Intelligence

Regional Summaries

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Baltimore, MD

Apartment
The 151,880-unit Baltimore apartment market was quiet in 2015 when compared with the prior three years. The 2015 totals were just 537 new units completed and 1,289 absorbed, as the vacancy rate fell 50 basis points to just 3.6%. The rate was essentially unchanged during the fourth quarter. The average asking rent increased 2.3% to $1,158 per month, and the average effective rent rose 2.4% to $1,136 per month, with gains of 0.4% and 0.3% in the fourth quarter. Overall rents increased by 0.2% asking and 0.3% effective in January 2016. VIEW APARTMENT LISTINGS >
Industrial
Following a surge in 2014, with 4.5 million square feet of new space added and 5 million square feet absorbed, 2015 was slow in the 146.8-million-square-foot Baltimore warehouse/distribution market. The vacancy rate was down 30 basis points over the year to 9.4% on 293,000 square feet of new supply and 654,000 square feet of net absorption. It fell 40 basis points in the fourth quarter. The average asking rent increased 1.3% over the year to $5.32 psf, and the average effective rent increased 1.4% to $4.97 psf. The fourth quarter gains were 0.6% and 0.4%, respectively. The vacancy rate rose to 9.8% in January. The 33.7-million-square-foot Flex/R&D market got a jolt of new supply in the fourth quarter, and the vacancy rate fell 30 basis points to 13.3%. The vacancy rate was down 230 during 2015 on 971,000 square feet of net absorption and 246,000 square feet of new supply. The average asking rent was up 1.1% over the year to $9.20 psf, with the average effective rent up 1.2% to $8.36 psf. The fourth quarter gains were 0.3% and 0.5%, respectively. In January 2016, the vacancy rate edged up to 13.4%, and the asking average moved up a penny. VIEW INDUSTRIAL LISTINGS >
Office
Occupancy deteriorated rapidly during the Great Recession in the 63.4-million-square-foot Baltimore general purpose, multi-tenant office market, and it has been improving only slowly since. In 2015, a modest 327,000 square feet of new supply and 649,000 square feet of net absorption allowed the vacancy rate to fall 60 basis points, including a decrease of 10 in the fourth quarter. The overall rate fell 10 basis points to 15.7% in January 2016. Rent gains were once again limited in 2015. The average asking rent increased 1.2% to $24.12 psf, and the average effective rent increased 1.3% to $19.51 psf. The fourth quarter gains were 0.5% and 0.4%, respectively; the effective average added a penny in January 2016. VIEW OFFICE LISTINGS >
Retail
The 36.5-million-square-foot Baltimore community-neighborhood shopping center market was quiet in 2015, with no new supply and minus 45,000 square feet of net absorption. The vacancy rate edged up 10 basis points over the year, despite a 10-basis-points decrease in the fourth quarter to 6.6%. Even with the lack of expensive new supply and weak demand, the average asking rent was up 2.5% over the year to $22.62 psf, with the average effective rent up 2.7% to $20.29 psf. The fourth quarter increases of 1.3% and 1.4%, respectively, were the strongest of the year. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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