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Baltimore Market Reports

Baltimore Office Market

Average Asking Rent (Price/SF) $23.29
Vacancy Rate (%) 12.4%
Net Absorption (SF) 165,820

The Baltimore metro area's office market saw vacancy decline and asking rents rise through year-end 2017, with stable fundamentals relative to previous quarters. Absorption for the fourth quarter of 2017 totaled 165,820 square feet, marking the fourth consecutive quarter where absorption totaled 100,000 square feet or more in metro Baltimore. Absorption at year-end 2017 measured 1.1 million square feet, making for three out of the past four years with over 1 million square feet of absorption. Asking rents rose by $0.22/SF over the quarter to $23.29/SF. Over the past year, asking rents have increased 2.6%, demonstrating strong demand for office product. Overall vacancy for Baltimore's office market at fourth-quarter 2017 was 12.4%, identical to last quarter's total yet 90 basis points lower than one year ago, when overall vacancy measured 13.3% for metro Baltimore. Notably, the vacancy rate declined as 845,976 square feet of new space delivered to market during 2017, including 197,396 square feet of space delivering during the fourth quarter.

Baltimore Industrial Market

Average Asking Rent (Price/SF)
Vacancy Rate (%)                      9.1%
Net Absorption (SF)                -842,113

Baltimore's industrial market took a breather in the fourth quarter yet finished the year well ahead of last year. Through fourth-quarter 2017 key market metrics performed as follows: The overall vacancy rate ended fourth-quarter 2017 at 9.1%, an increase of 70 basis points from 8.4%, last quarter, but declined from 9.4% one year ago. The Baltimore industrial market registered net absorption of negative 842,113 square feet during the fourth quarter, bringing the year-to-date absorption total for metro Baltimore to 2.0 million square feet. This compares favorably to 2016, when the market absorbed 2.4 million square feet. The average triple net asking rental rate fell from $5.36/SF in the third quarter to $5.23/SF during the fourth quarter. However, this represents an increase of $0.06/SF, or 1.0%, over the year.

Baltimore Office Market Report
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Baltimore Industrial Market Report
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