Commercial leasing activity in Frederick County turned in a strong third quarter of 2026, with 741,391 square feet leased in 38 transactions, according to CoStar data.

But, as is often the case with quarterly statistics, the headline number doesn’t tell the whole story.

One transaction accounted for more than half of all the space leased during the quarter: a 402,254-square-foot industrial lease at Frederick Commerce Center on Gas House Pike. And among the five largest transactions were two substantial retail leases associated with one of Frederick’s most closely watched new developments — Frederick Brickworks.

Here are the top five.

1. Frederick Commerce Center — 402,254 SF

By a very wide margin, the quarter’s largest transaction was the lease of 402,254 square feet at Frederick Commerce Center, 9051 Gas House Pike. The lease was signed September 21, although the tenant’s name has not been announced in CoStar reporting.

This is a significant industrial transaction for Frederick County.

Frederick Commerce Center is a 686,577-square-foot warehouse on approximately 55 acres adjacent to Frederick Municipal Airport. The 402,254 square feet had been marketed in two sections of 254,071 and 148,183 square feet.

The modern distribution building offers 36-foot clear heights, 70 dock doors, two drive-in doors, 364 automobile parking spaces and 134 trailer spaces.

Assuming the CoStar transaction reflects all of the previously marketed space, this one transaction appears to have leased the building’s entire remaining 402,254-square-foot availability.

And its impact on the quarterly statistics is enormous. This single lease represents about 54% of all the square footage leased in Frederick County during the third quarter.

2. Senneca Holdings — 67,040 SF

The second-largest transaction was Senneca Holdings’ 67,040-square-foot industrial lease at Stanford Trading Center III, 4780 Winchester Boulevard.

Senneca Holdings manufactures specialty doors and related products for commercial and industrial facilities. Its brands supply everything from cold-storage doors and industrial curtains to aviation hangar doors and data-center containment systems.

CoStar reports the lease as signed July 21.

The information provided for the transaction shows Senneca leasing the entire 67,040 square feet, with a future move-in scheduled for December.

Although considerably smaller than the Frederick Commerce Center transaction, a 67,000-square-foot industrial lease remains a meaningful commitment to warehouse and industrial space in the Frederick market.

3. Whole Foods Market — 35,000 SF

The third-largest lease wasn’t industrial at all.

Whole Foods Market signed for 35,000 square feet at Frederick Brickworks, the major mixed-use redevelopment underway along East South Street near Downtown Frederick. CoStar records the transaction as signed July 15 and correctly categorizes the use as retail.

The announcement coincided with Greenberg Gibbons’ July groundbreaking for the $450+ million, 65-acre Frederick Brickworks development.

The project is planned to include approximately 100,000 square feet of retail and service uses, along with residential development. Its location is particularly noteworthy — four blocks from Historic Downtown Frederick and one block from the Frederick MARC station.

4. Sterling Computers Corp.— 32,000 SF

The fourth-largest transaction was a 32,000-square-foot industrial lease at 4931 Executive Court South, part of Center 85 at Westview South, signed July 14^th and a move was schedule for October 1^st.

Sterling is described as an elite award-winning IT solutions provider and value-added reseller serving the federal government, public sector, and commercial businesses. It is certified as a woman-owned small business based out of North Sioux City, South Dakota.

5. Club Studio — 30,000 SF

Rounding out the top five is another Frederick Brickworks transaction.

Club Studio signed a 30,000-square-foot lease on August 17, giving Brickworks its second major retail commitment among the quarter’s five largest leases.

Club Studio combines a traditional fitness club with boutique fitness and wellness concepts, including strength training, boxing, cycling, hot yoga, Pilates and recovery services. Frederick will be its second Maryland location. The company will join Whole Foods as a co-anchor of Brickworks.

What Do the Numbers Tell Us?

At first glance, 741,391 square feet of leasing in a single quarter sounds like extraordinarily broad-based activity. Digging into the individual transactions provides a more nuanced picture.

The 402,254-square-foot Frederick Commerce Center deal alone accounted for roughly 54% of all square footage leased.

The top five transactions accounted for approximately 76%.

And the remaining 33 transactions collectively accounted for about 175,000 square feet.

That doesn’t diminish the strength of the quarter. In fact, the Frederick Commerce Center transaction is important precisely because attracting a user requiring more than 400,000 square feet demonstrates that Frederick can compete for industrial requirements of a scale that don’t come along very often in this market.

At the same time, the Whole Foods and Club Studio transactions tell a different story. Together, they account for 65,000 square feet at Frederick Brickworks and provide two major anchors for a project that is transforming a former industrial property at one of the gateways to Downtown Frederick. Greenberg Gibbons says the first phase is expected to include 332 apartments and 320 for-sale townhomes in addition to the retail component, with completion anticipated in 2028.

So perhaps the most interesting takeaway from the third quarter isn’t simply the 741,391 square feet.

It’s the diversity behind the number.

One of Frederick County’s largest modern industrial buildings appears to have landed a very substantial tenant. Another 99,000 square feet among the top five went to Senneca Holdings and an IT-related government contractor. And two of the county’s largest retail commitments moved Frederick Brickworks another step closer to becoming reality.

For a market the size of Frederick County, that’s a lot of leasing activity packed into three months.

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Rocky Mackintosh, Broker of MacRo, LTD has been advising regional landowners, investors, and institutions for over 50 years. He has been an active member of the Frederick community for over five decades and has served on a number of community organization boards, including as a member of the Frederick County Charter Board from 2010 to 2012.  Learn about his recent affiliation with Mackintosh, Inc., Commercial Real Estate.