Intelligence

Regional Summaries

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Suburban Maryland

Apartment
The Suburban Maryland apartment market, which benefits from its proximity to Washington, D.C., opened 2019 with a healthy rental showing. Asking rents rose 0.7% over the quarter $1,595 per month, while effective rents, at $1,528 per month, rose 0.4% over the quarter. These rates were up 3.4% and 2.9%, respectively, over the year. Net absorption finished the quarter at 464 units. This is an active market for construction and demand.
Industrial
Warehouse/distribution space finished the first quarter with a 9.8% vacancy rate, up from an already high 9.0% one quarter earlier. The Suburban Maryland warehouse/distribution space market posted negative 303,000 square feet of negative net absorption in the first quarter. Average asking and effective rents finished the quarter at $8.19 psf and $7.61 psf, up 0.2% and 0.1% for the quarter and 1.6% and 2.0% for the year. For Flex/R&D space, Reis reports average asking and effective rents of $12.10 psf and $11.12 psf, up 0.2% and 0.3% for the quarter, and 1.7% and 2.0% for the year.
Office
The Suburban Maryland multi-tenant, general purpose office market continued to experience high vacancy when the rate rose to 19.1% in the first quarter of 2019, up from an already high 18.9% in fourth quarter 2018. Net absorption was negative 158,000 square feet. The average asking and effective rents, at $29.76 psf and $24.47 psf were both up 0.4% for the quarter and up 0.9% and 0.8%, respectively, over the year.
Retail
Community-neighborhood shopping space in Suburban Maryland finished the first quarter of 2019 with a 7.6% vacancy rate, down from 8.1% the prior quarter. The rate is up 10 basis points over the year. Average asking and effective rents were unchanged and up one cent in the first quarter, a disappointing development for retail landlords. This property type has been finding itself more and more in competition with other retail formats, such as mixed use. These rents are both up 1.2% over the year. By way of comparison, asking and effective rents both fell 0.2% in the first quarter of 2017.

Source: Data provided by Reis, inc.

Coldwell Banker Commercial® Reports

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