A county zoning board in western Maryland rejected a real estate developer's application for a zoning variance. The owner of Dan's Mountain Wind Force was planning to build 17 wind-power turbines on Dan's Mountain near Cumberland. After the project was rejected in 2015, the developer filed for a Certificate of Public Convenience and Necessity. On March 7, Allegany County filed an objection to the developer's plan with the state Public Service Commission.
Commercial property developers in Maryland and other states may be affected by fiscal trends that prompt lenders to shy away from more speculative developments. According to news sources, a combination of decreased fossil fuel prices, reduced Chinese growth and other factors have worked together to create a climate that could leave developers unable to secure funding quite as readily.
Maryland investors in commercial properties may be pleased with the results achieved in 2015, a year during which there was great demand accompanied by minimal vacancies. This has caused rental costs to increase, which benefits those owning the types of properties that have been in demand. Unfortunately, there could be a downturn in this industry as financing issues become a serious consideration.
If Morgan Stanley analysts are right, some Maryland investors may be hindered by a year of flat commercial property growth. Others say the forecast, which was released in late February, could also be accompanied by increasing division between different kinds of properties and the types of funding they receive. External events such as fossil fuel price decreases have been known to contribute to reduced sales of certain financial vehicles, like the commercial mortgage-backed bonds that fund around 20 percent of commercial property investments.