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Regional Summaries

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Baltimore, MD

Apartment
New supply took a breather in early 2017 in the 156,200-unit Baltimore apartment market, and a tight market got tighter. The April vacancy rate was 3.8%, down 10 basis points year-to-date. Rent gains stalled in the fourth quarter of 2016 and remained weak in early 2017. In the first quarter, the average asking rent increased 0.4% to $1,196 per month, with the average effective rent up 0.3% to $1,174 per month. But in April while the asking average increased another 0.3%, the average effective rent fell 0.3%. VIEW APARTMENT LISTINGS >
Industrial
The 147.8-million-square-foot Baltimore warehouse/distribution market has been moderately positive since a boom year in 2014. Reis reports about 250,000 square feet of new space has been added thus far in 2017, leaving 4 million square feet under construction. Net absorption totaled 265,000 square feet through April when the vacancy rate was 9.4%, down 10 basis points year-to-date. Both the average asking rent and the average effective rent increased 0.4% during the first quarter, to $5.41 psf and $5.07 psf. The year-over-year gains were about 1.5%. The effective average added a penny in April. The 33.9-million-square-foot Flex/R&D market got off to a weak start in 2017, as the 48,120-square-foot BWI Technology Park II completed construction, but net absorption totaled minus 141,000 square feet through April. The vacancy rate was 12.7% that month, up 50 basis points year-to-date. The average asking rent increased 0.3% during the first quarter to $9.35 psf, with the average effective rent up 0.4% to $8.51 psf. The year-over-year gains were 1.3% and 1.6%, respectively. A gain of 0.1% by both measures followed in April. VIEW INDUSTRIAL LISTINGS >
Office
The 63.9-million-square-foot Baltimore general purpose, multi-tenant office market got off to a slow start in early 2017. The 130,000-square-foot JMT Headquarters completed construction in April, but net absorption for the year through that month was just 4,000 square feet. The April vacancy rate was 15.9%, up 10 basis points year-to-date. In the first quarter of 2017, the average asking rent was up 0.5% to $24.37 psf, and the average effective rent rose 0.4% to $19.73 psf, for a year-over-year gain of 1.0% by both measures. Overall rents edged up 0.1% by both measures in April. VIEW OFFICE LISTINGS >
Retail
Vacancy is moderate in the 37-million-square-foot Baltimore community-neighborhood shopping center market. The 342,000-square-foot Foundry Row completed construction in Owings Mills in April 2017. This brought the year-to-date completion total to about 360,000 square feet, compared with 297,000 square feet of net absorption. The April vacancy rate was 7.5%, up 10 basis points year-to-date. Average rents increased 0.6% by both measures during the first quarter to $23.39 psf asking and $21.01 psf effective. An increase of 0.4% by both measures followed in April. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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