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Suburban Maryland

Apartment
Vacancy remained low in the 162,737-unit Suburban Maryland apartment market. The fourth quarter 2016 vacancy rate was 3.9%, down 20 basis points from the prior quarter and down 40 basis points from one year earlier. The rate is 3.8% as of January 2017. The average asking rent and the average effective rent posted 0.4% and 0.5% gains in the fourth quarter of 2016 to $1,499 and $1,450 per month, respectively, which were up 2.0% and 2.1% over the year. January 2017 data show 0.2% and 0.3% gains for asking and effective rents.
Industrial
Strongly positive net absorption helped Suburban Maryland’s 37.6-million-square-foot warehouse/distribution market post a drop in vacancy. The fourth quarter 2016 rate of 10.8% is down 20 basis points for the quarter and unchanged year-over-year. Net absorption was positive by nearly 900,000 square feet for 2016. January 2017 added another 63,000 square feet. Reis reports average asking and effective rents increased 0.4% and 0.3% in the fourth quarter to $7.79 psf and $7.18 psf, respectively. These rates are up 1.4% and 1.6% year-over-year. The 20.1-million-square-foot Flex/R&D market’s fourth quarter 2016 vacancy rate was up 20 basis points from the third quarter to 10.9%. The fourth quarter rate is down 20 basis points over 12 months. The fourth quarter of 2016 asking and effective rents, at $11.62 psf and $10.61 psf, are up 0.1% and 0.2% for the quarter, and up 1.1% and 1.3%, respectively, for the year.
Office
Vacancy rose slightly in Suburban Maryland’s general purpose, multi-tenant office market. The fourth quarter 2016 rate of 17.0% was up 30 basis points from the prior quarter and up 10 basis points over 12 months. The January 2017 rate is 16.9%. Reis reports average asking and effective rents of $29.24 psf and $24.03 psf for the fourth quarter of 2016, up 0.1% and unchanged for the quarter, and up 1.1% and 1.2%, respectively, for the year. Rents were unchanged in January 2017.
Retail
The Suburban Maryland community-neighborhood shopping center market saw improved occupancy in the fourth quarter of 2016. The fourth quarter’s 7.6% vacancy rate is down 20 basis points for the quarter and 60 for the year. The rate is 7.5% in January 2017. Reis reports average asking and effective rents for community-neighborhood center space at $26.51 psf and $23.56 psf, respectively, in the fourth quarter. These rates were up 1.1% and 1.2% for the quarter and 0.9% and 1.1%, respectively, for the year.

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Source: Data provided by Reis, inc.

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