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Regional Summaries

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Baltimore, MD

Apartment
The apartment boom rolled on in 2016 in the 155,904-unit Baltimore apartment market. The vacancy rate ended the year at a low 3.8%, down 40 basis points in 2016 though up 10 during the fourth quarter. The vacancy rate was 3.8% in January 2017. In 2016, the average asking rent increased 2.3% to $1,193 per month, with the average effective rent up 2.5% to $1,172 per month. The fourth quarter gain was 0.3% by both measures. Overall rents increased 0.3% by both measures in January 2017. VIEW APARTMENT LISTINGS >
Industrial
The 147.7-million-square-foot Baltimore warehouse/distribution market was balanced in 2016, with 916,000 square feet of new supply and 719,000 square feet of net absorption. The vacancy rate ended the year at 9.5%, up 10 basis points over the year but down 10 during the fourth quarter. The average asking rent increased 1.3% in 2016 to $5.39 psf, with the average effective rent up 1.6% to $5.05 psf. The fourth quarter increase was 0.4% by both measures. The market got off to a slow start in 2017, with essentially no change in vacancy or rents other than a one-penny effective rent gain in January. The 33.9-million-square-foot Baltimore Flex/R&D market strengthened in 2016, with 595,000 square feet of net absorption and just 276,000 square feet of new supply. The vacancy rate fell 100 basis points over the year and 60 during the fourth quarter to 12.2%. The average asking rent increased 1.2% over the year to $9.32 psf, with the average effective rent up 1.4% to $8.48 psf. The fourth quarter gains were 0.4% and 0.5%, respectively. In January 2017, the vacancy rate ticked up 10 basis points, and the effective rent edged up a penny. VIEW INDUSTRIAL LISTINGS >
Office
The 63.9-million-square-foot Baltimore office general purpose, multi-tenant office market went sideways in 2016, with 568,000 square feet of new office space completing construction and net absorption totaling 534,000. The vacancy rate ended the year at 15.7%, down 10 basis points in 2016 and unchanged during the fourth quarter. The vacancy rate was unchanged in January 2017. Average rents have been flat since mid-2016, with a decrease of 0.1% by both measures in the fourth quarter. For all of 2016, the average asking rent was up 0.6% to $24.27 psf, and the average effective rent rose 0.8% to $19.66 psf. Overall rents edged up 0.1% by both measures in January 2017. VIEW OFFICE LISTINGS >
Retail
Vacancy is moderate in the 37-million-square-foot Baltimore community-neighborhood shopping center market, but it increased during 2016. The vacancy rate increased 80 basis points over the year to 7.4%, with no change in the fourth quarter, but rent gains were still solid. Average rents increased 2.9% by both measures over the year, to $23.27 psf asking and $20.88 psf effective, including an increase of 1.2% for each in the fourth quarter. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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