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Baltimore Market Reports

Baltimore Office Market

Average Asking Rent (Price/SF) $23.77
Vacancy Rate (%) 13.2%
Net Absorption (SF) 66,929

The Baltimore metro office market exhibited softening office leasing metrics to open 2020, with modestly positive net absorption, a slight downtick in asking rents, and limited leasing activity.  Baltimore registered 66,929 square feet of positive net absorption during the first quarter, up from 27,647 square feet during the fourth quarter of 2019, but down from 151,462 in the first quarter of 2019. The overall vacancy rate for Baltimore's office market was 13.2% at the end of the first quarter, up 30 basis points from one year ago. Leasing activity will likely slow in the near term, driving vacancy higher as tenants remain cautious amid economic turmoil related to the COVID-19 outbreak.

Baltimore Industrial Market

Average Asking Rent (Price/SF)
                     $5.23
Vacancy Rate (%)                        8.0%
Net Absorption (SF)               2,059,688

Baltimore's industrial market fundamentals stayed strong during the first quarter of 2020, with positive net absorption and rising rental rates. Although vacancy ticked up slightly from the fourth quarter, the result of three buildings delivering vacant to the market, it remained steady from the first quarter last year. Average asking rental rates are 10.3% higher than a year ago. The Baltimore industrial market registered 2,059,688 square feet of net absorption during the first quarter. In March, the COVID-19 pandemic brought disruption to the market but also opportunity, as online shopping accelerated and modern distribution space is increasingly in demand.



Baltimore Office Market Report
1Q20
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Baltimore Industrial Market Report
1Q20
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Baltimore Multifamily Market Report
4Q19
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Opportunity Zones in the Mid-Atlantic
March 2019
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