Baltimore Office Market
| Average Asking Rent (Price/SF) | $25.05 |
| Vacancy Rate (%) | 15.8% |
| Net Absorption (SF) | -369,405 |
The Baltimore metro area’s office market continued to exhibit signs of increased softening in the second quarter, noted by rising vacancy and negative net absorption. The market’s vacancy rate has increased 140 basis points over the last year to 15.8%. Net absorption registered negative 369,405 square feet during the second quarter of 2022. Contrary to the recent trend, most of the quarterly occupancy losses were concentrated in Baltimore’s surrounding counties, which measured negative 262,321 square feet of net absorption. Though quarterly occupancy losses were stronger in the suburbs, Baltimore City still records a higher vacancy rate of 17.1%.
Baltimore Industrial Market
| Average Asking Rent (Price/SF) | $6.25 |
| Vacancy Rate (%) | 5.3% |
| Net Absorption (SF) | 2,051,551 |
Baltimore’s industrial market fundamentals continue to tighten under the influence of pandemic-driven demand for e-commerce distribution centers. The average asking rent increased by 4.0% in the last year, recording $6.25 per square foot in the second quarter of 2022. The vacancy rate decreased by 100 basis points over the last 12 months, to 5.3%. The market had just over 2 million square feet of second quarter net absorption, emphasizing the high level of activity in the Baltimore industrial market. The Baltimore industrial market continues to show positive trends in demand growth and subsequently investor optimism.