Intelligence

Regional Summaries

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Suburban Maryland

Apartment
Vacancy increased in the 159,982-unit Suburban Maryland apartment market, just breaking the 4.0% mark. The rate was 4.1% for the fourth quarter of 2015, up 30 basis points from the prior quarter and up 10 from one year earlier. The rate was unchanged in January. The average asking rent and the average effective rent increased 0.7% in the fourth quarter to $1,464 and $1,415 per month. These rates were up 2.8% and 2.7% over 12 months. January data show 0.1% gains for asking and effective rents.
Industrial
Fourth quarter 2015 vacancy in Suburban Maryland’s 36.5-million-square-foot warehouse/distribution market, at 10.8%, was up 40 basis points over the quarter and up 30 over the year. The rate rose to 11.3% in January. The average asking and effective rents increased 0.3% in the fourth quarter to $7.68 psf and $7.07 psf, respectively. These rates are up 0.8% and 0.9% year-over-year. January data show 0.1% gains for both categories. The 20.1-million-square-foot Flex/R&D market’s fourth quarter vacancy rate was unchanged from the prior quarter at 11.1% and unchanged over 12 months. The rate was 11.0% in January. Fourth quarter 2015 asking and effective rents, at $11.49 psf and $10.47 psf, are up 0.3% and 0.4% for the quarter, and 1.0% and 1.2%, respectively, for the year. January followed with gains of 0.1% for both rates.
Office
Vacancy remains at a high level in Suburban Maryland’s general purpose, multi-tenant office market. The January 2016 rate of 16.6% is unchanged from the fourth quarter 2015 rate and up 10 basis points from the 2014 rate. Reis reports average asking and effective rents of $28.91 psf and $23.74 psf for the fourth quarter, each up 0.2% for the quarter and up 0.8% and 0.9% for the year. Rents were unchanged in January.
Retail
The Suburban Maryland community-neighborhood shopping center market saw vacancy rise in the fourth quarter of 2015. The fourth quarter’s 8.2% vacancy rate was up 30 basis points from the prior quarter and down 10 basis points over 12 months. The rate was 8.1% in January. Rents lost ground this quarter. Reis reports average asking and effective rents for community-neighborhood center space at $26.29 psf and $23.31 psf for the fourth quarter, both down 0.2% for the quarter and up 1.6% and 1.7% year-over-year. Asking and effective rents were down 0.1% and unchanged, respectively, in January.

Source: Data provided by Reis, inc.

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