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Baltimore Market Reports

Baltimore Office Market

Average Asking Rent (Price/SF) $23.56
Vacancy Rate (%) 12.9%
Net Absorption (SF) 46,320

Baltimore's office market experienced 46,320 square feet of positive net absorption in first-quarter 2019, after posting 209,734 square feet of absorption in fourth-quarter 2018. Asking rents dipped slightly for the second consecutive quarter to $23.56/SF. Prior to fourth-quarter 2018, rents in the Baltimore office market had ticked up in each quarter from second-quarter 2015 to third-quarter 2018. Over the past 24 months, asking rents have increased by 3.2%. Overall vacancy for Baltimore's office market registered 12.9% at the end of the first quarter, up 50 basis points from one year ago as new product methodically reaches the market.

Baltimore Industrial Market

Average Asking Rent (Price/SF)
Vacancy Rate (%)                       7.8%
Net Absorption (SF)                 885,572

The Baltimore industrial market registered 885,572 square feet of net absorption during the first quarter, the fourth consecutive quarter with positive absorption exceeding 300,000 square feet. The overall vacancy rate declined 50 basis points during the quarter to 7.8%, which is 120 basis points lower than it was one year ago. The average triple net asking rental rate was $4.77/SF at first-quarter 2019, down modestly from $4.97/SF one year ago due to a large amount of newly-delivered space in 2018.

Baltimore Office Market Report
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Baltimore Industrial Market Report
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Opportunity Zones in the Mid-Atlantic
March 2019
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