Intelligence

Regional Summaries

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Baltimore, MD

Apartment
The 162,430-unit Baltimore apartment market remains in balance, with a moderate 4.1% vacancy rate for the first quarter of 2019, down 20 basis points from the prior quarter and 10 basis points year-over-year. Without new units hitting the market and pulling up the averages, rents increased just 0.4% by both measures during the first quarter. Compared with a year earlier the average asking rent is up 3.5% to $1,281 per month, and the average effective rent rose 3.3% to $1,232 per month. VIEW APARTMENT LISTINGS >
Industrial
The 154-million-square-foot Baltimore warehouse/distribution market vacancy rate edged up 10 basis points over the first quarter of 2019 to 9.0%, and it is up 30 basis points year-over-year. The average asking rent was up 0.7% over the quarter to $5.68 psf, with the average effective rent up 0.6% to $5.34 psf. The year-over-year gains are 2.2% and 2.3%. The 34.2-million-square-foot Flex/R&D market vacancy rate is up 10 basis points for the first quarter of 2019 and the year, to 12.3%. The average asking rent was unchanged over the quarter at $9.63 psf, with the average effective rent down 0.1% to $8.78 psf. The year-over-year gain is 1.0% by both measures. VIEW INDUSTRIAL LISTINGS >
Office
Occupancy in the 65.8-million-square-foot Baltimore general purpose, multi-tenant office market has never really recovered from the Great Recession. The vacancy rate is 17.9% for first quarter 2019, down 20 basis points for the quarter but up 70 from a year earlier. Rents increased by about 2.5% during 2018, but slowed in the first quarter of 2019. The average asking rent increased 0.3% to $25.43 psf, and the average effective rent increased 0.2% to $20.55 psf. VIEW OFFICE LISTINGS >
Retail
The 37.7-million-square-foot Baltimore community-neighborhood shopping center market shows less activity. The vacancy rate for first quarter 2019 is a moderate 7.6%, unchanged during the first quarter but up 20 basis points year-over-year. Rents edged up 0.2% by both measures over the quarter. Compared with a year earlier the average asking rent is up 1.2% to $24.57 psf and the average effective rent is up 1.1% to $22.09 psf. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, Inc. based on Market Summaries for the 85 Primary and Secondary Markets they cover.

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