Baltimore Office Market
| Average Asking Rent (Price/SF) | $24.65 |
| Vacancy Rate (%) | 14.4% |
| Net Absorption (SF) | -131,795 |
The Baltimore metro area’s office market continued to soften modestly in the second quarter of 2021, an expected consequence of the pandemic-induced slow leasing environment. Net absorption registered -131,795 square feet during second-quarter 2021. Vacancy continued to rise in second-quarter 2021, reaching 14.4%. This marks a 20-basis-point increase from first-quarter 2021 and a 90-basis-point increase from one year ago. Asking rents averaged $24.65/SF during second-quarter 2021, up from $24.49/SF in the previous quarter. Face rents have been trending up in recent months, which is more an indicator of the quality of newly listed availabilities than a function of demand.
Download Baltimore Office Market Report 2Q21
Baltimore Industrial Market
| Average Asking Rent (Price/SF) | $6.01 |
| Vacancy Rate (%) | 9.5% |
| Net Absorption (SF) | 1,194,422 |
Baltimore’s industrial market fundamentals continue to be shaped by increased demand for e-commerce distribution centers. The average asking rent edged up during the second quarter of 2021 and is 20.0% higher than it was a year ago. The vacancy rate declined by 30 basis points over the past year but by 60 basis points compared with the first quarter, to 9.5%. This is in part a result of Medline Industries moving into nearly 400,000 square feet in the second quarter. The Baltimore industrial market registered 1.2 million square feet of second quarter net absorption, its strongest rate since first-quarter 2020. The pandemic has brought disruption to the market but also opportunity, as e-commerce and evolving production processes accelerate demand for space.