Baltimore Office Market
| Average Asking Rent (Price/SF) | $24.04 |
| Vacancy Rate (%) | 13.5% |
| Net Absorption (SF) | 39,014 |
The Baltimore metro area’s office market exhibited softening office leasing metrics in the second quarter of 2020, with an uptick in vacancy due to a new delivery and limited leasing activity. These conditions were not unexpected amid the coronavirus pandemic. Net absorption during the second quarter was modestly positive. Baltimore registered 39,014 square feet of net absorption during second-quarter 2020, down from 60,091 square feet during first-quarter 2020, but up from 2,176 square feet in second-quarter 2019. The pace of net absorption has decelerated over the past year, averaging 33,931 square feet per quarter, compared with 139,845 square feet per quarter from second-quarter 2015 to second-quarter 2019.
Download Baltimore Office Market Report 2Q20Baltimore Industrial Market
| Average Asking Rent (Price/SF) | $5.20 |
| Vacancy Rate (%) | 8.3% |
| Net Absorption (SF) | 570,830 |
Baltimore’s industrial market fundamentals remained sturdy during the second quarter of 2020, with positive net absorption and steady rental rates. Although vacancy ticked up 30 basis points from the previous quarter to 8.3%, it remained only 10 basis points higher than a year ago. Average asking rental rates are 9.9% higher than a year ago, an increase partially driven by several new construction deliveries over the past year. The Baltimore industrial market registered 570,830 square feet of net absorption during the second quarter, bringing year-to-date absorption to 2.7 million square feet. The pandemic brought disruption to the market but also opportunity, as online shopping accelerated, and modern distribution space is increasingly in demand. The industrial sector is better insulated from the impacts of the pandemic than many other property types.
Download Baltimore Industrial Market Report 2Q20Baltimore Multifamily Market Report
Baltimore metro area multifamily absorption ticked up during the first quarter of the year. The region absorbed 316 multifamily units, up from 253 during the first quarter of 2019. Due to job losses which began in March, absorption is likely to decline during the remainder of the year. The metro area’s occupancy rate registered 94.8%, even with one year ago. At the end of the first quarter, 4,416 units were under construction, and 961 units delivered in the region.