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X-Team is a national network comprised of retail brokerage offices with local market experts in over 45 major markets throughout the United States.
X-Team's mission is to provide the highest quality, consistent service for retailers nationwide with retail brokers whose integrity and experience are unsurpassed.
Green Light Retail Real Estate Services shared in the formation of this progressive networking concept which transpired in 2001.
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MARKET:
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Washington, DC – Baltimore, MD
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EST. POPULATION (MSA):
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Population: 8,000,000 (2008 estimated)
Number of Household: 3,000,000 (2008 estimated)
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INTRODUCTION:
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The Washington-Baltimore MSA is among the strongest in the USA. Until the late 1960’s Washington DC and Baltimore were considered separate markets. However, the explosive growth of the 1970’s and 1980’s fueled an economic expansion of office, residential and retail growth that has permanently connected the markets. Today, most retailers looking to either set up shop in the market or expand their existing program view the markets as one. Common media sources (print, radio and television), the I-95 commuter corridor and the unprecedented expansion of the housing market have blurred the geographic lines between Washington and Baltimore.
The MSA can be measured at almost 100 miles from end to end. The market includes 17 counties, several independent jurisdictions and two large cities. In all, the market includes almost 8,000,000 people with median household incomes of $73,000 and average household incomes of $84,000 (2006 dollars). Today, there are few domestic retailers or developers that do not have the Washington-Baltimore market at or near the top of the expansion/opportunity list.
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TRADE AREAS:
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The Washington-Baltimore market can be divided into multiple trade areas. Depending on the retailers’ polygon trade areas there are no less than 25 to 30 distinct regional trade areas with populations in excess of 250,000 people. In addition, there are 38 enclosed regional malls in the market and 15 open air centers that can be defined as “town centers”. The market includes developments and market areas that are renowned nationally and internationally. Some of the best known trade areas or projects include: Tysons Corner, Reston Town Center, Georgetown, Chevy Chase, Rockville Pike, Towson Circle, York Road, Annapolis, Columbia, Old Town Alexandria, The Inner Harbor and Fair Oaks.
The closer in suburbs were the growth markets of the late 20th century and helped fuel retailers’ enthusiasm for the overall market. Retailer successes and continuing residential expansion into the exurbs have helped push retail demand to the edges of the MSA. New sub-markets that have welcomed retail expansion in the early stages of the 21st century include: Fredericksburg, Loudoun County, Leesburg, Gainesville, Charles Town, Harford County, Eldersburg, and Lexington Park.
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# OF REGIONAL RETAIL DEVELOPMENTS
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38 enclosed malls / 15 open air town centers
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MARKET DIVERSITY:
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The Washington-Baltimore market is among the most diverse retail markets in the world. Each regional and local trade area is composed of distinct, unique characteristics. Consider the following market facts:
ü The market includes four of the most affluent counties in the USA: Howard County (MD), Montgomery County (MD), Fairfax County (VA) and Loudoun County (VA).
ü The market ranks among the top five USA markets in both Hispanic and Asian population.
ü The market is home to the most affluent African-American population and trade areas in the USA.
ü The market boasts the highest ratio of population to college/post graduate degrees in the USA (66.8 %).
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MAJOR EMPLOYERS:
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The Washington-Baltimore market enjoys one of the lowest unemployment rates in the USA. The market’s stable economy is due to the nature of its employment base. The federal government is the primary employer in the market. Federal jobs, local federal spending and private sector jobs reliant upon federal contracts create the foundation for the local economy.
Tourism is the area’s second largest industry. Visits to the market by American citizens, foreigners on holiday and persons traveling to the area to do business with the federal government have created a balanced tourism trade.
In addition, major private sector employers such as Lockheed Martin, IBM, Marriott, Fannie Mae, Microsoft, Time-Warner/AOL, and Gannett are either headquartered or have a major presence in the Washington-Baltimore market.
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