Regional Summaries

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Baltimore, MD

Nearly six years into a development boom, the vacancy rate in the 156,805-unit Baltimore apartment market is lower than the 4.1% at the end of 2011. The October 2017 rate was 3.6%, down 30 basis points year-to-date on 1,527 units of new supply and 1,953 units of net absorption. Asking rent gains are substantial in 2017, but effective rent gains remain moderate as concessions expand. Through October, the average asking rent was up 3.2% to $1,226 per month, but the average effective rent was up just 2.1% to $1,184 per month. VIEW APARTMENT LISTINGS >
The 148.2-million-square-foot Baltimore warehouse/distribution market is still booming, with 1.08 million square feet of new space completing construction and nearly 2.2 million square feet of net absorption for 2017 through October. The vacancy rate was 8.6% that month, down 80 basis points year-to-date. The average asking rent is up 1.2% year-to-date to $5.47 psf, and the average effective rent is up 1.4% to $5.14 psf. The 34.1-million-square-foot Flex/R&D market has picked up after a weak first half of the year, leaving the vacancy rate at 12.1% in October, unchanged year-to-date. The average asking rent for Flex/R&D is up 0.8% year-to-date to $9.43 psf in October, with the average effective rent up 1.1% to $8.60 psf. VIEW INDUSTRIAL LISTINGS >
A weak third quarter reduced net absorption to just 115,000 square feet through October 2017 in the 64.4-million-square-foot Baltimore general purpose, multi-tenant office market, with 514,000 square feet of new space added in the first half of the year. The vacancy rate was high at 16.6%, up 60 basis points year-to-date and not that much lower than the 17.8% peak recorded in 2011. Both the average asking rent and the average effective rent increased just 0.8% in the first 10 months of 2017, to $24.47 psf and $19.81 psf. Rents are up just a cent or two from mid-year. VIEW OFFICE LISTINGS >
The 37.5-million-square-foot Baltimore community-neighborhood shopping center market saw vacancy increase in the first half of 2017, thanks to 489,000 square feet of new supply. By October, however, the 518,000 square feet of net absorption year-to-date had caught up, and the vacancy rate was down 20 basis points to 7.2%. Average community-neighborhood shopping center rents are up 2.7% asking and effective year-to-date, to $23.87 psf and $21.45 psf, respectively, in October. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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