also include a pharmacy.
According to CBRE’s latest market report, the Baltimore metro area has seen an uptick in retail activity in the first half of the year. The region registered an increase of 3.1 percent in retail employment over the year ending in April 2015, adding an 9,700 jobs, to reach 325,000 employees.
About 84,000 square feet of space were absorbed in the second quarter of 2015 on a net basis. However, the area’s overall vacancy rate remained flat at 6.2 percent. This is a result of the significant amount of store openings in buildings that were delivered in Q2. Meanwhile, rental rates have remained relatively consistent within the retail market. Annapolis, Columbia and Towson are the submarkets with the highest average rents, about $21.61 per square foot of Class A space.
Charts courtesy of CBRE