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Baltimore Market Reports

Baltimore Office Market

Average Asking Rent (Price/SF) $23.41
Vacancy Rate (%) 12.7%
Net Absorption (SF) 25,792

The Baltimore metro area's office market saw strong fundamentals continue through the first quarter of 2018, with steady vacancy and rising asking rents. Absorption for the first quarter measured 25,792 square feet, marking the fifth consecutive quarter of positive absorption recorded in metro Baltimore. However, the first quarter of 2018 also marked the first time in a year that net absorption for metro Baltimore dropped below the 100,000-square-foot threshold. Asking rents rose by $0.08/SF over the quarter to $23.41/SF, the highest figure recorded in metro Baltimore in the past five years. Asking rents have increased by $0.59/SF since the first quarter of 2017, demonstrating sturdy demand for metro Baltimore's office product. Overall vacancy for Baltimore's office market at first-quarter 2018 was 12.7%, identical to last quarter's total yet 30 basis points lower than one year ago, when overall vacancy measured 13.0%. Notably, Baltimore's vacancy rate has remained below 13.0% over the past four quarters, even as 624,256 square feet of new space delivered to market during that timeframe.

Baltimore Industrial Market

Average Asking Rent (Price/SF)
Vacancy Rate (%)                      9.2%
Net Absorption (SF)                 -47,073

Baltimore's industrial market experienced uneven fundamentals during the first quarter of 2018, as vacancy remained steady, while rents edged lower. The Baltimore industrial market registered net absorption of negative 47,073 square feet during the first quarter. The overall vacancy rate was unchanged from the previous quarter at 9.2% but declined 20 basis points from 9.4% one year ago. The average triple net asking rental rate fell from $5.23/SF in the fourth quarter of 2017 to $4.98/SF during the first quarter of 2018.

Baltimore Office Market Report
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Baltimore Industrial Market Report
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