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Suburban Maryland

Apartment
Vacancy decreased slightly in the 163,165-unit Suburban Maryland apartment market. The third quarter 2017 vacancy rate was 3.6%, down 20 basis points from the prior quarter and down 50 basis points from one year earlier. The rate is 3.8% as of November. The average asking rent and the average effective rent posted 0.4% and 0.5% gains in the third quarter of 2017 to $1,527 and $1,477 per month, respectively, which were up 2.2% and 2.1% over the year. November data show 0.2% and 0.3% losses for asking and effective rents.
Industrial
Suburban Maryland’s 38-million-square-foot warehouse/distribution market has had steady occupancy the last two quarters. The third quarter 2017 vacancy rate of 9.4% is unchanged for the quarter and down 120 basis points year-over-year. The November vacancy rate is 9.8%. Reis reports average asking and effective rents increased 0.4% in the third quarter to $7.91 psf and $7.31 psf, respectively. These rates are up 1.5% and 1.7% year-over-year. Asking and effective rents rose 0.3% and 0.1% in October and were flat in November. The 20.1-million-square-foot Flex/R&D market’s third quarter 2017 vacancy rate was up 10 basis points from the prior quarter to 9.6%. The third quarter rate is down 90 basis points over 12 months. The third quarter asking and effective rents, at $11.77 psf and $10.75 psf, are up 0.4% for the quarter, and up 1.3% and 1.4%, respectively, for the year. Rents increased another 0.6% by both measures in October-November.
Office
Vacancy fell slightly in Suburban Maryland’s general purpose, multi-tenant office market. The third quarter 2017 rate of 17.6% was down 10 basis points from the prior quarter but up 70 basis points over 12 months. The November rate is 17.5%. Reis reports average asking and effective rents of $29.32 psf and $24.10 psf for the third quarter of 2017, both up 0.2% for the quarter and both up 0.2% for the year. Rents edged up 0.1% in November.
Retail
The Suburban Maryland community-neighborhood shopping center market saw an increase in the vacancy rate in the third quarter of 2017. The third quarter’s 8.0% vacancy rate is up 50 basis points for the quarter and up 20 for the year. The rate is 8.0% in November. Reis reports average asking and effective rents for community-neighborhood center space at $26.78 psf and $23.80 psf, respectively, up 0.7% each for the quarter. These rates were up 2.1% and 2.2% over the year. November data show 0.1% and 0.2% gains in asking and effective rents.

Source: Data provided by Reis, inc.

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